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rune66

The biggest weakness of Basel III | Felix Salmon - 0 views

  • A few things. First I’m pretty sure nothing should be 0% risk weighted. Second, yes, risk weightings are going to continue to be a big part of the real problem. Third Basel III fails to address the issue of the hegemony of the ratings agency cartel. On another note, I remain fairly convinced that there isn’t any way to completely remove the chance that banks blow up. Banks are completely unlike any other corporate structure – they are inherently levered and can therefore be wiped out by a nasty run on the bank, even if perfectly solvent. So what’s the answer? The minute we admit that TBTF exists, we have to charge for the privilege of being TBTF rather than try to regulate it out. Insurance premiums payable to a pre-funded disaster recovery fund, that are heavily geared to (true) leverage and spiral exponentially above 30x leverage sounds like a good start. Throw in additional premia based on the % of revenues from trading, the type of funding that props up the balance sheet and the liquidity of underlying assets, and Bob’s your uncle, we might have the beginnings of something that works.
    • rune66
       
      En pragmatisk model, som man kan undre sig over ikke bliver overvejet seriøst (TBTF = too big to fail).
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    Interessant diskussion af Basel III med folk, der virker som om de ved, hvad de taler om.
rune66

Spekulationsfonde udløser græsk drama | information.dk - 0 views

  • Af frygt for at miste alle deres penge, hvilket kunne have udløst en alvorlig bankkrise og kreditklemme, solgte pengeinstitutterne deres obligationer til spotpris på det sekundære marked.
  • Credit Default Swaps (CDS) får skylden for mange ting, og i forhold til Grækenland fremhæves CDS kontrakterne ofte som argument for at Grækenland ikke “må” gå konkurs (teknisk set). Implicit i dette argument må ligge en formodning om at det vil få uoverskuelige konsekvenser hvis CDS kontrakterne kommer til udbetaling.
    • rune66
       
      Endelig en person, som ved lidt om CDS'er og nedlægger endnu en myte.
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    Apropos vores snak om, hvad banker må og ikke må. De må altså tilsyneladende godt eje/køb obligationer og videresælge dem.
rune66

Pakken der skal redde verden: Se EU's aftale - Politiken.dk - 1 views

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    "Fra 30. juni 2012 skal bankerne lægge ni kroner til side i bankboksen, for hver 100 kroner, de har, i henhold til nærmere regler, der bestemmes i samråd mellem de enkelte eurozonelande og EBA, European Banking Authority. "
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    Sjovt, at det åbenbart er en opgradering af kravet, men her står det jo simpelthen sort på hvidt.
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