Saxo Bank (Saxo Bank)
Markets  |  March 28, 2013 11:22:40

Bad news: Banks are back in the viewfinder market


Steen Jakobsen, chief economist at Saxo Bank .

Old market rule says: to confirm the trend, it must lead bank. Bad is that currently bank receives a steep surface.

Index of European banks suffered large losses. You pohubujeme around important support, which we can not break through.

index itraxx europe senior financial Špatné zprávy: Banky jsou opět v hledáčku trhu

(Source: Saxo Trader )

A index iTraxx Europe Senior Financial, which shows the cost of insurance against default of the 25 largest banking institutions is also growing.

index itraxx europe senior financial1 Špatné zprávy: Banky jsou opět v hledáčku trhu

(Source: Bloomberg, Saxo Bank strategy and research)

There are strong reasons for investors to withdraw their funds from the Spanish, Italian and Portuguese banks. One is the established concept of bail-insThat investors invest in all asset classes makes no choice but to look for safer places to save capital. This to me shows that Europe starts to look for Sweden and its financial system.

Once in Sweden during the years 1992 and 93 bubble burst in the real estate market, there was a so-called credit crunch, a lack of credit and financing in the economy. Wave of bank insolvencies to themselves not long in coming. Causes of bursting bubbles are quite similar to those that caused the collapse in 2008 and 2009. Swedish government then took the following steps:

  • Become a guarantee for all bank deposits and bank debts 114.
  • The government took over the banks' bad debt. However, the bank had to write off losses in exchange for new shares subscribed by the government took over.Shareholders remaining banks have suffered losses through dilution of their shares through private recapitalization (the new shareholders have become private objects). Bank lenders remain protected from losses.
  • Nordbanken Götabanken banks and a financial aid and were nationalized. Total expenditure amounted to 64 billion kronor. Bad debts of these banks were then transferred to state-owned enterprises such as Securum or retrive. These then divested underlying assets, mainly property held by banks against bad debts.
  • This income went to the state treasury. This government has still other means subsequent sale of nationalized shares.
  • It was set up supervisory institutions banks need state aid.

Initial estimates of the total price of the bailout talk about 4% of Sweden's GDP. Finally, the costs were around 0-2% of GDP, according to various estimates the total value of shares sold later.

This document provides an interesting analysis of what happened.

We have to stop government bond spreads are considered an indicator of the spread of debt contagion. The bond market is not a free market and free. Perhaps it is even a market that is political threats and threats manipulated the most.

For a new indicator of risk and contagion would consider southern European banks and their comparison with the key European and U.S. banks. A conclusion of this indicator is clear: risk is rising and rising even before the collapse of Cyprus.

Post Bad news: Banks are back in the viewfinder market comes from Saxo Bank 24/7

 Globální online investiční banka

Saxo Bank je globální investiční banka specializující se na online obchodování a investice na mezinárodních finančních trzích. Saxo Bank umožňuje soukromým investorům a institucionálním klientům obchodovat s FX, CFD, cennými papíry, futures, opcemi a dalšími deriváty a poskytuje i profesionální správu portfolia a fondů díky svým online obchodním platformám oceněným řadou různých ocenění.

Více informací na: www.saxobank.cz

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Read also:

July 11, 2017Akciové trhy - V hledáčku investorů opět CME Research (Česká spořitelna)
May 17, 2012New reports from Greece = bad news from Greece Research (Investicniweb.cz)

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