Research (Proinvestory.cz)
Markets  |  December 11, 2012 13:07:23

Spain and its banks to write off


Spain has only recently finally created a "bad bank." For many years (in fact since 2005 - ie before provalením real estate crisis in the United States) did not comply with the Spanish bank accounting rules for real estate loans, or the provisioning for them. It happened only when it was absolutely necessary, when the banking market started under the weight of real estate loans to dive to the bottom.

Unfortunately, the Spanish banks are not cheating again such an exception .

The Spanish government is convinced that the "bad bank" will not mean any burden on public budgets. Its aim should be to achieve profit. The main tool to be that buying real estate will be significantly below cost. Buying real estate loans on average in 54% of their book value, in case of bankruptcy will buy assets on average 37% of their book value, in the case of land will be the purchase of a 20% -44% of the book value depending on whether the land is part of the bankruptcy management or not.

What will it mean? Assets that banks will pass on to the "bad bank" will soon be debited / provisioned so that these items cover the difference between the cost and selling price. Volume of bad loans on the balance sheets of Spanish banks is estimated at 180 to 200 billion euros, rather grow even higher. Accounting depreciation so will probably move over 100 billion euro.

As the last few days has been approved, four nationalized banks will get € 37 billion - the bank Bankia (18 billion Euro), CatalunyaCaxia (9.1 billion euros), Novagalicia (5.5 billioneuro) and Banco de Valencia (4.5 billion euros). The actual "bad bank" falls 2.5 billion euros. In respect of loans maturing in 2025 and interest rate of less than 1% pa

What will it all? Spain is systemically important countries , so that help. While banks escape losses, but cleans up its balance sheet without having to open a number of foreclosures, bankruptcies, etc. Significantly them because fewer administrative burdens.

Shareholders of the affected banks are so squeezed dilution of their shares with a corresponding response of the share price.

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