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shared by kevinan108 on 17 May 12 - No Cached

Confidence in Spain's banks and its teetering economy was shaken Thursday after a newspaper reported that depositors were rushing to withdraw their money from Bankia, a troubled bank that was effectively nationalized just one week ago.
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Adding to the anxiety, rating agency Moody's downgraded its credit ratings on Spanish banks.
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Political turmoil in Greece has increased the likelihood that it could leave the 17-country monetary union, a move that could have ripple effects throughout Europe and the world's financial markets.
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Bankia SA, the country's fourth-largest lender, saw its shares fall as much as 27 percent during trading in Madrid after the El Mundo newspaper reported the bank was hit with more than €1 billion ($1.27 billion) of withdrawals since the government announced the takeover.
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Greek president Karolos Papoulias warned party leaders during unsuccessful coalition talks that about €700 million ($898 million) in deposits have flown out of Greek banks since the May 6 elections, according to a report from Greece's central bank governor, George Provopoulos
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the interest rate on Spanish 10-year bonds stood at a worryingly high 6.29 percent. It has risen sharply from below 5 percent in March and is edging toward the 7 percent mark that is considered unsustainable in the longer term.
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shared by Kostya Golovan on 17 May 12 - No Cached

Regulators are in direct conflict over how exchange traded funds (ETFs) take in ‘short-term money’ and promise instant liquidity, but can invest in long-term and less liquid assets.
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offering immediate liquidity but are potentially raising short-term money to fund longer-term investments.
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This concern began when regulators started worrying about money market funds…it's just deposit taking but called something different. It's taking short-term money but investing in longer-term securities.
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the macro regulators think this liquidity transformation, as a type of ‘shadow banking’, needs regulation.
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whole point of these vehicles is shorter-term liquidity and that investors should have more immediate access to money.
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Ucits rules do stipulate funds must invest in liquid assets.
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However, Gleeson and other industry experts pointed out that
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A manager will be sanctioned if they use assets that do not have liquidity.
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Shadow banking is positive. The danger is we regulate to the point this becomes unprofitable
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shared by kevinan108 on 18 May 12 - No Cached

Worries about a run on Greek banks has rattled Athens this week, after savers withdrew at least 700 million euros on Monday alone, according to minutes of Papoulias’s comments to political leaders posted on the presidency’s website.
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Greece’s banks have lost 72 billion euros in deposits since the start of 2010, or about 30%, according to data compiled by Thomson Reuters.
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And on Thursday, Spain’s Bankia was reported to have seen more than 1 billion euros drained by its customers in the past week.
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Cash flooded into Britain; more than 140 billion euros was deposited in four big banks alone. The UK benefits from its position outside the eurozone and its Asia-focused banks HSBC and Standard Chartered are seen as particular safe-havens. Other banks to see big inflows included Barclays, Germany’s Deutsche Bank, Switzerland’s Credit Suisse and UBS and Russia’s Sberbank and VTB.
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