Reuters rapporterar att Ekonomikommissionären Olli Rehn lovar full transparens för de stresstester som genomförs för bankerna i Europa och inte minst Eurozonen. Först måste man bara bestämma sig för vilken information från stresstesten som ska redovisas (ja, ni läste rätt).
Tidigare förra veckan kunde vi läsa att 16 tyska banker berömde den tyske presidenten för Bundesbank, Axel Webber för att han stödde begränsningar i vad som skulle redovisas i stresstesten:
Bundesbank President Axel Weber is supporting German banks in their opposition of a complete and uncontrolled disclosure of stress tests, German business daily Financial Times Deutschland (FTD) reported Thursday citing sources.
At a meeting with the 16 largest German banks on Wednesday in Frankfurt, the Bundesbank President had largely backed the banking industry in their rejection, the paper wrote. ”Thank God that we have Weber,” the paper cited a participant of the meeting.
Weber promoted the partial release of stress test results. Yet, he opposed the plan to let the European association of financial supervisors CEBS decide alone how much of the stress tests will be released, FTD said.
Det är ingen skillnad när nu Olli Rehn går ut och säger att han stödjer full transparens. Det kommer att bli på bankernas villkor. Så här står det att läsa hos Reuters:
EU government leaders said last month they would disclose the results of stress tests on the region’s banks but left many questions unanswered as to how testing would work.
The results, which policymakers hope will reassure investors that EU banks are sound and boost fragile market confidence in the EU economy, are to be released around July 23.
With financial markers unsure what exactly will be published, EU Monetary Commissioner Olli Rehn said the results should be fully transparent.
”The (European) Commission is in favor of full transparency and advocated the extension of bank stress tests and the publication of the results by the end of July,” Rehn told European parliamentarians.
”This will help reduce uncertainty and restore confidence. The doubts about the health of the European banks need to be dispelled, which is why the stress tests are so important.”
Details of what will be published is expected to be finalized on July 12-13 when euro zone and EU finance ministers meet in Brussels.
Det ska bli intressant att se vad de redovisar den 23:e juli. Inte för att det betyder mycket. Det som kommer bli helt avgörande framöver är Spanien som är mer eller mindre isolerat i tillgången på likviditet och enligt Merryl Lynch kommer Spanien att begära pengar från det räddningspaket som EU och IMF tagit fram:
”There is a serious risk that Spain have to make use of Europe’s €750bn (£618bn) aid packet,” said the document, obtained by Spanish newspaper Expansion. The bank declined to comment.
The report said it was not yet clear whether weaker states on the periphery of the eurozone will be able to raise money to fund their debt needs at viable rates on the global markets. Any request for a bail-out by Spain would be extremely controversial, potentially bringing down the government.
The bank said it was possible that Italy would also require a rescue or that there would be a total divorce between Germany and France, though these were viewed as ”extremely unlikely” outcomes.
Finns mer att läsa om situationen i Spanien på Zero Hedge. Frankrike och Tyskland sitter redan och snickrar på hur man ska dela upp Eurozonen. Det är en ”plan B” men icke desto mindre filar man på den. Man får nog skynda sig, särskilt Frankrike för deras exponering till Spanien är störst.
”French and German banks are the most exposed overall with $958 billion of exposures, of which $174 billion by our reckoning is sovereign, and $784 billion is private,” said Stephen Cecchetti, BIS economic adviser and head of the monetary and economic department at the bank for central banks.
Of that total exposure, almost half was to Spain—$248 billion for France and $202 billion for Germany—with French banks particularly exposed to the Spanish nonbank private sector, while more than half of German banks’ foreign claims on the country was on Spanish banks.
Återigen, så spelar stresstesten inte längre någon roll för när Spanien imploderar kommer de sluka det räddningspaket som tagits fram vilket i sig kommer att skapa en politisk kris inom EU. Spekulanterna kommer inte vara sena med att straffa både Frankrike och Tyskland. Hur allt detta kommer utspela sig kan man kanske ana men allting hänger mer eller mindre på Spanien och hur väl ECB lyckas avvärja marknadskrafterna eller som de själva kallar det, de onda spekulanterna.
Källor:
http://mfc.elmberg.net/2010/07/01/nar-man-ger-bankerna-mojligheten-att-valja-frukter-i-skalen-sa-valjer-de-givetvis-de-frukter-som-ar-minst-ruttna-a-k-a-stresstest-for-banker/
http://www.businessinsider.com/heres-why-its-the-germans-pushing-for-the-euro-wide-short-selling-ban-2010-6
http://imarketnews.com/node/15835
http://www.reuters.com/article/idUSTRE6643C220100705
http://www.telegraph.co.uk/finance/comment/ambroseevans_pritchard/7866922/Spain-may-need-financial-rescue-says-Merrill.html
http://www.zerohedge.com/article/ticking-time-bomb-are-spanish-cajas
http://mfc.elmberg.net/2010/06/21/frankrike-och-tyskland-tittar-pa-en-losning-att-dela-upp-euron/
http://online.wsj.com/article/SB10001424052748703389004575304661402558720.html
