L'Unione Europea pone condizioni per l'aiuto finanziario offerto alle banche spagnole.
Posto il link al memorandum che definisce le condizioni per l'intervento.
http://ep00.epimg.net/descargables/2012/07/10/14540e59ee5504648623c2bb5da808b8.pdf
In particolare, segnalo e riporto quanto direttamente riguarda gli strumenti ibridi.
Burden sharing
17. Steps will be taken to minimise the cost to taxpayers of bank restructuring. After
allocating losses to equity holders, the Spanish authorities will require burden sharing measures
from hybrid capital holders and subordinated debt holders in banks receiving public capital,
including by implementing both
voluntary and, where necessary, mandatory Subordinated
Liability Exercises (SLEs). Banks not in need of State aid will be outside the scope of any
mandatory burden sharing exercise. The Banco de España, in liaison with the European
Commission and the EBA, will monitor any operations converting hybrid and subordinated
instruments into senior debt or equity.
18. Legislation will be introduced by end-August 2012 to ensure the effectiveness of
the SLEs.
The Spanish authorities will adopt the necessary legislative amendments, to allow for
mandatory SLEs if the required burden sharing is not achieved on a voluntary basis. These
amendments should also include provisions allowing that holders of hybrid capital instruments
and subordinated debt fully participate in the SLEs. By end-July 2012, the Spanish authorities
will identify the legal steps that are needed to establish this framework, so that its adoption can
be completed by end-August 2012. The Banco de España will immediately discourage any bank
which may need to resort to State aid from conducting SLEs at a premium of more than 10% of
par above market prices until December 2012.
19. Banks with capital shortfalls and needing State aid will conduct SLEs against the
background of the revised legal framework and in accordance with State aid rules, by
converting hybrid capital and subordinated debt into equity at the time of public capital injection
or by buying it back at significant discounts. For Group 3 banks this rule will apply on 30 June
2013, if they still are in receipt of public funds. For non viable banks, SLEs will also need to be
used to the full extent to minimise the cost for the tax payer. Any capital shortfall stemming from
issues arising in the implementation of SLEs will not be covered by the EFSF assistance.
20. The bank resolution framework will be further upgraded. By end-August, the
Spanish authorities, in consultation with the European Commission, the ECB and the IMF, will
modify the bank resolution framework in order to incorporate relevant resolution powers to
strengthen the FROB. This amendment will take into account the EU regulatory proposal on
crisis management and bank resolution, including special tools to resolve banks, such as the
sale of business tool and bridge banks; the legislation will also include a clarification of the
financial responsibilities of the FGD (Deposit Guarantee Fund) and the FROB. The legislation
will also include provisions on overriding shareholders rights in resolution processes.
La Spagna si appresta ad adottare un approccio irlandese, quindi non più aiuti temporanei ad alto costo, ma ricapitalizzazione tramite dismissioni, tagli e LME/SLE. Da altre fonti ho letto che gli aiuti verranno forniti, laddove si usi la via del debito, a tassi bassi 3%-4%.
