Interessante articolo tratto dall' autorevole:
Preso dai nostri colleghi tedeschi.
Strengere Regeln: Hybridkapital wird riskanter - Unternehmen - Banken + Versicherungen - Handelsblatt.com
Ho tradotto con Google e ci sono per questo delle ambiguita', ho evidenziato alcune parti in rosso, quelle che secondo me sono piu' allarmanti, ho aggiunto dei commenti perche' non sono sicuro di aver capito bene, mi sa che questi seguono la via inglese, dateci un occhio anche voi, se in Germania cambiano le regole come hanno fatto gli inglesi e' meglio togliersi di torno dalle tutte le banche che hanno ricevuto aiuti dai rispettivi stati.
hybrid capital is more risky
The hybrid bonds of European banks will continue to invest an even more risky commitment. Silent participations as shall continue to meet higher requirements in order to be recognized as equity.
This also means that they must participate more in losses.(Quindi il loss absorbtion sara' la regola} Painful for German institutes are the future caps.
The European Committee for Banking Supervision (CEBS) has tightened the requirements for these popular with German banks loan form. No later than 2011 of these securities can only be deducted from the equity if they participate more in losses.
Painful for German institutes are the future limits: in Germany so far, the usual forms of hybrid bonds
may not exceed 35 percent of total core capital account instead of the previously existing 50 percent.(gli ibridi saranno limitati al 35%) The resulting lack of 15 percent may in future be filled only by equity-like convertible bonds, as in Southern Europe, already exist but are uncommon in this country.
Apply for old bonds, but the transition rules under which they gradually lose their significance is unclear.(questo e' il passaggio piu' inquietante non ho capito se vuol dire che le nuove regole si applicheranno anche ai vecchi bond gia' in circolazione come hanno fatto gli inglesi)
With the new guidelines for hybrid capital, the supervisors want to stop the proliferation of this form of bank capital and provide for greater uniformity.
.
The CEBS guidelines specify and standardize requirements of the Basle Committee, were found to be in place since 1998, but all designed differently. In Germany, these requirements in banking supervision have been applied directly, without being specifically set out in the German Banking Act.
The rules of the Guide refers to such hybrid loans that are part of the core capital of banks (Tier 1), but not part of the "hard" core capital. Core capital is the most important part of the equity of banks, the "hard" core capital is once again strictly defined and plays a growing role internationally. The "hard" core capital, where half of the total core capital of a bank account.
To qualify as a "soft" core capital, loans to the bank permanently available,
they have to absorb losses and must be allowed to suspend interest payments to current investors. Subordinated bonds whose repayment date is limited in some respects - for example, increase because after ten years, the interest or because they have a fixed repayment dates - are now permitted a maximum of 15 percent of the total core capital.(se ho ben capito la call sara' permessa solo su il 15% del T1?e la cedola post call non potra' essere piu' gravosa per l'emittente?)
Overall, the supervisors take the hybrid investors more accountable.
The repayment of hybrid bonds must be approved by the authorities, (il rimborso all call deve essere approvato dalle autorita')which was not regulated in Germany so explicitly. In order to prevent the supervisors that need to ailing institutions, government assistance to pay their hybrid investors interest. In Germany, this was true for example for HSH Nordbank.
Also another bad habit of pushing the guards against a barrier:
Even buy-back programs for hybrid bonds, they must first be approved in future. (le banche non potranno nemmeno richiamare gli ibridi senza autorizzazione) Banks like the State based Belgian KBC or Anglo Irish had repurchased hybrid bonds to compensate investors to ensure that they were allowed to pay them interest.
The downside risk for investors is the greater: The future challenge for coupon payments, that they fail automatically if the bank does not meet certain requirements.(sospensione obbligatoria delle cedole finche' le banche non avranno i bilanci a posto) In addition,
the nominal must, therefore, the agreed repayment amount may be reduced.
(riduzione del nominale al rimborso) In many silent partnerships in Germany is already the case,
but not all. For Germany's new, hybrid investors that banks no longer as strong preference to the shareholders
.
Still, there are hybrid securities, forcing banks to compensate, until all the damage before being readmitted to distribute dividends. This makes it difficult in times of crisis needed capital injections. "The tools should not prevent the recapitalization of the institution," said the warden.
These targets must be no later than 1 Januar 2011
will be applied.
(I nuovi ibridi dovranno uniformarsi a queste regole dal 1/1/2011, non si capisce bene se anche quelli vecchi dovranno seguire)
How long will they be the case is unclear, because the current debate in the Basel Committee, discussed the international targets for equity in banks,
could still develop new guidelines.
The European regulators to
distinguish between "hard" core capital and hybrid capital( gli ibridi non sono piu' hard core capital) The current guide deals with hybrid capital, next week before they put the definitions of
"hard" core capital.
(Gli ibridi non fanno piu' parte dell' hard core capital) Previously, certain deposits silence filled the necessary requirements. (mentre prima gli ibridi erano parte del core capital non si sa se lo saranno ancora in futuro) Whether this will continue to be, is unclear.
) e ho visto che venerdì 18 sono passati scambi a ca 53.
, anch'io sto puntando la ING 587 e non la 127. 
