NoWay
It's time to play the game
Beh... ma è davvero così sorprendente?
Obbligazioni MPS (5 lettori)
- Creatore Discussione Trading Stern
- Data di Inizio
Beh... ma è davvero così sorprendente?
Myskin
Forumer stoico
che bello sarebbe non essere in balia di organizzazioni semi-feudali tipo BCE
che bello sarebbe se per superare le difficoltà del sistema bancario venissero usate le riserve in valuta della banca d'italia (come fa lo stato cinese) senza prenderli direttamente dal portafogli degli italiani
che bello sarebbe NON sapere come, anche questa volta, andrà a finire
che bello sarebbe se per superare le difficoltà del sistema bancario venissero usate le riserve in valuta della banca d'italia (come fa lo stato cinese) senza prenderli direttamente dal portafogli degli italiani
che bello sarebbe NON sapere come, anche questa volta, andrà a finire
NoWay
It's time to play the game
Sarebbe pure bello se la BCE fosse una vera banca centrale con libertà d'azione... ma così non è...
Jackrussel
Forumer storico
Se non avete visto il video di Borghi postato sull'altro thd...in tema di organizzazioni feudali, responsabilità, MPS, BCE, chi paga ecc. ecc. vi consiglio di guardarlo e ascoltarlo con calma.
Senza pre/giudizi politici, che c'entrano nulla in questo caso
Anche la sua proposta finale su come andrebbero risolte le questioni bancarie è tanto semplice e ovvia che si capisce perché non verrà mai attuata se non si modifica questo sistema alle fondamenta.
Senza pre/giudizi politici, che c'entrano nulla in questo caso
Anche la sua proposta finale su come andrebbero risolte le questioni bancarie è tanto semplice e ovvia che si capisce perché non verrà mai attuata se non si modifica questo sistema alle fondamenta.
Saint Tropez
Remember
FRANCOFORTE - Nessun commento ufficiale dalla Banca centrale europea sulle dichiarazioni del ministro dell’Economia, Pier Carlo Padoan al «Sole 24 Ore», secondo cui la comunicazione della vigilanza sul Monte dei Paschi di Siena ha peccato di opacità («cinque righe e tre numeri», ha detto Padoan) e l’atteggiamento dei supervisori sia nei tempi sia nella valutazione è stato «molto rigido». L’aspettativa di Francoforte, secondo fonti che hanno seguito da vicino il dossier Mps, è che parta ora in tempi brevissimi un dialogo intenso sul nuovo piano che, nelle speranze dei supervisori, dovrebbe riproporre buona parte degli elementi positivi contenuti in quello precedente, sul quale si basava la fallita ricapitalizzazione privata, in particolare la pulizia dell’attivo di bilancio, con l’eliminazione dei crediti deteriorati. Il tema della trasparenza, per ammissione di molti anche a Francoforte, resta però problematico per la vigilanza della Bce.
( fonte: Sole24Ore 30/12/2016)
( fonte: Sole24Ore 30/12/2016)
Saint Tropez
Remember
vbrm
Forumer attivo
Per la verità il documento conferma che ci sarà il rimborso e lo quantifica anche alla fine
Vespasianus
Princeps thermarum
Deutsche Bank AG, UniCredit SpA and eight other European Union banks would fall short of the European Central Bank’s capital demands on Banca Monte dei Paschi di Siena SpA based on stress-test results, highlighting potential objections to the plan.
The ECB told Monte Paschi it needed enough capital to push its common equity Tier 1 ratio to 8 percent of risk-weighted assets in the adverse scenario of the stress test, the Bank of Italy said in a statement late on Dec. 29. That’s well above the legal minimum of 4.5 percent. This year’s health check had no pass mark, but in 2014 lenders were held to a CET1 ratio of 5.5 percent.
Monte Paschi was the worst performer in the stress test’s adverse scenario with a CET1 ratio of minus 2.4 percent, followed by Allied Irish Banks Plc with 4.3 percent. The Italian government is planning a bailout of Monte Paschi. Under European Union law, state aid can be given to solvent banks to cover a stress-test shortfall, but the absence of a hurdle means the size of the gap could be disputed when Italy seeks approval for the rescue from the European Commission.
“There’s a lot more to be explained,” said John Raymond, senior European bank analyst at CreditSights. “They just say, ‘Oh, this is needed to get to 8 percent,’ as if we all knew the number was 8 percent, when in fact that’s a completely new number.”
Debt Conversion
The government in Rome is planning a so-called precautionary recapitalization for Monte Paschi. The Bank of Italy said the ECB’s demands for an 8 percent CET1 ratio and a total capital ratio of 11.5 percent translate to a shortfall of 8.8 billion euros ($9.3 billion).
Closing the CET1 gap requires 6.3 billion euros of high-quality capital, 4.2 billion euros of which will come from converting subordinated debt to equity, with the remainder provided by the government, according to the Bank of Italy. Another 2.5 billion euros will be needed to offset capital lost in the debt-to-equity conversion to reach the 11.5 percent total ratio.
A person familiar with the matter said the CET1 premium of 3.5 percentage points above the legal minimum is intended to restore market confidence.
In the stress test, Deutsche Bank emerged with a CET1 ratio of 7.8 percent, while UniCredit had 7.1 percent. The CET1 ratios of Barclays Plc and Societe Generale SA were 7.3 percent and 7.5 percent, respectively.
Adverse Scenario
The first step in a precautionary recapitalization is for the supervisor -- the ECB in Monte Paschi’s case -- to confirm that the bank meets minimum capital requirements and is solvent. The supervisor also has to determine the capital shortfall under the adverse stress-test scenario. Both those boxes have been checked.
Monte Paschi’s poor showing in the stress test could be used to justify a higher capital threshold, “because you could argue that they are closer to the adverse scenario being realized,” Raymond said. “But at the same time they are arguing they are solvent and meet the capital rules.”
This may lead Italy, and the commission, to push back against the ECB’s demands, he said.
The Brussels-based European Commission, the EU’s executive arm, said on Dec. 29 that it would work with Italy and the ECB to “assess the compatibility of the planned intervention by the Italian authorities with EU rules.”
An ECB spokeswoman declined to comment on the Monte Paschi plan.
ECB’s Monte Paschi Capital Bar Would Trip Up 10 Other EU Banks
The ECB told Monte Paschi it needed enough capital to push its common equity Tier 1 ratio to 8 percent of risk-weighted assets in the adverse scenario of the stress test, the Bank of Italy said in a statement late on Dec. 29. That’s well above the legal minimum of 4.5 percent. This year’s health check had no pass mark, but in 2014 lenders were held to a CET1 ratio of 5.5 percent.
Monte Paschi was the worst performer in the stress test’s adverse scenario with a CET1 ratio of minus 2.4 percent, followed by Allied Irish Banks Plc with 4.3 percent. The Italian government is planning a bailout of Monte Paschi. Under European Union law, state aid can be given to solvent banks to cover a stress-test shortfall, but the absence of a hurdle means the size of the gap could be disputed when Italy seeks approval for the rescue from the European Commission.
“There’s a lot more to be explained,” said John Raymond, senior European bank analyst at CreditSights. “They just say, ‘Oh, this is needed to get to 8 percent,’ as if we all knew the number was 8 percent, when in fact that’s a completely new number.”
Debt Conversion
The government in Rome is planning a so-called precautionary recapitalization for Monte Paschi. The Bank of Italy said the ECB’s demands for an 8 percent CET1 ratio and a total capital ratio of 11.5 percent translate to a shortfall of 8.8 billion euros ($9.3 billion).
Closing the CET1 gap requires 6.3 billion euros of high-quality capital, 4.2 billion euros of which will come from converting subordinated debt to equity, with the remainder provided by the government, according to the Bank of Italy. Another 2.5 billion euros will be needed to offset capital lost in the debt-to-equity conversion to reach the 11.5 percent total ratio.
A person familiar with the matter said the CET1 premium of 3.5 percentage points above the legal minimum is intended to restore market confidence.
In the stress test, Deutsche Bank emerged with a CET1 ratio of 7.8 percent, while UniCredit had 7.1 percent. The CET1 ratios of Barclays Plc and Societe Generale SA were 7.3 percent and 7.5 percent, respectively.
Adverse Scenario
The first step in a precautionary recapitalization is for the supervisor -- the ECB in Monte Paschi’s case -- to confirm that the bank meets minimum capital requirements and is solvent. The supervisor also has to determine the capital shortfall under the adverse stress-test scenario. Both those boxes have been checked.
Monte Paschi’s poor showing in the stress test could be used to justify a higher capital threshold, “because you could argue that they are closer to the adverse scenario being realized,” Raymond said. “But at the same time they are arguing they are solvent and meet the capital rules.”
This may lead Italy, and the commission, to push back against the ECB’s demands, he said.
The Brussels-based European Commission, the EU’s executive arm, said on Dec. 29 that it would work with Italy and the ECB to “assess the compatibility of the planned intervention by the Italian authorities with EU rules.”
An ECB spokeswoman declined to comment on the Monte Paschi plan.
ECB’s Monte Paschi Capital Bar Would Trip Up 10 Other EU Banks
Scusate la mia ignoranza in materia, ma qualcuno potrebbe spiegarmi perchè obbligazioni subordinate emesse in taglio da 50 o 100k, destinate ad operatori istituzionali e quindi senza "obbligo di pubblicare un prospetto", dopo l'emissione vengono regolarmente trattate sul TLX e quindi acquistate anche da piccoli risparmiatori ignoranti come me? Non sarebbe stato opportuno porre dei blocchi per limitare gli acquisti ai soli soggetti autorizzati?
Grazie
Grazie
Sono nuovo su questo forum, mi aggancio a cosa scrive gia47, io ho comprato a nov 2010 la subordinata 2020/09 lower t2 e l' ho sempre in carico per 100 k nominali ( divisi al 50% tra me e mia moglie), vendute allo sportello dal ditettore di banca il quale c ha consigliato di mettere tutti li !!!! oltretutto scopro solo ora che era specifica per gli istituzionali per cui la banca mi deve spiegare se tutto cio' e' regolare e il grande Padoan sembra che voglia rimborsare solo le ut2 2018 che hanno una posizione di rischio maggiore, mi dite cosa pensare di tutto cio'