“The credibility of Italian banks has been strengthened, but it is necessary that the European and Italian institutions work still to achieve common rules for fair competition in the banking market.” This was stated in a statement the president of ABI, Antonio Patuelli, after the results of stress tests yesterday . In particular, it is necessary to “continue with reforms,” as civil and tax uniformity Justice in Europe: “Even so you will prepare even better Italian results for the next examinations for banks never end.”
stress test, said Patuelli, “were a severe exercise with improbable adverse scenarios and an unfavorable setting departing from banks mainly engaged in loans to customers (such as Italian) for which, for example, the interests were not counted relating to impaired loans of each bank, despite the concrete probability of at least partial collections of those interests. Nevertheless, the overall result for European banks is basically satisfactory, and even for Italian banks leaving the stress tests for four better than expected of the markets and for the approval by the ECB of a major comprehensive plan to strengthen capital “. So, he concludes, “for Italy should continue reforms, reap the benefits of those already made, and above all realize other measures to make it even more efficient and more uniform civil justice taxation in Europe, to make it more competitive all business activities Italian in the European context. “
stress test, well 4 Italian, Mps worst in Europe
Three of the five Italian banks pass easily the European stress tests, but Unicredit and MPS are among the 10 worst. And the Montepaschi receives Sting strongest among all the institutions of the Continent, a collapse at -2.44% capital ratio CET1 that resets the capital under the adverse scenario and explains the strong pressure in recent months, prior to the capital increase and the maxi-sale of bad loans announced today to run for shelter extremis.
there is not only Italy under the lens of European “stress tests demonstrate the solidity of the Italian banking system as a together, “they say sources of heat Treasury after the data, adding that recent government measures will help to dispose of non-performing loans. Among the 51 banks examined the European Banking Authority, the Irish Royal Bank of Scotland and Allied Irish Bank come out with a lot of damage, a better quality capital (the CET1, in fact) almost halved, and just over 7%. Deutsche Bank, which also does not suffer the meltdown that someone assumed and does not see a blow on derivatives and market risk, go to 7.80% in the worst case scenario suggested by the EBA: penalized capital, but improving by 7% in 2014 . also improvement in the baseline scenario, to 12.1% from 10.5%.
But the Monte dei Paschi di Siena, after the exhausting European negotiations and the release resulted in the official market solution today which excludes state intervention, it receives a real slap in the face: the CET1 capital falls below zero to zero at -2.44% under the adverse scenario, for which in the 2015 tests was subject to a minimum of 5.5% threshold under who she was taking care of the ECB to be prepared immediately. Numbers that explain the stock market crash and the frenzy of the negotiations between the ECB, the Bank of Italy, the Treasury and the Sienese institute council.
These numbers, though they speak of a case ‘Italian’, outlining a case ‘Siena’ in Europe at this time. And perhaps it is no coincidence that the ECB, in a note issued to warm after the EBA results, sees them as “with one exception, all banks show CET1 capital levels well above the 5.5% benchmark used in 2014 “. Introduce yourself to the markets on Monday morning, with these numbers without a plan already drawn up (and approved by the ECB) would have meant a bloodbath for Siena.
Different situation for Unicredit, that the adverse scenario is at 7, 10%, but it still ranks fourth worst place among the 51 European institutions to the capital on a transitional basis, and the sixth worst in the adverse scenario. E ‘with an equally eye opening of the stock exchange on Monday that the institute, which has just appointed to Jean Pierre Mustier guide, tells you assess “whether further measures or capital plan changes” are needed. The voices speak of five billion increase and as many from divestments. Bank of Italy notes, however, that despite the severity of the stress test and the strains of the last years, four of the five major Italian banks of the EBA sample have suffered an impact on capital arising from adverse scenario by 3.2 percentage points, better than the European average ( 3.8 points), although including in Montepaschi Italian banks down by 4.1 points.
Always via Nazionale notes that the conditions of MPS, two public bailouts and so far 8 billion in two capital increases in two years that now he adds a third) “it has long been the attention” of European supervision. By EBA numbers comes out healthy Intesa Sanpaolo, which would respect the conditions of supervision even under the adverse scenario of 10.21% CET1) and more so in that the base (12,80%). Is doing very well, surprisingly after recent and discussed rumors, the popular Bank (9.05% under the adverse scenario). It holds well Ubi (8.85% in the worst case scenario). All this in a context in which the risks of credit, particularly penalizing for Italy recently emerged from recession, weigh the adverse scenario well 349 billion on the balance sheets of 51 banks, with the worst suffering in Italy, in fact, Great Britain, Spain and France.
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