Titoli di Stato area Euro SLOVENIA - Operativo titoli di stato

[tommy271]

Slovenian c.bank says all lenders have enough capital


LJUBLJANA, July 17 | Tue Jul 17, 2012 9:13pm IST





(Reuters) - Slovenia's banks face pressure on their loan books and balance sheets but all of them are adequately capitalised, the central bank said on Tuesday, moving to allay concerns that the country might need a bailout.

"All banks are meeting the capital adequacy demands, although with difficulty due to higher risks which reflect the economic situation," the Bank of Slovenia said in a statement after a board meeting.
It did not specify individual banks' capital ratios.

A weakening economy and a struggling banking sector have fuelled speculation that export-dependent Slovenia might soon become the sixth euro zone state to require international aid, prompting a flurry of denials from policymakers.

Finance Minister Janez Sustersic reiterated his denial of the rumours on Friday, but markets remain unconvinced.
Credit default swaps on the country's five-year debt - a measure of the likelihood of default - remained on an upward trajectory on Tuesday, rising 1.6 percent to 420.8 basis points, according to Markit data.

The central bank said bank lending activity, which has been gradually falling for several years, dipped further in May, mainly on account of fewer loans given by large domestic banks to the non-financial sector, giving no further details.

Meanwhile, provisions for non-performing loans continued to rise, notably at the large domestic banks that control more than half of the Slovenian banking sector.

Last month the government's macroeconomic institute said non-performing loans reached 6 billion euros ($7.34 billion) or 11.8 percent of all loans at the end of March.

The government was earlier this month forced to inject 381 million euros in the country's largest bank, state-owned Nova Ljubljanska Banka, to raise its Core Tier 1 capital ratio from 6 to 9 percent, in line with European Banking Authority standards.

The country's second and third largest banks, state-owned Nova KBM and partly state-owned Abanka Vipa, also said they will need fresh capital this year. According to the local media they might jointly need some 150 million euros.

 

[tommy271]

Slovenia Jobless Rate Drops For Fourth Month


7/17/2012 6:08 AM ET



(RTTNews) - Slovenia's unemployment rate decreased for the fourth consecutive month in May, data released by the Statistical Office of the Republic of Slovenia showed Tuesday.

The jobless rate decreased to 11.6 percent in May from 11.8 percent in April. The latest decline was the fourth in a row.

The number of unemployed persons in the country dropped by more than 2,000 from the previous month to 106,796 in May.
Meanwhile, the number of persons in employment remained broadly unchanged at 816,939 during the month, the agency said.

by RTT Staff Writer

 

[tommy271]

Economic and Social Council to Discuss Sovereign Holding Bill







Ljubljana, 18 July (STA) - The Economic and Social Council (ESS), Slovenia's main industrial relations forum, will debate on Wednesday the government's proposal to introduce a new holding as a super-custodian of all state assets as well as bad claims of state-owned banks.
Both trade unions and employers have voiced reservations about the bill.

 

[tommy271]

Crisi, la Slovenia si affida al fondo salva-banche

Il governo progetta di far confluire tutti i debiti degli istituti in una società statale. Contrari sindacati e opposizione


Crisi la Slovenia si affida al fondo salva-banche - Cronaca - Il Piccolo

 

[tommy271]

Slovenia in fiscal bind after reform votes shelved


LJUBLJANA, July 20 | Fri Jul 20, 2012 2:14pm IST



(Reuters) - Slovenia's parliament postponed voting on reforms the government says are crucial for the country's financial stability, Prime Minister Janez Jansa said late on Thursday.

The first vote was on a golden fiscal rule to enforce balanced budgets in coming years, and the second a proposed new state holding firm that would take over bad loans of state-owned banks.
The government had asked parliament to vote on both laws on Friday.

"The situation in Slovenia is very serious," though there was still time to gain the confidence of the financial markets, Jansa told the national TV Slovenia after the votes were postponed.

"If we do the right steps in the autumn we will be able to get new loans then," he added.

 

[tommy271]

Slovenia’s 10-year-bond yields have recently spiked to the critical level that forced other members of the currency bloc to seek help


Market Watch - 20.07.2012




Slovenia could well be the sixth euro-zone country to receive a bailout to shore up its troubled banks. Slovenian and EU officials rule out the likelihood, but economists question their promises — similar assurances were made before Ireland and Portugal were thrown a lifeline.

“It cannot be excluded that they will need international assistance,” said Hermine Vidovic, of the Vienna Institute for International Economic Studies.

The Central European country’s 10-year-bond yields have recently spiked to the critical seven-percent level that forced other members of the currency bloc to seek help, so in the next few months Slovenia could be the next in line after Ireland, Spain, Portugal Greece and Cyprus.

 

[tommy271]

Meccanismo di azione a sostegno della UE si appresta e la Slovenia - Il problema delle banche hanno già ricevuto un aiuto che è caduto nel vuoto - La prescrizione di austerità conduce al meccanismo

20/07/12 - 13:28






Nonostante le smentite da parte del Presidente della, dell'Eurogruppo Jean-Claude Juncker e gli altri funzionari dell'UE il potenziale di Slovenia a cercare salvataggio, gli analisti ritengono che in realtà è molto vicino ad essere il sesto paese nell'area dell'euro farà .

Dall'inizio della crisi, smentite tali funzionari europei "sono diventati obsoleti, se non confermare il contrario. Inoltre, il governo sloveno supporta in realtà si muovono con il ministro sloveno delle finanze allo stato di recente che il suo Paese avrebbe chiesto i suoi vicini europei per chiedere aiuto.

La Slovenia è ormai l'epicentro della crisi dell'euro, con problemi simili a quello che era la Spagna, ma più piccolo. Slovenia affronta grandi problemi con il settore bancario con la più grande banca del paese, Nova Ljubljanska Banka (NLB), per il trattamento di circa 3 miliardi di crediti inesigibili.

Allo stesso tempo, dopo lo scoppio della bolla del mercato immobiliare, alcune banche di piccole dimensioni con problemi di liquidità sperimentato. Come nel caso del Bankia spagnolo, il governo sloveno ha già rilasciato un pacchetto di 250 milioni e un altro pacchetto di 381 milioni, ma questo non sembra aiutare.

Il governo ha deciso di seguire il sentiero battuto di altri governi europei fortemente indebitati, sostenendo misure di austerità severe al fine di risparmiare 500 milioni di euro quest'anno e 750 milioni nel 2013.

Jansa è stato effettivamente a quello che ha scatenato gli script di azione nel meccanismo di sostegno paese, quando l'opposizione ha avvertito che la mancata sostenere il programma di risanamento del governo del paese vivrà la "scrittura greca".

Secondo le stime, tuttavia, l'Organizzazione per la Cooperazione e lo Sviluppo Economico (OCSE) l'economia del paese si può ridurre fino al 2% quest'anno. La disoccupazione raggiunge l'8% - ben al di sotto della media del 11% del membro della zona euro, ma il doppio di quello all'inizio della crisi.

Dal periodo di partecipazione della Slovenia al debito pubblico euro è più che raddoppiato, raggiungendo il 47,6%, mentre secondo un recente rapporto della Commissione europea dovrebbe raggiungere il 54,7% entro la fine del 2012.In un destino ancora peggiore è la vicina Ungheria, dopo aver praticamente abbandonato il sogno di integrazione nell'area dell'euro, non solo non è riuscito a ritirarsi dal finanziamento ricevuto nel 2008, ma in nuovi negoziati con FMI e UE per la concessione del prestito e un altro - Dopo questo corso e di accettare i "necessario" austerità condizioni difficili.

BankingNews.gr | Online ????????? ?????????

***
Secondo rumors della stampa greca ...

 

[tommy271]

Slovenia Postpones Vote on Fiscal Limit, Bank Aid Fund


By Boris Cerni - Jul 20, 2012 4:20 PM GMT+0200






Slovenia postponed a vote on approving the limit on fiscal spending and on the creation of a sovereign fund that is meant to take bad loans from banks.

Lawmakers, who were to vote on the measures today, will decide at the end of August on putting the spending limit into the constitution and on creating the fund that will assume non- performing credits from lenders, including Nova Ljubljanska Banka d.d., Prime Minister Janez Jansa said in an e-mailed statement late yesterday.

“This is the last delay that Slovenia can afford in solving these key problems,” Jansa said. “If these measures are adopted, the damage will be repaired and the delay will pay off. If not, the price will be double of what it would have been today.”

Slovenia is seeking to allay investors’ concern over its debt, which has more than doubled since the former Yugoslav nation adopted the euro in 2007. Banks, which rely on funding from the European Central Bank for liquidity, will probably need to be propped up by an international assistance program by year’s end, economists from London to Warsaw have said.

The Slovenian Sovereign Holding will be created by merging agencies that are managing state assets valued at more than 10 billion euros ($12.3 billion). Bad loans, which surged to about 6 billion euros, would be transferred to the fund to clean up banks’ balance sheets so that they would be able to finance the economy, which is teetering on the brink of its second recession in three years.

Slovenia’s banking industry posted a combined net loss of 69.3 million euros at the end of May compared with 48.6 million euro profit a year earlier, the central bank said today in response to Bloomberg questions.


To contact the reporter on this story: Boris Cerni in Ljubljana at [email protected]

 

[tommy271]

Statistical Office of The Republic of Slovenia : Turnover and new orders in Industry, Slovenia, May 2012 - provisional data



Statistical Office of The Republic of Slovenia : Turnover and new orders in Industry, Slovenia, May 2012 - provisional data

 

[tommy271]

Guest post: Slovenia running out of time

July 23, 2012 12:54 pm by beyondbrics

By Andraž Grahek, financial analyst



How do you bring an OECD country with a public debt to GDP of less than 60 per cent and a budget deficit that could range between 3 and 4 per cent of GDP to the brink of losing all access to capital markets and filling a request for a bail-out with the European Commission?
Easy. Just ask the Slovenian political leadership.

Six months ago the then coalition and main opposition parties agreed on adding a so-called “golden rule” to the Slovenian constitution, which would legally require all future governments to run a balanced state budget – although the rules would allow for limited divergence over the short term.

But any change to the constitution requires a two-thirds vote in parliament: so to implement the agreement, the current ruling coalition, lead by Janez Janša, prime minister and leader of the right-wing SDS party, was dependant on cooperation from some of his most fierce political rivals from the left-wing Pozitivna Slovenija and SD parties.
But as surely as Alpine ice melts in the spring, so the support of the left-wing parties evaporated.

True, some SD parliament members including former prime minister Borut Pahor stayed by their promises to support the vote, but Zoran Jankovic, leader of Pozitivna Slovenija and Igor Lukšic, who recently succeeded Pahor at the helm of SD, backed off – destroying the chances of a successful vote.

Janša reacted by threatening to tie a government confidence vote to the decision on the golden rule.
In other words, if the vote on the fiscal rule fails to garner a two-thirds majority, then the current government would fall. Slovenia would thus enter a new political crisis similar to that of last year, which saw early elections in December and helped push government bond yields to highs not seen since Slovenia adopted the euro in 2007.

What made coalition leaders Jankovic and Lukšic withdraw their support? Lukšic argued that the golden rule is unnecessary, Jankovic it would not increase budget revenues.

Both seem anaemic excuses. The more likely reason is a power struggle over who manages stakes in the numerous state-controlled corporations, which generate around 50 per cent of Slovenian GDP.

Simultaneous to the golden rule vote, parliament would also vote on legislation to create a new Slovenian state holding company (SDH), responsible for all state assets.

The legislation would also create a special vehicle within the SDH for bad loans and other risky investments of Slovenia’s ailing, state-controlled banks, where non-performing loans are approaching 20 per cent of portfolios.

The SDH would concentrate decision making in one entity for the first time, creating the basis for faster, more efficient, decision making – but fewer politically appointee jobs.

Jankovic threatened to call a referendum over any such SDH bill, and with citizens enraged by the latest wave of government austerity measures, he would probably win the day.

So, we have another typical Slovene “solution”: last Thursday the political leaders agreed to postpone the golden rule vote to early September.

They also formed a so-called “partnership for development” whereby all parties have until late August to hammer out deals on the golden rule, the new state holding company and on a separate agency for banks’ bad debts.

Cue much mutual back-slapping among Slovenia’s political elite for their collective wisdom in averting a political crisis.
In fact Slovenia has again only postponed making necessary critical decisions, and there is absolutely no guarantee that the problems will not turn out to be even bigger by the autumn, especially considering the likely sovereign and banking downgrades in the pipeline at rating agencies.

Unimpressed with the political dithering, the market is already pricing in a downgrade of Slovenia’s ratings.

The sovereign yield curve is close to the levels reached after the fall of the former government, and even an ECB long-term refinancing operation, which supported a rally in March, along with a substantial cut in budget expenses for 2012, have not convinced anybody otherwise. Spreads versus German Bunds have widened to between 500 and 550 basis points on the long end of the curve.




The market is saying: politicians, your efforts are insufficient!
If Slovenia fails to act decisively and quickly, it faces even tougher times. Indeed, it could be pushed to resort to help from the European Union through the EFSF/ESM mechanism.

The political leaders – focussing on their petty power struggles – have missed the fact that the Slovenian state budget, plus the state-owned banks and corporations, have grown ever more dependent on long-term sources of debt financing from non-residents and, increasingly, the ECB.

If we crunch the official numbers, the non-resident long-term debt financing to these sectors via bonds and loans, combined with the liabilities of banks towards the eurozone, has reached round 75 per cent of GDP.
Essentially, the state will have to convince international investors to stick around and finance a majority of its mid-term gross financing needs.

The debt issuance plan of the Ministry of Finance filled along with May’s rebalancing of the 2012 budget reveals the need for some €4.5bn of new issuance to cover this year’s execution and principal payments maturing in 2013 and 2014.

If we add around €1bn of projected budget deficit financing needs per year and deduct auctions of T-bills already executed since the filing of the plan this year, we get to a figure of some €6.3bn – or 17.6 per cent of GDP – required until 2014.
Slovenia’s politicians still have some choices but time is running out fast.


Andraž Grahek is an independent financial analyst and managing partner of a private investment partnership