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Adalberto Palma

FT Europe's bank recapitalisation plan must change 2011.10.17 - 1 views

www.ft.com/...d5-11e0-a5f7-00144feab49a.html

shared by Adalberto Palma on 17 Oct 11 - No Cached
  • sign off on a programme to give banks a deadline of six to nine months to boost capital ratios privately
  • accept some form of state capital.
  • The recapitalisation plan itself must be made tougher
  • ...35 more annotations...
  • three-pronged reform agenda
  • capital plan
  • capital holes
  • it would be somewhere between €100bn ($137bn) and €200bn.
  • the plan needs to change
  • forced to meet the planned 9 per cent core tier one capital ratio in such a short time
  • determined not to raise fresh money – either from shareholders, because equity prices are so disastrously low, or from the state, because of an understandable fear of being stigmatised as a bailed-out bank that is weaker than its rivals
  • they would shrink their balance sheets, reducing the risk-weighted assets (or lending commitments) that form the denominator of their capital ratios, rather than boosting the capital that forms the numerator.
  • shrinkage of available bank credit across Europe
  • protesting about the lack of funding.
  • politicians and small business
  • the banks are bluffing
  • There is a strong reason to call their bluff
  • second prong
  • that will not be enough
  • normalise banks’ access to liquid funds in the bond markets.
  • Dexia,
  • often not insufficient capital that kills a bank (Dexia’s ratios were top-notch) but a lack of liquidity
  • short-term funding and long-term lending commitments proved fatal.
  • International regulators
  • come up with a new measure
  • the net stable funding ratio
  • will limit profitability and the banks have protested. But it should happen.
  • there needs to be a quick fix, too
  • there has been no issuance of bank bonds
  • Only with a temporary guarantee from a European Union vehicle can bond markets be reopened.
  • policymakers need to tackle the root cause of the problems in the periphery – namely, their budgetary mismanagement.
  • Silvio Berlusconi
  • must be ousted by the Italian people
  • entirely within the gift of those preparing for the weekend summit.
  • first two reforms
  • brave political calls, laying policymakers open to accusations of handing money to bankers again
  • the lesser of two evils
  • accompanied by an enforceable regime of business lending commitments
  • normal rules of capitalism have already been suspended. We should stop pretending otherwise and make the necessary intervention quickly and decisively
anonymous

¿Qué oportunidades presentan los ETFs de México? - 0 views

www.saladeinversion.com/...mercados-inversion-trading-eww

bonos cetes cetetrack corp bond trac deuda corporativa gubernamental dólares etfs eww fondos de inversión inversores mex uditrac méxico rentabilidades trading umstrac volatilidad

shared by anonymous on 16 Nov 11 - No Cached
  • anonymous on 16 Nov 11
     
    De los distintos instrumentos, que van desde el ETF que replica al índice de México (EWW), los de deuda gubernamental y los de deuda corporativa, los especialistas consideran a estos últimos y al EWW, como una atractiva opción para obtener rendimientos en el actual entorno de volatilidad.
Adalberto Palma

FT Regulators poised to soften new bank rules 2011.09.05 - 0 views

www.ft.com/...cd-11e0-a5d9-00144feabdc0.html

shared by Adalberto Palma on 06 Sep 11 - No Cached
  • ease new rules that would require banks to hold more liquid assets
  • complaints from banks
  • would force them to sharply curtail lending to consumers
  • ...14 more annotations...
  • the ratio does not formally take effect until 2015,
  • JPMorgan estimates that 28 European banks faced a total liquidity shortfall
  • number of members on the Basel Committee
  • the liquidity coverage ratio is the most “painful” piece of regulation to hit the sector, and will cost European banks nearly 12 per cent of their 2012 earnings on average
  • expected 5 per cent hit from tougher global requirements on bank capital, and a 3 per cent reduction from the Dodd-Frank financial reform measures in the US.
  • “Regulatory focus is rapidly shifting from capital at risk to liquidity risk in our view,”
  • Only seven of the 28 banks tested met the enhanced standards,
  • want to soften key technical definitions in the ratio
  • effect of reducing how much liquidity banks have to hold, and would allow them to count more corporate and covered bonds toward the total
  • The committee staff,
  • gathering data on the potential impact of the ratio, and a subgroup is working on the definitions ahead of a full committee meeting this month
  • US and continental European
  • regulators are expected to push for changes that would ease the impact on their banks,
  • support the status quo
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