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mago gambamerlo

Xx Phuket xX
Banbche Europee sotto stress .

Dalla BCE altri 16 mld ; Due le ipotesi : Un errore o un istituto in difficolta'.
Vedi art pag. 2 del Sole 24 ; Ipotesi 1 crisi in vista ; Ipotesi 2 errore. :cool:
Che ne pensate ? :rolleyes: ciao.
 

Es Vedrà

Nuovo forumer

negusneg

New Member
Ancora sul downgrade delle subordinate tedesche, per chi non legge il tedesco :D

German Bank Subordinated Debt Downgraded by Moody's on Regulation Concern

By Laura Marcinek and John Glover - Feb 18, 2011 1:42 PM GMT+0100

German banks’ subordinated debt securities valued at 24 billion euros ($33 billion) were downgraded by Moody’s Investors Service on the prospect that new legislation will increase the risk of losses among debt holders.

Moody’s cut the ratings of lower Tier 2 notes, a layer of debt that’s subordinated by coming behind senior bonds in the queue for repayment after a bank collapses. Like other governments seeking to ensure creditors pay up before taxpayers have to contribute, German law now removes the protection Tier 2 bonds enjoyed from the authorities’ preference for saving lenders before they fail.

“The new legislation materially reduces the likelihood of government support for LT2 securities and therefore took out the state support uplift,” BNP Paribas SA analysts Olivia Frieser and Ivan Zubo wrote in a note to clients today. “The downgrades are as harsh as we had expected, which may weigh on sentiment.”

The cost of insuring German bank debt rose, according to CMA prices for credit-default swaps. Contracts on the subordinated debt of Deutsche Bank AG jumped 12 basis points to 160, the highest in five weeks. Swaps linked to Commerzbank AG’s junior debt climbed 25 basis points to 450 and senior contracts rose 10 to 190.

Toughening Rules

Lawmakers throughout Europe are toughening rules governing bank failures. Danish regulators wiped out the stock and subordinated bonds of Amagerbanken A/S when it failed this month, and are going further than that by inflicting losses -- expected to be about 41 percent -- on senior bondholders and depositors with more than the insured maximum in their accounts.

“Bondholders have to be prepared for losses,” Bjoern Skogstad Aamo, head of Norway’s Financial Supervisory Authority in Oslo, said Feb. 10.

In Ireland, where the state has put 46.3 billion euros into its debt-laden banks after property prices collapsed, the Credit Institutions (Stabilization) Bill gives the government the power to force subordinated bondholders to take losses. Junior creditors of Anglo Irish Bank Corp. were obliged to sell back their notes at an 80 percent discount.

Germany’s Bank Restructuring Act was approved by Parliament on Nov. 2 and allows regulators to transfer the assets and liabilities of a failing bank while permitting the government to write down debt.

Impose Losses

“The new regulatory tools allow authorities to impose losses on debt holders without necessarily placing the entire bank into liquidation,” the ratings firm said yesterday in a statement. “Moody’s considers subordinated debt to be most at risk under the new law.”

The ratings downgrades apply to 248 subordinated securities together with portions of debt programs issued or backed by 24 banks. The average reduction was 2 1/2 levels, Moody’s said.

Deutsche Bank AG, Commerzbank AG, Munich-based Bayerische Landesbank and DekaBank Deutsche Girozentrale, the fund manager for Germany’s state-owned savings banks, were among lenders whose securities were downgraded.

Libby Young, a Deutsche Bank spokeswoman, Reiner Rossmann, a Commerzbank spokesman, and BayernLB’s Florian Ernst all declined to comment. DekaBank spokesman Markus Weber didn’t return a voice mail.

“The regulatory tools provided by the Bank Restructuring Act are broad enough to allow the imposition of losses on senior unsecured and subordinated bondholders,” Moody’s said.

The following banks’ subordinated debt ratings were downgraded:
Bayerische LandesbankBremer LandesbankCommerzbank AGDekaBankDeutsche GirozentraleDepfa Bank PlcDeutsche Apotheker- und Aerztebank eGDeutsche Bank AGDeutsche Hypothekenbank AGDeutsche Pfandbriefbank AGDeutsche Postbank AGDVB Bank SEDZ Bank AGEurohypo AGHSH Nordbank AGIKB Deutsche Industriebank AGLandesbank Baden-WuerttembergLandesbank Berlin AGLandesbank Hessen-Thueringen GirozentraleMuenchener Hypothekenbank eGNorddeutsche Landesbank GirozentraleSparkasse KoelnBonnUniCredit Bank AGVolkswagen Bank GmbHWestLB AG (part of an EMTN program)
To contact the reporters on this story: Laura Marcinek in New York at [email protected]; John Glover in London at [email protected]
 

Rottweiler

Forumer storico
Dalla BCE altri 16 mld ; Due le ipotesi : Un errore o un istituto in difficolta'.
Vedi art pag. 2 del Sole 24 ; Ipotesi 1 crisi in vista ; Ipotesi 2 errore. :cool:
Che ne pensate ? :rolleyes: ciao.

:ciao:
spero e credo all'errore.....in asta sono stati richiesti 19MLD in meno rispetto alla settimana precedente.....qualche bancario starà sudando freddo:lol::lol:
metto il link all'articolo...
Giallo alla Bce, prelievo d'urgenza da 16 miliardi - Il Sole 24 ORE

La spiegazione fornita da una voce dietro le quinte:


Irish deposit sales cause ECB borrowing spike: source
Published: Saturday, 19 Feb 2011 | 7:45 AM ET Text Size


DUBLIN - Anglo Irish Bank and Irish Nationwide Building Society were behind the spike in emergency borrowing from the European Central Bank as they seek a speedy sale of their deposit books, a source told Reuters on Saturday.

The two troubled lenders, at the heart of Ireland's financial crisis, are selling deposits and corresponding assets as part of a wind-down of their operations under an EU/IMF bailout deal.

To ensure a sale within the next week, they have had to withdraw the underlying assets, around 15 billion euros ($20.5 billion) in state-backed IOUs, as collateral from the normal week-long ECB borrowing facility and swap them instead for emergency overnight loans, the source, who is familiar with the sales process, said.

"If they are tied up in the normal monetary operations they can't be sold," said the source, who declined to be identified.

The source said the spike in ECB overnight funding, which caused a stir across European markets this week, could continue even after a sale because the buyer of the deposits, expected to be a bank in Ireland, would have to wait until the next ECB weekly refinancing operation to switch out of the more expensive overnight facility.

"It's possible this spike in overnight borrowings could last for a couple of weeks," said the source. "The buyer may continue to put the assets in the overnight facility until the next normal refinancing operation on a Tuesday."

ECB overnight borrowings hit more than 16 billion euros on Friday, the highest amount since June 2009 and well above the 1.2 billion euros which banks were taking before the figure first jumped on Thursday.

Anglo Irish, the poster child for the reckless lending that sparking Ireland's financial crisis, has 11 billion euros in customer deposits deposit book after losing 16 billion euros in mainly corporate deposits last year.

Irish Nationwide Building Society has deposits of 5.3 billion euros at the end of 2009, it has not yet reported for 2010.

Under the EU/IMF deal, Ireland has pledged to shut down Anglo Irish and Irish Nationwide and shrink its other lenders to reduce their dependence on emergency funding from the ECB and its own central bank.
 

dierre

Forumer storico
Mi sembra prima opa e poi call. Ucg ha callato tutti i T1

Zorba, ( domanda rivolata a tutta la premiata ditta:D:D)

mesi fa UC non ha callato una lt2 o sbaglio?

Ne avevamo parlato chiedendoci: se non callano una lt2, vuoi che callino una P se è antieconomico per loro? In barba al segale che si da al mercato...

Ovviamente sono un fans di Baca, e spero nella call...:V
 

negusneg

New Member
Zorba, ( domanda rivolata a tutta la premiata ditta:D:D)

mesi fa UC non ha callato una lt2 o sbaglio?

Ne avevamo parlato chiedendoci: se non callano una lt2, vuoi che callino una P se è antieconomico per loro? In barba al segale che si da al mercato...

Ovviamente sono un fans di Baca, e spero nella call...:V

Secondo me è stato un disguido perchè fino ad ora a parte quella le hanno richiamate tutte. Forse si sono dimenticati di richiedere per tempo alla Banca d'Italia l'autorizzazione... :rolleyes:
 

ferdo

Utente Senior
Rileggevo l'ultimo paragrafo dell'articolo riportato da Russia, e più precisamente l'ultima frase, allude a incertezza sugli utili? La versione tedesca originale recita "Die ÖVAG insgesamt dürfte 2010 plus/minus Null abschließen". L'inglese di Google è in linea con l'italiano (ÖVAG should complete a total of 2010 plus or minus zero.), mi sa che anche stavolta serve una mano da Ferdo...

sì, il testo tedesco esprime notevole incertezza: sia per il verbo, dürfen, che per il modo usato, il Konjuntiv 2. Va tradotto con 'potrebbe'

indica una supposizione molto prudente

PS ma in una mail di diverso tempo fa l'IR mi pare si fosse sbilanciato molto di più di quanto si legge ora, anzi ora vado a rivedere il loro sito cosa c'era scritto esattamente
 
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