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Выбор редакции
18 сентября, 19:22

Spanish ex-governor will not face charges over Bankia case

Former IMF managing director will face charges over collapse of Spanish commercial bank

27 июня, 23:00

Два испанских банка объявили о слиянии

Две испанские финансовые компании, которые были национализированы правительством после прорыва "мыльного пузыря" на рынке недвижимости, объявили сегодня о слиянии. Bankia SA, являющийся четвертым по величине банком Испании, приобретает Banco Mare Nostrum SA (BMN).

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27 июня, 15:04

Bankia и Banco Mare Nostrum осуществят сделку по слиянию

Испанский банк Bankia заключил соглашение о приобретении кредитора Banco Mare Nostrum (BMN) в рамках реализации программы правительства по компенсации издержек на программу финансовой поддержки двух проблемных представителей отрасли. Так, Bankia выпустит новые бумаги для акционеров Banco Mare Nostrum в количестве, эквивалентном 6,67%-ной доле в капитале после осуществления слияния. Стоит отметить, что в рамках сделки стоимость BMN оценивается примерно в 825 млн евро ($924 млн). Напомним, что в 2012 г. правительство Испании в общей сложности потратило 41 млрд евро на реализацию программы спасения проблемных кредиторов, при этом Bankia получил 22 млрд евро, а BMN – 1,65 млрд евро.

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27 июня, 14:24

Bankia и Banco Mare Nostrum осуществят сделку по слиянию

Испанский банк Bankia заключил соглашение о приобретении кредитора Banco Mare Nostrum (BMN) в рамках реализации программы правительства по компенсации издержек на программу финансовой поддержки двух проблемных представителей отрасли. Так, Bankia выпустит новые бумаги для акционеров Banco Mare Nostrum в количестве, эквивалентном 6,67%-ной доле в капитале после осуществления слияния. Стоит отметить, что в рамках сделки стоимость BMN оценивается примерно в 825 млн евро ($924 млн). Напомним, что в 2012 г. правительство Испании в общей сложности потратило 41 млрд евро на реализацию программы спасения проблемных кредиторов, при этом Bankia получил 22 млрд евро, а BMN – 1,65 млрд евро.

Выбор редакции
27 июня, 11:40

Spain’s nationalised lender Bankia agrees BMN takeover

Bank consolidation continues as state-controlled groups link up

Выбор редакции
27 июня, 11:40

Spain’s nationalised lender Bankia agrees BMN takeover

Bank consolidation continues as state-controlled groups link up

22 июня, 07:28

The Economist explains: How the euro zone deals with failing banks

Main image:  ALMOST a decade after the global financial crisis, aftershocks rumble on. This month Banco Popular, Spain’s sixth-biggest bank by assets, was bought for a symbolic €1 ($1.10) by Santander, the largest, in a takeover organised by European authorities. The “resolution” of Popular was the first of a failing euro-area bank under new procedures that came into effect in 2015. How did the system fare?Popular had been suffering since the collapse of Spain’s national property bubble in 2008. Like other European countries, Spain was slow at first to deal with the crisis. It borrowed €41bn from European funds in 2012 to bail out its banking system—pouring a good portion of that into Bankia, a big savings bank. But its banking system is now much the healthier for a consolidation co-ordinated by the state, in which several local lenders were rolled into stronger institutions. A total of 55 banks has been reduced to a dozen or so, and more mergers may follow. Faster economic growth—just now, the fastest of any large economy in the euro zone—helps the banks too. Yet problems remained, notably at poor Popular. It did not share in the bail-out, instead raising equity from shareholders three times between 2012 and 2016. That strategy failed.When the end came Popular was hoping to find a buyer. But ...

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13 июня, 15:58

Прокуратура Испании просит пять лет тюрьмы для экс-главы МВФ по подозрению в мошенничестве

Прокуратура по борьбе с коррупцией Испании просит для бывшего директора-распорядителя Международного валютного фонда Родриго Рато пять лет тюрьмы по подозрению в мошенничестве при выходе на биржу банка Bankia. Об этом сообщило во вторник агентство Europa Press.

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13 июня, 15:27

Прокуратура Испании просит пять лет тюрьмы для экс-главы МВФ по подозрению в мошенничестве

По информации агентства Europa Press, Родриго Рато, который являлся президентом Bankia, может быть причастен к обману инвесторов

Выбор редакции
11 июня, 19:00

Is Another Spanish Bank About To Bite The Dust?

Authored by Don Quijones via WolfStreet.com,  Stockholders and junior bondholders fear another “bail-in.” After its most tumultuous week since the bailout days of 2012, Spain’s banking system is gripped by a climate of fear, uncertainty and distrust. Rather than allaying investor nerves, the shotgun bail-in and sale of Banco Popular to Santander on Tuesday has merely intensified them. For the first time since the Global Financial Crisis, shareholders and subordinate bondholders of a failing Spanish bank were not bailed out by taxpayers; they took risks in order to make a buck, and they bore the consequences. That’s how it should be. But bank investors don’t like not getting bailed out. Now they’re worrying it could happen again. As Popular’s final days showed, once confidence and trust in a bank vanishes, it’s almost impossible to restore them. The fear has now spread to Spain’s eighth largest lender, Liberbank, a mini-Bankia that was spawned in 2011 from the forced marriage of three failed cajas (savings banks), Cajastur, Caja de Extremadura and Caja Cantabria. This creature’s shares were sold to the public in May 2013 at an IPO price of €0.40. By April 2014, they were trading above €2, a massive 400% gain. But by April 2015, shares started sinking. By May 2017, they were trading at around €1.20. But since the bail-in of Popular, Liberbank’s shares have seriously crashed as panicked investors fled. Scenting fresh blood, short sellers were piling in. On Friday alone, shares plunged another 17%. At one point, they were down 38% before bouncing at the close of trading, much of it driven by the bank’s own share buybacks: In the last three weeks a whole year’s worth of steadily rising gains on the stock market have been completely wiped out. The main causes of concern are the bank’s high risk profile and low coverage rate. By the close of the first quarter of 2017, Liberbank’s default rate had reached 13%, over three percentage points higher than the national average (9.8%), while its unproductive asset coverage rate was just 42.1%, compared to 47% for Banco Sabadell, 48% for Bankia, 50% for CaixaBank and 55% for Unicaja. Worse still, the vast bulk of the bank’s unproductive assets are real estate investments. After Popular, it is the Spanish entity with most exposure to toxic real estate assets, according to the financial daily El Confidencial — a remarkable feat given the bank already had the lion’s share of its impaired real estate assets transferred onto the balance sheets of Spain’s “bad bank,” Sareb. It’s not just the bank’s shares that are feeling the pressure. With the memory of what happened to holders of Popular’s junior, subordinate and convertible debt still fresh in their mind, investors are divesting their exposure to Liberbank’s subordinate debt. On Friday alone the bank’s most recent issuance, dating back to March 2017, generated losses of 9.8%. Liberbank’s management has responded the only way it can — with a slew of denials. The bank is nothing like Popular, it says. It is solidly solvent and its deposits are safe, which is probably true: even the deposits of Popular’s customers are now safe despite the fact the bank had hemmorhaged €18 billion of deposits in the last few weeks of its truncated existence. It was this frantic run on deposits that ultimately sealed its fate, prompting the ECB to conclude that the bank was “failing or likely to fail.” Banco Popular’s demise is a stark reminder that Europe’s banking woes are far from resolved, despite the trillions of euros thrown at them. “The message the market is sending is that you have to buy solvent banks and stay away from those that pose high risks,” said Rafael Alonso, an analyst at Bankinter, one of Spain’s more solvent banks. Another Spanish bank that could be considered to pose high risks is Unicaja, the product of another merger of failed cajas that is (or at least was) scheduled to launch its IPO some time in June or July. As things currently stand, the timing could not be worse. The greater the uncertainty over Liberbank’s future, the lower the projected valuation of Unicaja’s IPO falls. Before Popular’s forced bail-in and acquisition, the Unicaja was valued at around €2.3 billion; now, just days later, it’s valued at less than €1.9 billion. If the trend continues, the IPO will almost certainly be shelved. As for Liberbank, if things don’t improve soon and investor nerves aren’t steadied, it too could find itself on the ECB’s Single Resolution Board’s chopping board. Perhaps it too will be sold for €1 to a much larger bank that, like Santander, is able to raise billions of euros of new funds at the drop of a hat, with other too-big-to-fail banks like UBS and Citibank more than happy to lend a helping hand. And just like that, another smaller bank would bite the dust while the biggest banks get bigger and ever more dominating in the market. Many Banco Popular investors wiped out. Taxpayers off the hook. What it means for Italy. Read…  “Bail-In” Era for Europe’s Banking Crisis Begins

07 июня, 13:02

Фондовые индексы Европы изменяются разнонаправленно

Европейские фондовые индексы изменяются разнонаправленно в среду в ожидании ключевых для рынка событий, в том числе заседания Европейского центрального банка (ЕЦБ) и парламентских выборов в Великобритании, пишет MarketWatch.

02 июня, 18:44

Spain's Sixth Largest Bank Crashes Most In 28 Years On Liquidation Fears

Even as attention has turned once again to Italy as the next possible source of European financial contagion, Spain's sixth largest bank has found itself in freefall over the past few days as concerns grow that the bank may be liquidated unless a last-minute buyer, or source of capital, emerges. In addition to the shares of Banco Popular crashing as much as 27%, the biggest intraday drop since 1989, its perpetual bonds have likewise been in freefall mode as investors liquidate securities which "they do not want to hold going into the weekend", according to Ignacio Cantos, of ATL Capital in Madrid, quoted by Bloomberg. The latest twist in the ongoing saga of the bad debt-saddled Spanish bank was revealed yesterday, when El Confidencial reported that Banco Popular asked Deutsche Bank to come up with a plan for the troubled Spanish lender to raise capital after its previous adviser Morgan Stanley resigned. The paper reported that Popular was testing investor appetite for a capital increase of between €4 billion and €5 billion if its plans to find a merger partner or buyer fail. So far nobody has stepped up to throw more good money after bad.  Earlier in the week, the European banking watchdog, the Single Resolution Board (SRB), warned European Union officials that Popular may need to be liquidated, or bailed-in, if it fails to find a buyer, according to Reuters. The underlying problem with Popular, as with most European banks, is familiar: the bank has been unable to sell €37 billion of soured property loans fast enough, and is racing to find a partner after Spain's Economy Minister Luis de Guindos declined to consider a public bailout, while a capital increase has faced resistance from existing shareholders. The bank has said previously it could extend a June 10 deadline for binding takeover offers. So far none have emerged. Meanwhile, the government urged citizens to keep "complete calm", and not to sell because, get this, the bank "passed its stress tests." Alas, "passing stress tests" did not help either Bankia or Dexia, two other famously insolvent European banks. From Reuters: The solution for troubled Spanish lender Banco Popular is either a capital raise or a sale, a spokesman for Spain's government said on Friday, adding that it was not worried about the situation."   (Popular) passed its stress tests ... it is in the process of a sale or a capital raise, nothing more. Complete calm. We are going to wait for the next steps," Inigo Mendez de Vigo told a news conference. Of course, the alternative to "complete calm" is a bank run, which Spain - and the ECB - would prefer to avoid. For those who are unfamiliar with the developing situation, Bloomberg recently posted a handy Q&A on what may soon be Europe's biggest bank liquidation in years. Banco Popular Espanol SA’s admission that it’s short of capital and may consider a sale caused turmoil in Spain’s banking industry, which wants to think its real-estate problems are in the past. Popular, with a balance sheet still groaning under the weight of toxic property assets, is a throwback to the boom-to-bust cycle that forced Spain to seek a bailout for its banking industry in 2012. A potential sale of Popular would hand its competitors the chance to buy a bank with a strong franchise in lending to small and medium-sized businesses. It also would allow the government to claim that Spain’s banking clean-up is finally complete.   1. Why is Popular so unpopular?   Short answer: real estate. Popular’s woes stem from the loans it made in the years before a housing crash pitched the economy into a five-year slump starting in 2008. Founded in 1926, Popular had prided itself on efficient management that made it one of the world’s most profitable banks. That story started to sour in 2007 as confidence in Spanish real estate ebbed away; Popular’s shares began a long slide from their peak to lose 98 percent of their value. Popular shunned the chance to take state aid in 2012, when a stress test uncovered a capital shortfall. Instead, it embarked on a series of share sales that so far have raised 5.5 billion euros. Angel Ron, who had run Popular as chairman since 2004, left the bank earlier this year to make way for Emilio Saracho, a former JPMorgan Chase & Co. vice-chairman charged with stemming losses and fixing its balance sheet.   2. Is a sale the likely next step?   Nobody knows for sure. Saracho told shareholders in April that the bank would need to raise more capital, with another option being a corporate transaction. Popular said earlier this month that some banks had expressed interest in combining businesses and that it had asked competitors to say whether they’d be interested in buying it. The bank says no final decision has been made about a sale versus other ways to raise money.   3. Who could buy Popular?   Banco Santander SA has hired Citigroup Inc. to analyse a purchase, people familiar with the plans said this month, while Banco Bilbao Vizcaya Argentaria SA is working with Rothschild to analyze the deal, according to newspaper Expansion. Economy Minister Luis de Guindos has said that Bankia SA, which is state-owned after being bailed out in 2012, is also looking.   4. What obstacles are there to a sale?   Despite years of taking charges to cover real-estate losses, the lender’s attempts to mop up all the soured assets are far from complete. It still has 37 billion euros of non-performing assets, booked a 3.6 billion-euro loss in 2016 and a further 137 million euros loss in the first quarter. Any bank that buys Popular would itself have to raise a lot of capital to absorb it. Societe Generale SA said in a report that Santander would need 12.5 billion euros, BBVA 9.3 billion euros and CaixaBank SA 7.5 billion euros. At 7.33 percent, Popular’s fully-loaded CET1 ratio, a measure of solvency, is one of the weakest in Western Europe.   5. Is there any urgency?   There could be. The bank said its first-quarter results, published May 5, showed only a modest 1 percent drop in customer deposits. Even so, Popular’s plight has generated plenty of headlines in the Spanish press since then, perhaps unnerving customers. The bank and its advisers may want to try to resolve its future before Spain’s long August break. A coupon payment on Popular’s riskiest bonds due in July is another focus of attention for investors. The bank has said it will make the payment as scheduled. It will cost about 30 million euros, based on Bloomberg data.   6. What’s attractive about Popular?   It has about 34 billion euros of performing loans to small and medium-sized enterprises, a high-margin business based on carefully crafted personal relationships. And who doesn’t like a bank with a bit of mystery to it? Popular is well-known in Spain for having close links to the Roman Catholic organization Opus Dei. The bank itself doesn’t say much on the subject. However, when Luis Valls, a former co-chairman Popular died in 2006, the lender said he had been a member.

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17 мая, 10:37

Ряд испанских банков заинтересован в слиянии с Banco Popular

Как стало известно, ряд испанских банков, в том числе кредитор Bankia, заинтересован в слиянии с Banco Popular, руководство которого рассматривает различные варианты избавления от значительной суммы "токсичных" активов. Заметим, что на сегодняшний день объем "токсичных" активов Banco Popular составляет порядка 37 млрд евро ($41 млрд), что является максимальной суммой среди других банков Испании. Примечательно, что с начала финансового кризиса в 2008 году в Испании было заключено множество сделок по слиянию, и из 55 банков на сегодняшний день в стране осталось лишь 17. По заявлениям Banco Popular заявки от кредиторов страны поступят уже в ближайшее время. При этом осведомленные источники заявляют, что помимо Bankia свой интерес выразили Banco Santander и BBVA.

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17 мая, 00:09

Ряд испанских банков заинтересован в слиянии с Banco Popular

Как стало известно, ряд испанских банков, в том числе кредитор Bankia, заинтересован в слиянии с Banco Popular, руководство которого рассматривает различные варианты избавления от значительной суммы "токсичных" активов. Заметим, что на сегодняшний день объем "токсичных" активов Banco Popular составляет порядка 37 млрд евро ($41 млрд), что является максимальной суммой среди других банков Испании. Примечательно, что с начала финансового кризиса в 2008 году в Испании было заключено множество сделок по слиянию, и из 55 банков на сегодняшний день в стране осталось лишь 17. По заявлениям Banco Popular заявки от кредиторов страны поступят уже в ближайшее время. При этом осведомленные источники заявляют, что помимо Bankia свой интерес выразили Banco Santander и BBVA.

Выбор редакции
12 мая, 19:26

Spanish court drops charges against central bank staff

Ex-governor and three senior regulators will not face charges over ‘Bankia affair’

Выбор редакции
12 мая, 01:16

Суд изучит историю IPO и краха испанского банка Bankia

На судебном разбирательстве настоял расследующий дело судья Фернандо Андреу, сообщает FT. По утверждению Андреу, менеджмент и совет директоров Bankia «одобряли документы, скрывавшие истинное положение дел в банке». Ответчиками названы 32 топ-менеджера и консультанта банка, включая бывшего директора-распорядителя МВФ Родриго Рато, возглавлявшего совет директоров Bankia во время IPO.

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12 мая, 01:16

IPO довело до суда

На судебном разбирательстве настоял расследующий дело судья Фернандо Андреу, сообщает FT. По утверждению Андреу, менеджмент и совет директоров Bankia «одобряли документы, скрывавшие истинное положение дел в банке». Ответчиками названы 32 топ-менеджера и консультанта банка, включая бывшего директора-распорядителя МВФ Родриго Рато, возглавлявшего совет директоров Bankia во время IPO.

Выбор редакции
11 мая, 14:52

Spanish judge seeks trial of 32 ex-Bankia managers and advisers

Among high-profile defendants involved in ill-fated IPO will be ex-IMF head Rodrigo Rato

Выбор редакции
11 мая, 14:52

Spanish judge seeks trial of 32 ex-Bankia managers and advisers

Among high-profile defendants involved in ill-fated IPO will be ex-IMF head Rodrigo Rato

Выбор редакции
11 мая, 14:32

Испанский судья предложил возбудить дело против экс-главы МВФ Родриго Рато

Предложение связано с выходом на биржу банка Bankia, президентом которого ранее являлся Рато

28 февраля 2013, 15:23

Убыток Bankia достиг рекорда за всю историю Испании

Bankia SA сообщил об убытке на уровне 19,06 млрд евро ($24,9 млрд) по итогам 2012 г., что является крупнейшим убытком в корпоративной истории Испании. Убытки связаны со списанием активов и убыточными видами деятельности.Убыток Bankia по итогам 2012 г. стал рекордным за всю историю Испании В 2011 г. убыток составил всего 2,98 млрд евро. В прошлом году банк обратился за помощью к государству.Bankia, самый большой из национализированных в прошлом году банков, планирует сократить около 4,5 тыс. рабочих мест и закрыть 1 тыс. отделений в этом году, что является требованиями регуляторов в ЕС.Банк также прекратит операции по ипотечному кредитованию, продаст ряд активов и сосредоточится только на розничном кредитовании. Как и другие банки, которые получили помощь от государства, Bankia перевел все существующие активы в секторе недвижимости в недавно созданный в Испании банк "плохих" активов.В банке отмечают, что надеются получить прибыль уже в этом году. В заявлении председателя Bankia Хосе Игнасио Гориголзарри говорится, что приоритетом является стремление "сделать Bankia прибыльным банком, для того чтобы вернуть обществу ту поддержку, которое оно дало нам".В прошлом году банк получил 18 млрд евро помощи от государства, но эти средства были выделены за счет ЕС. Всего Испания в прошлом году получила 41,4 млрд евро, для того чтобы спасти убыточные банки.