amorgos34
CHIAGNI & FOTTI SRL
cosa vuol dire scomparite?
Fai pure lo spiritoso
D), hanno una voglia di bailinare (assomiglia ad una parolaccia genovese) che manco ce lo immaginiamo. 
Obbligazioni perpetue e subordinate Tutto quello che avreste sempre voluto sapere sulle obbligazioni perpetue... - Cap. 3
- Creatore Discussione Joe Silver
- Data di Inizio
Fai pure lo spiritoso
D), hanno una voglia di bailinare (assomiglia ad una parolaccia genovese) che manco ce lo immaginiamo. 
Carige’s Postponed Capital Increase Is Credit Negative
Last Monday, Banca Carige S.p.A. (B2 review for downgrade, E+/b3 review for downgrade)13 announced
that it was postponing obtaining the approval of a new business plan that was to include a substantial
capital increase. The postponement of the capital increase is credit negative for Carige’s bondholders.
The postponement stems from uncertainties related to the European Central Bank’s (ECB) comprehensive
assessment of the most systemically important banks in the euro area beginning in 2014. Many details of
the assessment are still unknown, creating significant uncertainty for many European banks about the
sufficiency of their capital.
Following a request by the Bank of Italy, Carige was planning to strengthen its capital by €800 million by
the first quarter of 2014 mainly via asset disposals, with any remainder coming from a capital increase.
However, most of Carige’s asset disposal efforts failed, with the largest asset, a life insurance company, not
receiving sufficient market interest owing to its large holding of Italian government bonds. This failure has
left Carige needing to rely significantly on a capital injection to both meet its target and respond to the
outcome of the ECB’s comprehensive assessment.
Carige planned to announce the details of its capital increase by mid-November, once the outcome of its
asset disposal was more definitive. Carige’s management announced that the Bank of Italy has pushed back
the original deadline to raise capital to take into account the additional challenges posed by the ECB, but it
is unclear whether the regulator has finalised a new timetable for Carige’s capital strengthening.
Using Basel II core Tier 1 ratio (CT1) as a proxy, Carige’s 7.7% pro forma capital as of September 2013 is
just €70 million below the 8% minimum common equity Tier 1 (CET1) ratio that the ECB prescribes.
However, this does not take into account the stress test that Carige will undergo, whose results will likely be
compared against a lower ratio, and the difference in the calculation between the two ratios.
Carige’s larger-than-anticipated capital increase will launch in a challenging operating environment, where
appetite for Italian assets may be limited. Moreover, executing the capital increase a few months later than
originally planned will result in Carige having to compete with many euro area banks that are also looking
to raise capital to comply with the ECB’s comprehensive assessment. A number of Italian banks are
approaching the comprehensive assessment with weak capitalisation, and Carige is among the weakest (see
exhibit below).
Last Monday, Banca Carige S.p.A. (B2 review for downgrade, E+/b3 review for downgrade)13 announced
that it was postponing obtaining the approval of a new business plan that was to include a substantial
capital increase. The postponement of the capital increase is credit negative for Carige’s bondholders.
The postponement stems from uncertainties related to the European Central Bank’s (ECB) comprehensive
assessment of the most systemically important banks in the euro area beginning in 2014. Many details of
the assessment are still unknown, creating significant uncertainty for many European banks about the
sufficiency of their capital.
Following a request by the Bank of Italy, Carige was planning to strengthen its capital by €800 million by
the first quarter of 2014 mainly via asset disposals, with any remainder coming from a capital increase.
However, most of Carige’s asset disposal efforts failed, with the largest asset, a life insurance company, not
receiving sufficient market interest owing to its large holding of Italian government bonds. This failure has
left Carige needing to rely significantly on a capital injection to both meet its target and respond to the
outcome of the ECB’s comprehensive assessment.
Carige planned to announce the details of its capital increase by mid-November, once the outcome of its
asset disposal was more definitive. Carige’s management announced that the Bank of Italy has pushed back
the original deadline to raise capital to take into account the additional challenges posed by the ECB, but it
is unclear whether the regulator has finalised a new timetable for Carige’s capital strengthening.
Using Basel II core Tier 1 ratio (CT1) as a proxy, Carige’s 7.7% pro forma capital as of September 2013 is
just €70 million below the 8% minimum common equity Tier 1 (CET1) ratio that the ECB prescribes.
However, this does not take into account the stress test that Carige will undergo, whose results will likely be
compared against a lower ratio, and the difference in the calculation between the two ratios.
Carige’s larger-than-anticipated capital increase will launch in a challenging operating environment, where
appetite for Italian assets may be limited. Moreover, executing the capital increase a few months later than
originally planned will result in Carige having to compete with many euro area banks that are also looking
to raise capital to comply with the ECB’s comprehensive assessment. A number of Italian banks are
approaching the comprehensive assessment with weak capitalisation, and Carige is among the weakest (see
exhibit below).
apaci2
Ad bestias
(Il Sole 24 Ore Radiocor) - Milano, 18 nov - Troppe banche
europee sono sopravvissute alla crisi finanziaria. Lo ha
sostenuto, nel corso di un'intervista al quotidiano tedesco
'Frankfurter Allgemeine Zeitung', Andrea Enria, presidente
dell'Eba, l'Authority europea del settore, ammettendo di
'essere convinto che troppe poche banche europee sono state
smantellate e sono scomparite dal mercato'. In particolare,
ha aggiunto, 'ci sono solo 40 istituti (che hanno chiuso i
battenti, ndr), mentre negli Stati uniti ne sono scomparsi
circa 500'. Enria ha lamentato il fatto che 'i Governi hanno
voluto mantenere in vita le loro banche, e questo ha
ostacolato il processo di ripristino' del sistema finanziario
europeo. L'Eba, che negli ultimi anni ha organizzato una
serie di stress test sugli istituti (criticati in quanto
considerati troppo indulgenti), come 'unione bancaria
europea' che punta a rafforzare lo scenario finanziario del
Continente, secondo Enria deve favorire meccanismi e
strutture veramente europee.
Cosa vuol dire ?
Mi sembra di rivivere la questione Greca, attendo fiducioso tra 10 anni le scuse con ammissione di errori dei vari EBA, IMF, ...
Il confronto con gli USA: RIDICOLO!
Ultima modifica:
Massimum
Forumer storico
cosa vuol dire scomparite?
Sarà un giornalista o un traduttore ignorante. Visto che la dichiarazione è stata fatta ad un giornale tedesco sarà stata fatt in inglese. Quindi dubito lo strafalcione sia di Enria.
fabriziof
Forumer storico
Non è detto
Comunque sono d'accordo con amorgos ,sono in cerca della (o delle) vittima sacrificalefidw99
100% perpetual
Banco Espirito Santo SA has mandated BofA Merrill Lynch, Citigroup, Espirito Santo Investment Bank and Morgan Stanley to arrange a series of Fixed Income investor meetings in Europe commencing on 19 November. A Euro-denominated dated subordinated transaction might follow, subject to market conditions. FCA/ICMA stabilization
amorgos34
CHIAGNI & FOTTI SRL
Non è detto
Ma la vittima sacrificale non era già stata sacrificata ?
Per me han voglia di menar le mani. (lo sa anche Draghi,ecco perchè scrisse la letterina)
Ultima modifica:
NoWay
It's time to play the game
Rottweiler
Forumer storico
Fai pure lo spiritoso
Mi sembra di rivivere la questione Greca, attendo fiducioso tra 10 anni le scuse con ammissione di errori dei vari EBA, IMF, ...
Il confronto con gli USA: RIDICOLO!
Non è detto
Domande:
*pensate proprio che il sistema bancario europeo possa riacquistare credibilità (date un'occhiata ai valori di mercato rispetto a quelli di libro...) mantenendo la spazzatura negli armadi?
*se non arrivasse l'Europa, quando pensate che il putridume nascosto nelle banche italiche (e non), dopo decenni di gestioni opache, vedrebbe la luce?
Personalmente non vedo di cosa debba avere paura un investitore assennato. Anzi.
Se poi ci sarà qualche turbolenza (ma in questo momento nessuna si attende terremoti), questo sarà il prezzo da pagare a tanta inefficienza (chiamiamola così, va...) passata.
Qualcuno si scandalizza se dico: avanti Francoforte?
Topgun1976
Guest
>Finchè ci sarà Draghi
non credo proprio.Ps.Io sono per la pulizia come te,ma alla luce del sole,non come su Sns.
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