Allora... ho scritto all'IR di CBK... in pratica da come mi hanno risposto si evince che si, c'è questa nuova normativa riguardo le ristrutturazioni bancarie ma tuttavia nessuno sa bene come funzioni inquanto non c'è un procedimento "fisso" da seguire ma bensi verranno prese decisioni da parte della banca centrale tedesca nelle situazioni piu gravi oppure dal consiglio di amministrazione della banca in quelli meno gravi, che varierebbero da situazione a situazione.
In soldoni noi verremmo a sapere di come in concreto si verrebbe ad applicare questa nuova legge solamente se si verificasse un evento di eccezionale gravità a una banca tedesca tale da rendere necessaria l'applicazione di uno dei 2 procedimenti di cui mi parlano nella risposta.
Cosa molto importante da sottolineare è che anche i debiti SENIOR potrebbero prendere parte ad una eventuale ristrutturazione.
Ma veniamo alla mail:
DOMANDA:
Good evening,
I am a bondholder of the “Coba LT2 2019”.
I’ve heard that that the new deutsche law called “Bank Restructuring Act” says that after the passage of a Point Of Non Viability, the nominal value of the Subordinated LT2 could be cutted.
Can you give more info about that?
I read that this point is fixed by the “Relevant Authority”, has Commerzbank already fixed that or not?
What are the requirements to ensure loss absorbency at the point of non-viability? Is there a “trigger event”?
Thanks for you courtesy
RISPOSTA:
Dear Mr. P.....,
thank you for your email.
The matter which you address is a very complex one and there is no simple answer to
the questions you put. The following is a brief repy to your question:
"The Bank Reorganisation Act introduces two voluntary proceedings that
may be initiated and managed by the troubled bank’s management, i.e.,
A Stabilization Proceeding (Sanierungsverfahren); and
A Reorganization Proceeding (Reorganisationsverfahren).
These proceedings may be viewed as “civil law” solutions that may be adopted when consent of the various
constituencies seems assured.
The Reorganization Plan can directly impair the rights of creditors as well as the rights of shareholders of the bank and
may include the following measures:
Impairment of creditors’ claims:
The Reorganization Plan may include a variety of amendments to the debt, including a reduction of principal
claims against the bank. "
Please understand however that you need to refer to the law itself and that it is not possible to answer the questions in the
way that you have put them. Please find below some links to give some more background:
http://www.bundesbank.de/download/vo...turing_act.pdf
http://www.dvbbank.com/downloads/inv...ys_feb2011.pdf
Kind regards / Mit freundlichen Grüßen
Wennemar von Bodelschwingh
Senior Investor Relations Manager
Commerzbank AG
Group Communications
Investor Relations
Postal address: Kaiserplatz, 60261 Frankfurt am Main
Office address: Kaiserplatz, Frankfurt am Main
Phone: +49 69 136 4 36 11
Telefax: +49 69 136 2 94 92
[email protected] m
http://www.commerzbank.de
Commerzbank Aktiengesellschaft, Frankfurt am Main
Handelsregister/Commercial Register: Amtsgericht Frankfurt am Main, HRB 32000
Vorsitzender des Aufsichtsrates/Chairman of the Supervisory Board: Klaus-Peter Müller
Vorstand/Board of Managing Directors: Martin Blessing (Vorsitzender/Chairman),
Frank Annuscheit, Markus Beumer, Achim Kassow, Jochen Klösges, Michael Reuther,
Stefan Schmittmann, Ulrich Sieber, Eric Strutz