Obbligazioni perpetue e subordinate Tutto quello che avreste sempre voluto sapere sulle obbligazioni perpetue... - Cap. 3 (4 lettori)
- Creatore Discussione Joe Silver
- Data di Inizio
rowing
Forumer attivo
Andre_Sant
Forumer storico
l'accordo dell'ecofin di stanotte, entrerà in vigore DAL 2018 o ENTRO il 2018?
le info del sole24 vs quelle di reuters son discordanti..
ciao
Andrea
le info del sole24 vs quelle di reuters son discordanti..
ciao
Andrea
Peco
Forumer storico
per problemi tecnici che cercheranno di risolvereE perchè?
Tobia
Forumer storico
European Union (EU) Economic and Finance Ministers reached an agreement on a draft establishing a framework for the recovery and resolution of credit institutions and investment firms on Thursday.
EU leaders are preparing for a two-day meeting in which they also plan to tackle measures to increase credit access to small and medium-sized enterprises (SMEs) and reduce youth unemployment.
Ecofin, as the group of EU Economic and Finance Ministers is known, set the guidelines for resolution of banks in crisis at three different stages: “preparatory and preventative, early intervention and resolution”. The framework also sets up a seniority system for the bail-in tool which would allow authorities to write down or convert into equity the claims of shareholders, creditors and/or depositors. With respect to the latter group, and as was the case in the bailout of Cyprus, deposits below the €100,000 threshold would be protected.
In case of a bank crisis, a minimum level of losses of 8.0% of of total liabilities will be imposed on shareholders and creditors, and "under special circumstances", 20% of risk weighted assets. The contribution of the resolution fund would be limited to a maximum of 5.0% of total liabilities.
The draft framework also calls for Member States to set up national resolution funds, expected to reach within 10 years a level of at least 0.8% of covered deposits in the country.
"If the banks get into trouble we will now, throughout Europe, have one set of rules on who pays the bill," Eurogroup president and Dutch Finance Minister Jeroen Dijsselbloem told CNBC.
"So that's a major shift from the public means, from the taxpayer if you will, back to the financial sector which will now become for a very, very large extent, responsible for dealing with its own problems," Dijsselbloem explained.
In any case, it should be taken into consideration that this agreement was just the first hurdle in a series of discussions. Now negotiations will begin with the European Parliament “with the aim of adopting the directive at first reading before the end of the year”.
Regardless, Barclays considers this agreement to be “good news” as it “paves the way for a start to discussions on the establishment of a Single Resolution Mechanism (SRM), the second leg of the banking union. The Commission will likely present its proposal at the July Ecofin meeting”.
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altri dettagli sull'accordo
EU leaders are preparing for a two-day meeting in which they also plan to tackle measures to increase credit access to small and medium-sized enterprises (SMEs) and reduce youth unemployment.
Ecofin, as the group of EU Economic and Finance Ministers is known, set the guidelines for resolution of banks in crisis at three different stages: “preparatory and preventative, early intervention and resolution”. The framework also sets up a seniority system for the bail-in tool which would allow authorities to write down or convert into equity the claims of shareholders, creditors and/or depositors. With respect to the latter group, and as was the case in the bailout of Cyprus, deposits below the €100,000 threshold would be protected.
In case of a bank crisis, a minimum level of losses of 8.0% of of total liabilities will be imposed on shareholders and creditors, and "under special circumstances", 20% of risk weighted assets. The contribution of the resolution fund would be limited to a maximum of 5.0% of total liabilities.
The draft framework also calls for Member States to set up national resolution funds, expected to reach within 10 years a level of at least 0.8% of covered deposits in the country.
"If the banks get into trouble we will now, throughout Europe, have one set of rules on who pays the bill," Eurogroup president and Dutch Finance Minister Jeroen Dijsselbloem told CNBC.
"So that's a major shift from the public means, from the taxpayer if you will, back to the financial sector which will now become for a very, very large extent, responsible for dealing with its own problems," Dijsselbloem explained.
In any case, it should be taken into consideration that this agreement was just the first hurdle in a series of discussions. Now negotiations will begin with the European Parliament “with the aim of adopting the directive at first reading before the end of the year”.
Regardless, Barclays considers this agreement to be “good news” as it “paves the way for a start to discussions on the establishment of a Single Resolution Mechanism (SRM), the second leg of the banking union. The Commission will likely present its proposal at the July Ecofin meeting”.
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altri dettagli sull'accordo
johnny1982
Forumer storico
Questa volta i perp hanno tenuto molto bene l' onda, facciammo comunque le corna,
Nelle altre occasioni i t1 si mossero in ritardo rispetto alle normali, ma ora dall' inizio dei trambusti è passato abbastanza tempo...
Stavo guardando le cnp che a 60 potrebbero essere interessanti anche per la struttura semivariabile
O forse è momentaneamente meglio lasciare i t1 da parte per andare dove i cali sono stati più marcati?
I tassi sono si risaliti ma se guardiamo bene l' Europa non è nelle condizioni degli usa da iniziare una stretta monetaria
Nelle altre occasioni i t1 si mossero in ritardo rispetto alle normali, ma ora dall' inizio dei trambusti è passato abbastanza tempo...
Stavo guardando le cnp che a 60 potrebbero essere interessanti anche per la struttura semivariabile
O forse è momentaneamente meglio lasciare i t1 da parte per andare dove i cali sono stati più marcati?
I tassi sono si risaliti ma se guardiamo bene l' Europa non è nelle condizioni degli usa da iniziare una stretta monetaria
NoWay
It's time to play the game
Mah... mi sembra che i problemi si accumulino invece che diminuire!
darkog
In Hoc Signo Vince..
Ah ok. Ti ringrazio. Sono tornato ieri da Mykonos e sto ancora riprendendomi..
cumulate
Forumer storico
quando parlano dei depositi > 100K sta a significare l'ammontare della liquidità disponibile nel deposito.
Ho sempre il timore però che sottintendano il valore complessivo del portafoglio titoli, anche se questi sono depositati a monte titoli
fidw99
100% perpetual
un primo commento sull'accordo:
Last night’s agreement should come as a partial relief to those that, like us, were unsure how quickly a banking union would evolve, though we note there remain a number of road blocks to navigate past. As such, the news should be broadly positive for spreads but again reinforces our preference for the most solid names. Implementation from 2018 will give European banks time to build up their buffers, in order to smooth out the higher cost of funding. Having said that, the fixed income market is likely to put pressure on banks to build up their buffer now. Overall, the largest banks with access to the capital markets are likely to be the winners. What alternatives are there to building up a Tier 2 buffer? These could come from (1) retained earnings/asset disposals; (2) existing Tier 1 not eligible for CRD IV but eligible for Tier 2 (the question is price); and (3) issuing LT2 that is CRD IV compliant. Banks reliant on wholesale funding, including covered bonds (and insurance businesses) are likely to come to the LT2 market (French, German, Dutch, Belgian ... and Spanish and Italian banks using their retail network).
Last night’s agreement should come as a partial relief to those that, like us, were unsure how quickly a banking union would evolve, though we note there remain a number of road blocks to navigate past. As such, the news should be broadly positive for spreads but again reinforces our preference for the most solid names. Implementation from 2018 will give European banks time to build up their buffers, in order to smooth out the higher cost of funding. Having said that, the fixed income market is likely to put pressure on banks to build up their buffer now. Overall, the largest banks with access to the capital markets are likely to be the winners. What alternatives are there to building up a Tier 2 buffer? These could come from (1) retained earnings/asset disposals; (2) existing Tier 1 not eligible for CRD IV but eligible for Tier 2 (the question is price); and (3) issuing LT2 that is CRD IV compliant. Banks reliant on wholesale funding, including covered bonds (and insurance businesses) are likely to come to the LT2 market (French, German, Dutch, Belgian ... and Spanish and Italian banks using their retail network).