world on Sunday, 03/06/2011
makes in the financial sector is spreading ahead of the EU-stress test anxiety. For there is no safety net more in order to save money houses.
* face of the impending debacle, the federal government over how to help the drops. Even the new edition of the rescue fund SoFFin is now considered. Very happy saw Angela Merkel does not, when asked by journalists on Friday that banks would be involved in the rescue of the euro. "No way we are now in the (emergency fund) EFSF introduce a participation of private creditors," the Chancellor said in the presence of euro group chief Jean-Claude Juncker at the chancellery.
Ironically Merkel so that it always stressed how important it is that investors are asked to pay, supported now. But it also has a good reason: Germany's banks have still not fully recovered from the financial crisis and expected losses on government bonds in its portfolio hardly survive without prejudice - a problem for the case that Ireland and Greece can not repay their debts in full. But not only then. Even a simple model calculation - designed in European government offices - might extend to the weaknesses of the banks mercilessly expose and bring the federal government in a predicament: the bank's stress test of the EU. In German politics, it is nervous. Existence of the local money houses the test do not need new capital. But different than in a similar test last year in Germany there is no safety net more, how it was framed during the financial crisis problem cases. The tests, which actually calm the capital markets should threaten to end in disaster - because they reveal emergencies without having to have a quick solution at hand.
knows Basically, the procedure is already from last summer. At that time, Europe's financial overseers tested under aegis of Brussels, as well the most important European banks would tolerate a further economic downturn. Only this time it will go much more stringent. The precise criteria should be developed in the next two weeks. Concern is the German banks in particular that element of testing, provided at the first edition last year for fighting at losses in European government bonds. Especially Germany's banks and insurers have billions invested in such debt instruments - even in the crisis countries such as Greece, Portugal, Ireland and Spain. Such positions hold even banks in other countries - but in Germany comes the challenge with some extremely tight funding constraints.
power EU Internal Market Commissioner Michel Barnier announced its true, this time to put much more stringent standards that Germany would therefore not get off so lightly as even summer 2010. At that time, was only the ailing Hypo Real Estate by the test, and the problems they had been designed before, one solution: The bank rescue fund SoFFin became contaminated in a not very significant volume of 180 billion €. Today, this Way open not more - because SoFFin has closed its doors at the end for new cases. The federal government decided not to renew the related law. In Berlin they were convinced no longer need the assistance fund.
now threatens to become a boomerang that decision. Because this stress test diarrheal stood this time without government help because - fast capital assistance would not qualify. As a result, such a public institution wounded would be doomed, no private investor would lend him money. The "Restructuring Act", which has taken the place of the SoFFin solves the dilemma of not - because it is tantamount to an orderly unwinding, sorted so only a disaster, it does not prevent. And confidence in this order is so limited that wanted to venture into the emergency calls for the ailing WestLB last month, no party to test the law at all only.
In Berlin consequently looking long for a new safety net. For weeks, is in the Finance Ministry is considering how to deal with the possible fall-through of the stress test. So far, there is above all an idea: "I think we need to think about setting the SoFFin law back in force," told the Welt am Sonntag "in government circles. This would allow the federal government struggling again with institutions providing capital and guarantees extend the helping hand. Presumably, one could just as convincing financial markets that a bad performance lost rode the wave of banks do not panic, says Berlin.
What sounds terse, would be a turning point. Because the federal government not only new tax would shell out billions for the banks. He would admit the same time that Germany's banks have overcome far by the financial crisis.
move as a possible problem cases in this country two main state banks into view: NordLB and Helaba the capital requirements of the tests in the past year have only just met. They are among the few large banks in the country, without government aid by the crisis came - that are on your side but shrunken by losses and writedowns. "It is clear that the view is first set back to these two banks," admits one into country banking circles.
Maybe but that's the reason for the government, in the end, in sight of the SoFFin edition. In Berlin, namely you hold primarily responsible for their owners, so states and savings banks. This we have proved in the wrangling over the future of ailing WestLB, which got no further, despite nightly rounds aids from the government.
The danger in any case makes bankers and supervisors alike angry. "It has been much too little thought about the consequences it can have a stress test, "complains a bank representative in the Final of the bank lobby and many experts from this: An overly strict test is counterproductive Unfortunately, only the EU has promised the investors a tough test - would a cop.. thus fueling even more distrust
source. welt.de
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