Greek banks and corporate funding costs
|
|
- Juliet Bond
- 7 years ago
- Views:
Transcription
1 NATIONAL BANK OF GREECE Greek banks and corporate funding costs January 214 Paul Mylonas CRO & Chief Economist National Bank of Greece NBG: ECONOMIC ANALYSIS DEPARTMENT Economic Analysis Department
2 Roadmap High corporate lending rates in Greece The role of credit risk premia The role of liquidity premia Lending rate decomposition Outlining the path to lower rates NBG: ECONOMIC ANALYSIS DEPARTMENT p.2
3 High loan rates in Greece mainly reflect high credit and liquidity risk premia Interest rate on corporate loans Cost of credit Cost of capital Bank funding cost/liquidity premia OPEX Macroeconomic conditions & Uncertainty Monetary policy Sovereign risk Corporate profitability Collateral valuations Asset quality NBG: ECONOMIC ANALYSIS DEPARTMENT p.3
4 Greece has much higher loan rates to enterprises than other euro area countries, especially in real terms High risk premialead to a disconnect between market rates and lending rates while accelerating disinflation amplified the discrepancy with the euro area, in terms of real lending costs 1 8 nominal interest rates (new business) (%) 1 8 1, 8, real interest rates %, HICP deflated 1, 8, 6 6 6, 6, 4 4 4, 4, 2 2 2, 2,,, , -2, Jan-3 Oct-3 Jul-4 Apr- Jan-6 Oct-6 Jul-7 Apr-8 Jan-9 Oct-9 Jul-1 Apr-11 Jan-12 Oct-12 Jul-13 Jan-3 Nov-3 Sep-4 Jul- May-6 Mar-7 Jan-8 Nov-8 Sep-9 Jul-1 May-11 Mar-12 Jan-13 Nov-13 EA, loans to non-financial corporations Greece, loans to non-financial corporations 3-month euribor Greece, loans to non-financial corporations, real Euro area, loans to non-financial corporations, real Source: Bank of Greece, ECB, ELSTAT NBG: ECONOMIC ANALYSIS DEPARTMENT p.4
5 The crisis resulted in severe asset quality deterioration and high provisions (cost of risk) The NPL ratio has climbed to unprecedented levels and prompted a sharp increase in provisions for potentially impaired loans NPL ratio, in per cent of gross loans per category 31% in Q3: per cent % 34bn Q1:28 Q3:28 Q1:29 Q3:29 Q1:21 Q3:21 Q1:211 Q3:211 Q1:212 Q3:212 Q1:213 Q3:22 Q3:23 Q3:24 Q3:2 Q3:26 Q3:27 Q3:28 Q3:29 Q3:21 Q3:211 Q3:212 Q3:213 Consumer Mortgages NPL ratio total Unemployment rate Corp. & SBLs Total Source: BoG, NBG estimates Source: Bank of Greece Source: Bank of Greece, ELSTAT Source: Bank of Greece NBG: ECONOMIC ANALYSIS DEPARTMENT p.
6 Lending rate differentials reflect high credit risk premiaand an across-the-board risk re-pricing Lending rates and country/business specific credit risk Collateral valuations are also feeding into lending costs 12 Greece 12 Moody s expected default frequencies of publicly traded firms % =1, index % Q1:28 Q3:28 Q1:29 Q3:29 Q1:21 Q3:21 Q1:211 Q3:211 Q1:212 Q3:212 Q1:213 Q3:213 Residential prices Effective commercial prices Source: ECB, EUROSTAT, IMF, Moody s Source: Bank of Greece & NBG estimates NBG: ECONOMIC ANALYSIS DEPARTMENT p.6
7 A sharp, and largely uncertainty-driven, drop in bank deposits Deposits fell by 1bn, equivalent to about ½ of 213 GDP far in excess of other programme countries Private sector deposits Total deposits bn % index level = 1 at 29, aop data Nov-3 Jun-4 Jan- Aug- Mar-6 Oct-6 May-7 Dec-7 Jul-8 Feb-9 Sep-9 Apr-1 Nov-1 Jun-11 Jan-12 Aug-12 Mar-13 Oct-13 Private sector deposits (euro, bn, left axis) Private sector deposits (% GDP, right axis) Spain Italy Greece (Oct) Ireland Portugal Source: Bank of Greece Source: ECB NBG: ECONOMIC ANALYSIS DEPARTMENT p.7
8 amplified liquidity shortages, despite ECB support ratio Loan to -to-deposit ratio Greek banking system dependence on Eurosystem Dec-1 Mar-11 Jun-11 Sep-11 Dec-11 Mar-12 Jun-12 Sep-12 Dec-12 Mar-13 Jun-13 Sep-13 Greece Euro area (212 est.) Source: Bank of Greece Source: Bank of Greece and NBG estimates NBG: ECONOMIC ANALYSIS DEPARTMENT p.8
9 and fed into bank funding costs Nominal interest rate on bank deposits with agreed maturity up to 1 year (outstanding amounts) Marginal cost of new time deposits vsinterest rate on outstanding amount 6 6 % Greece Sep-2 Jun-3 Mar-4 Dec-4 Sep- Jun-6 Mar-7 Dec-7 Sep-8 Jun-9 Mar-1 Jul-1 Apr-11 Jan-12 Oct-12 Jul-13 Germany Spain Portugal Greece Time deposit rate (outstanding) Time deposit rate (new) Source: Bank of Greece, ECB NBG: ECONOMIC ANALYSIS DEPARTMENT p.9
10 High loan rates in Greece mainly reflect high credit and liquidity risk premia Interest rate on corporate loans Cost of credit Cost of capital Bank funding cost/liquidity premia OPEX Indicative quantitative decomposition of effective lending rate to non-financial corporates Lending rate = Risk free rate + Liquidity premium + credit premia+ cost of capital + Opex.% <.2% + 2.% + 3.% + 1.% +.2% NBG: ECONOMIC ANALYSIS DEPARTMENT p.1
11 Outlining the path to lower interest rates NBG: ECONOMIC ANALYSIS DEPARTMENT p.11
12 Sovereign risk re-pricing and bank deposit developments reflect a notable reduction in uncertainty Greece: 1-year government bond spreads over bund 3 3 Agreementon 1st Program for Greece Preliminary agreementon PSI PSI completion & 2nd Program Succesfulcompletion of 2nd Program Review & decisions on Debt relief Crisis in Cyprus Ireland issues 1y bonds Aug-9 Oct-9 Dec-9 Feb-1 Apr-1 Jun-1 Aug-1 Oct-1 Dec-1 Feb-11 Apr-11 Jun-11 Aug-11 Oct-11 Dec-11 Feb-12 Apr-12 Jun-12 Aug-12 Oct-12 Dec-12 Feb-13 Apr-13 Jun-13 Aug-13 Oct-13 Dec-13 Feb-14 Elections Source: Bloomberg, Bank of Greece NBG: ECONOMIC ANALYSIS DEPARTMENT p.12
13 Further uncertainty reduction will be based on a successful implementation of the programme Fiscal measures for the period (c. 4% of GDP) so as to achieve a primary surplus of 4½% of GDP by 216 Closure of funding gap of the programme (c. 1 bn) Success in the implementation of structural reforms and privatizations agendas (tax evasion, public administration, social security, labor markets, judicial reform) Political risk NBG: ECONOMIC ANALYSIS DEPARTMENT p.13
14 What policy can do at the margin 1. Lending on more secure terms will permit lower rates Strong cash flows (e.g. export orientation) Higher equity participation by borrower More security (e.g. factoring) European risk sharing mechanisms (co-financing and guarantees) 3. Development of securitization market for loans NBG: ECONOMIC ANALYSIS DEPARTMENT p.14
15 National Bank of Greece- Economic Analysis Department Eolou 86 Str., NBG: ECONOMIC ANALYSIS DEPARTMENT p.1 Tel: /2
COMPARISON OF FIXED & VARIABLE RATES (25 YEARS) CHARTERED BANK ADMINISTERED INTEREST RATES - PRIME BUSINESS*
COMPARISON OF FIXED & VARIABLE RATES (25 YEARS) 2 Fixed Rates Variable Rates FIXED RATES OF THE PAST 25 YEARS AVERAGE RESIDENTIAL MORTGAGE LENDING RATE - 5 YEAR* (Per cent) Year Jan Feb Mar Apr May Jun
More informationCOMPARISON OF FIXED & VARIABLE RATES (25 YEARS) CHARTERED BANK ADMINISTERED INTEREST RATES - PRIME BUSINESS*
COMPARISON OF FIXED & VARIABLE RATES (25 YEARS) 2 Fixed Rates Variable Rates FIXED RATES OF THE PAST 25 YEARS AVERAGE RESIDENTIAL MORTGAGE LENDING RATE - 5 YEAR* (Per cent) Year Jan Feb Mar Apr May Jun
More informationQ4.14 Financial Results. March 23, 2015
Q4.14 Financial Results March 23, 2015 Table of Contents 1 Results overview 2 Liquidity 3 Profitability 4 Asset quality 5 Capital 6 Appendix Results overview 1 4Q14 results: key take-aways Liquidity Group
More informationUPDATE ON CURRENT MACRO ENVIRONMENT
1 Oct 213 Macro & Strategy Equity Credit Commodities 13 13 #1 Global Strategy #1 Multi Asset Research #3 Global Economics #2 Equity Quant #2 Index Analysis #3 SRI Research 12 sector teams in the Top 1
More informationAnalysis One Code Desc. Transaction Amount. Fiscal Period
Analysis One Code Desc Transaction Amount Fiscal Period 57.63 Oct-12 12.13 Oct-12-38.90 Oct-12-773.00 Oct-12-800.00 Oct-12-187.00 Oct-12-82.00 Oct-12-82.00 Oct-12-110.00 Oct-12-1115.25 Oct-12-71.00 Oct-12-41.00
More informationInflation. Credit. Coincident indicator (Ita-coin) and Italian GDP (1) (percentage changes)
NUMBER 16 FEBRUARY 216 Economic activity and employment Foreign trade and competitiveness Inflation Credit The Public Finances Macroeconomic projections 1 7 8 11 12 Directorate general for economics, statistics
More informationECONOMIC ACTIVITY AND EMPLOYMENT FOREIGN TRADE AND COMPETITIVENESS INFLATION CREDIT THE PUBLIC FINANCES
NUMBER 99 JULY 21 ECONOMIC ACTIVITY AND EMPLOYMENT FOREIGN TRADE AND COMPETITIVENESS INFLATION CREDIT THE PUBLIC FINANCES MACROECONOMIC PROJECTIONS 1 7 8 11 12 Directorate general for economics, statistics
More informationAT&T Global Network Client for Windows Product Support Matrix January 29, 2015
AT&T Global Network Client for Windows Product Support Matrix January 29, 2015 Product Support Matrix Following is the Product Support Matrix for the AT&T Global Network Client. See the AT&T Global Network
More informationPortugal s Adjustment Program: Where are We?
Portugal s Adjustment Program: Where are We? Albert Jaeger International Monetary Fund Presentation: Austrian Business Circle Lisbon, January 24, 2014 Overview Looking back: Four questions Growth and unemployment:
More informationGreece Current trajectory & macroeconomic outlook
Greece Current trajectory & macroeconomic outlook 2 η Διημερίδα Επίκαιρα Ζητήματα Φορολογικού Δικαίου 12-13 Δεκεμβρίου 2015 e-θέμις Dr. Platon Monokroussos Group Chief Economist Eurobank Ergasias S.A.
More informationAdjusting in the euro area: the case of Portugal
Adjusting in the euro area: the case of Portugal Vítor Gaspar Trinity College Dublin April 11 th, 2013 Crisis and its aftermath: a chronology 1999 2008 2009 2010 2011 2012 2013 2014 2015 POSTPONING THE
More informationThe ECB s operations amid the financial turmoil: experience and policy lessons
The ECB s operations amid the financial turmoil: experience and policy lessons Francisco Ramon-Ballester Advisor, European Central Bank Office at the International Monetary Fund Mexico DF, 24 April 2008
More informationEconomy, Capital Markets & Strategy
Sébastien Mc Mahon, CFA Economist Member, Asset Mix Committee Economy, Capital Markets & Strategy 2014 National Business Conference October 2014 1 October 23, 2014 Disclaimer Opinions expressed in this
More informationUnited States House of Representatives. Subcommittee on Capital Markets, Insurance, and Government Sponsored Enterprises
United States House of Representatives Subcommittee on Capital Markets, Insurance, and Government Sponsored Enterprises Credit Default Swaps on Government Debt: Potential Implications of the Greek Debt
More informationHow To Be Cheerful About 2012
2012: Deeper into crisis or the long road to recovery? Bart Van Craeynest Hoofdeconoom Petercam Bart.vancraeynest@petercam.be 1 2012: crises looking for answers Global slowdown No 2008-0909 rerun Crises
More informationSecond Quarter 2015 Trading Update. 28 September 2015
Second Quarter 2015 Trading Update 28 September 2015 Disclaimer This communication and the information contained herein has been approved by the Board of Directors of Eurobank Ergasias S.A. ( Eurobank
More informationBank of Ghana Monetary Policy Report. Financial Stability Report
BANK OF GHANA E S T. 1 9 5 7 Bank of Ghana Monetary Policy Report Financial Stability Report Volume 5: No.1/2013 February 2013 5.0 Introduction Conditions in global financial markets have improved significantly
More informationSmall Business Lending *
Reserve Small Business Bank of Lending Australia Bulletin Small Business Lending * These notes were prepared in response to a request from the House of Representatives Standing Committee on Financial Institutions
More informationSpanish Banking Sector.
Spanish Banking Sector: Progress Report 22/2/211 Spanish Banking Sector. September 211 London, 22nd February 211 Tokyo, xx February 211 London Hong Kong, 2 th September xx February 211 Singapore, xx February
More informationBanco Santander Chile: Solid results in 2Q14. Sound outlook for 2015
0 Banco Santander : Solid results in 2Q14. Sound outlook for 2015 August 2014 Important information 1 Banco Santander caution that this presentation contains forward looking statements within the meaning
More informationInternational competition will change mortgage lending
Pentti Hakkarainen Deputy Governor, Bank of Finland International competition will change mortgage lending Nordic Mortgage Council Helsinki, 28 August 2015 28.8.2015 Unrestricted 1 Financial stability
More informationPortugal: restoring credibility and confidence
MINISTÉRIO DAS FINANÇAS Portugal: restoring credibility and confidence London School of Economics and Political Science Vitor Gaspar February 1, 2012 MINISTÉRIO DAS FINANÇAS 1 Outline 1. On the way to
More informationItaly Spain. France Germany. Percent (%)
March Commentary from Pacific Asset Management, the subadvisor to the Pacific Funds SM Fixed-Income Funds. The Euros Are Coming The gap between U.S. and European bond yields presents an interesting value
More informationBank of Ireland Asset Covered Securities
Bank of Ireland Asset Covered Securities Investor Presentation 24 September 2013 Forward-looking Statement The Governor and Company of the Bank of Ireland is regulated by the Central Bank of Ireland. In
More informationSEB s Swedish Residential Mortgage Lending and Covered Bonds. Stockholm September, 2013
SEB s Swedish Residential Mortgage Lending and Covered Bonds Stockholm September, 2013 Contents SEB s Residential Mortgage Lending p.3 Asset Quality p.19 Cover Pool and Covered Bond Funding p.24 2 SEB
More informationOvercoming the Crisis
Overcoming the Crisis Klaus Regling, Managing Director, ESM Bank of Greece Athens, 10 July 2014 Reasons for the crisis The crisis was caused by a very specific mix of circumstances: Excessive deficit/debt
More informationConsumer prices and the money supply
Consumer prices and the money supply Annual rise. Per cent. -year moving average Money supply Consumer prices - - 9 9 9 96 98 Sources: Statistics Norway and Norges Bank JB Terra Kapitalmarkedsdager, Gardermoen.
More informationRemarks at 5th SEEK Conference on Overcoming the Crisis: How to Foster Innovation and Entrepreneurship in a Diverging European Economy?
Remarks at 5th SEEK Conference on Overcoming the Crisis: How to Foster Innovation and Entrepreneurship in a Diverging European Economy? Peter Praet Member of the Executive Board 5 years ahead growth expectations
More informationCase 2:08-cv-02463-ABC-E Document 1-4 Filed 04/15/2008 Page 1 of 138. Exhibit 8
Case 2:08-cv-02463-ABC-E Document 1-4 Filed 04/15/2008 Page 1 of 138 Exhibit 8 Case 2:08-cv-02463-ABC-E Document 1-4 Filed 04/15/2008 Page 2 of 138 Domain Name: CELLULARVERISON.COM Updated Date: 12-dec-2007
More informationRecent U.S. Economic Growth In Charts MAY 2012
Recent U.S. Economic Growth In Charts MAY 212 GROWTH SINCE 29 The Growth Story Since 29 Despite the worst financial crisis since the Great Depression and a series of shocks in its aftermath, the economy
More informationSpain Economic Outlook. Rafael Doménech EUI-nomics 2015 Debating the Economic Conditions in the Euro Area and Beyond Firenze, 24th of April, 2015
Spain Economic Outlook Rafael Doménech EUI-nomics 2015 Debating the Economic Conditions in the Euro Area and Beyond Firenze, 24th of April, 2015 The outlook one year ago: the risks were to the upside for
More informationChapter 2 Financial markets
Chapter Financial markets Hovedstyret desember,,,,,.a Exchange rates against USD Daily figures,,,,, JPY per USD (left-hand scale),, USD per euro (right-hand scale), jan jul jan jul jan jul, Source: EcoWin
More informationMain Indicators for the Finnish Economy
BANK OF FINLAND Monetary Policy and Research - Financial Markets and Statistics Main Indicators for the Finnish Economy 1/11 January 1 January 11 Monetary Policy and Research - Financial Markets and Statistics
More informationMain Indicators for the Finnish Economy
BANK OF FINLAND Monetary Policy and Research - Financial Markets and Statistics Main Indicators for the Finnish Economy 3/11 17 March 11 Main Indicators for the Finnish Economy is produced jointly by the
More informationCREDIT UNION TRENDS REPORT
CREDIT UNION TRENDS REPORT CUNA Mutual Group Economics May 215 (March 215 data) Highlights During March, credit unions picked up 496, new memberships, credit union loan balances grew at an annualized pace,
More informationDeutsche Bundesbank Interest rate statistics 01.12.2015
01.12.2015 period SUD113 7 SUD114 7 SUD115 7 SUD116 7 SUD117 7 SUD118 7 SUD119 7 SUD120 7 SUD121 7 SUD122 7 2015 June 4.83 4.98 7.33 2.11 1.81 1.72 1.92 1.69 2.74 2.05 July 5.09 5.01 7.47 2.17 1.91 1.86
More informationInvestment Solutions for Federal Funds - Retirement Plans
LGIP QUARTERLY MEETING & CONFERENCE CALL 7.26.2012 OFFICE OF THE ARIZONA STATE TREASURER AGENDA LGIP Performance Endowment Performance Endowment Distribution Formula State Cash Flow Guest Presentation:
More informationMain Indicators for the Finnish Economy
BANK OF FINLAND Monetary Policy and Research - Financial Markets and Statistics Main Indicators for the Finnish Economy /1 13 April 1 13 April 1 Monetary Policy and Research - Financial Markets and Statistics
More informationElectricity Supply Board
Electricity Supply Board Investor Presentation 2012 Interim Results December 2012 Disclaimer Forward looking statements: This presentation contains certain forward-looking statements with respect to ESB
More informationCREDIT UNION TRENDS REPORT
CREDIT UNION TRENDS REPORT CUNA Mutual Group Economics May 216 (March 216 Data) Highlights During March, credit unions picked-up 577, in new memberships, loan and savings balances grew at a % and 7.6%
More information2 CALCULATION OF BORROWING LIMITS
TARGETED LONGER-TERM REFINANCING OPERATIONS Updated modalities Following a decision by the ECB s Governing Council, the Eurosystem will conduct eight targeted longer-term refinancing operations (TLTROs)
More informationEnhanced Vessel Traffic Management System Booking Slots Available and Vessels Booked per Day From 12-JAN-2016 To 30-JUN-2017
From -JAN- To -JUN- -JAN- VIRP Page Period Period Period -JAN- 8 -JAN- 8 9 -JAN- 8 8 -JAN- -JAN- -JAN- 8-JAN- 9-JAN- -JAN- -JAN- -JAN- -JAN- -JAN- -JAN- -JAN- -JAN- 8-JAN- 9-JAN- -JAN- -JAN- -FEB- : days
More informationFinancial Stability 2/12. Charts
Financial Stability /1 Charts Chart 1.1 Vulnerabilities in the Norwegian banking sector and external sources of risk to the banking sector 1) Vulnerability in banking sector External sources of risk to
More informationMoney market portfolio
1 Money market portfolio April 11 Management of Norges Bank s money market portfolio Report for the fourth quarter 1 Contents 1 Key figures Market value and return 3 3 Market risk and management guidelines
More informationTreasury Presentation to TBAC
Treasury Presentation to TBAC Office of Debt Management Fiscal Year 2015 Q1 Report Table of Contents I. Fiscal II. A. Quarterly Tax Receipts p. 4 B. Monthly Receipt Levels p. 5 C. Eleven Largest Outlays
More informationIf you are having technical difficulties, please call Go To Webinar at (800) 263 6317
If you are having technical difficulties, please call Go To Webinar at (800) 263 6317 STAR Ohio Update November 19, 2013 Josh Mandel, Treasurer of Ohio Conrad R. Metz, Chief Investment Officer Jason Click,
More informationBank of Ireland Overview
Bank of Ireland Presentation October 202 (as at 24th October 202) Forward-looking statement This document contains certain forward looking statements within the meaning of Section 2E of the US Securities
More informationPuerto Rico s Economic and Fiscal Crisis
Puerto Rico s Economic and Fiscal Crisis The Economic Situation is Challenging Puerto Rico has experienced a sharper recession than the rest of the United States, and the economy continues to contract.
More informationStability in the Eurozone: Challenges and Solutions
Stability in the Eurozone: Challenges and Solutions Ludger Schuknecht Director General Economic and Fiscal Policy Strategy; International Economy and Finance IMFS Working Lunch, Frankfurt (Main), 15 July
More informationEurozone Economic dashboard
Eurozone Economic dashboard Our Economic Dashboard is designed to help investors understand the true state of the eurozone economy. It is not meant to serve as a direct prediction regarding the future
More informationECB Financial Stability Review
Vítor Constâncio ECB Financial Stability Review May 214 28 May 214 Press conference presentation Rubric Recent developments Measures of banking system stress have eased further as banking union preparations
More informationEuropean Debt Crisis and Impacts on Developing Countries
July December 2011 SR/GFC/11 9 SESRIC REPORTS ON GLOBAL FINANCIAL CRISIS 9 SESRIC REPORTS ON THE GLOBAL FINANCIAL CRISIS European Debt Crisis and Impacts on Developing Countries STATISTICAL ECONOMIC AND
More informationFRBSF ECONOMIC LETTER
FRBSF ECONOMIC LETTER 01-1 April, 01 Commercial Real Estate and Low Interest Rates BY JOHN KRAINER Commercial real estate construction faltered during the 00 recession and has improved only slowly during
More informationPROJECTIONS FOR THE PORTUGUESE ECONOMY: 2015-2017. Box 1 Projection assumptions
PROJECTIONS FOR THE PORTUGUESE ECONOMY: 2015-2017 Box 1 Projection assumptions Projections for the Portuguese economy: 2015-2017 7 Projections for the Portuguese economy: 2015-2017 1. Introduction Projections
More informationManaging the Fragility of the Eurozone. Paul De Grauwe University of Leuven
Managing the Fragility of the Eurozone Paul De Grauwe University of Leuven Paradox Gross government debt (% of GDP) 100 90 80 70 UK Spain 60 50 40 30 20 10 0 2000 2001 2002 2003 2004 2005 2006 2007 2008
More informationRe-Thinking Sovereign Debt Summit
The Only Win-Win Solution for Europe Requires a Fresh Start on Greece State-Building and a Fresh Start on Greece Correctly Calculating Debt Relief from Prior Restructurings -- Japonica Partners Internal
More informationEuropean Sovereign Debt Crisis Policy Proposal Presented by the French Republic 9 November 2012
European Sovereign Debt Crisis Policy Proposal Presented by the French Republic 9 November 2012 The European Redemption Pact We propose the enactment of the European Redemption Pact, with several amendments.
More informationMonetary Policy and Mortgage Interest rates
Monetary Policy and Mortgage Interest rates July 2014 Key Points: Monetary policy, which operates through changes in the official cash rate (OCR), is the main lever of macroeconomic management in Australia
More informationThe U.S. Leveraged Loan Market Today s drivers, tomorrow s challenges. Meredith Coffey, LSTA 212-880-3019 mcoffey@lsta.org
The U.S. Leveraged Loan Market Today s drivers, tomorrow s challenges Meredith Coffey, LSTA 212-88-319 mcoffey@lsta.org Presentation Overview Today s Leveraged Loan Market Tomorrow s Regulatory Environment
More informationBBVA Colombia. Working for a better future for people
BBVA Colombia Working for a better future for people 2013 The IR Recognition granted by Bolsa de Valores de Colombia S.A. (the Colombian Stock Exchange) is not a certification of the registered securities
More informationGeneral Government debt: a quick way to improve comparability
General Government debt: a quick way to improve comparability DEMBIERMONT Christian* BIS Bank for International Settlements, Basel, Switzerland Christian.Dembiermont@bis.org In simple words the General
More informationThe European and Spanish Economic Outlook: A Less Cloudy Global Scenario? Rafael Doménech BBVA Financial Institutions Conference
Economic Outlook Spain June 9 2016 The European and Spanish Economic Outlook: A Less Cloudy Global Scenario? Rafael Doménech BBVA Financial Institutions Conference The global economic scenario has improved
More informationNatalia Orlova, Chief Economist December 2004 Norlova@alfabank.ru +7 095 795 36 77
New Environment for Refinancing in Russia Natalia Orlova, Chief Economist December 2004 Norlova@alfabank.ru +7 095 795 36 77 Excessive sterilization depressed liquidity Banking crisis stemmed from a decline
More informationHOUSING FINANCE IN TRANSITION ECONOMIES
HOUSING FINANCE IN TRANSITION ECONOMIES OECD Workshop Warsaw, Poland December 5-6, 5 2002 Loïc Chiquier The World Bank 1 Challenge in Transition Economies! Key for growth, poverty, wealth (75 wealth),
More informationThe table below shows Capita Asset Services forecast of the expected movement in medium term interest rates:
Annex A Forecast of interest rates as at September 2015 The table below shows Capita Asset Services forecast of the expected movement in medium term interest rates: NOW Sep-15 Dec-15 Mar-16 Jun-16 Sep-16
More informationECONOMIC BULLETIN. June 2015
ECONOMIC BULLETIN June 2015 ECONOMIC BULLETIN June 2015 Lisbon, 2015 www.bportugal.pt ECONOMIC BULLETIN June 2015 Banco de Portugal Av. Almirante Reis, 71 1150-012 Lisboa www.bportugal.pt Edition Economics
More informationA Heavenly Match - The Danish mortgage model in an international perspective. Jesper Berg Managing director, Nykredit Bank Iceland, July 1, 2014
A Heavenly Match - The Danish mortgage model in an international perspective Jesper Berg Managing director, Nykredit Bank Iceland, July 1, 2014 Game Plan The Danish Mortgage model 1...makes sense in a
More informationTurkish Arab Economic Forum June 29, 2012. Mehmet Şimşek. Minister of Finance
Turkish Arab Economic Forum June 29, 2012 Mehmet Şimşek Minister of Finance 1 Outline Turkey: Short Term Outlook Managing a Soft Landing Fallout from the Euro Crisis Turkey & MENA REBALANCING Growing ON
More informationAnnual Borrowing Plan
20154 Bosnia and Herzegovina Federation of Bosnia and Herzegovina Federal Ministry of Finance Annual Borrowing Plan 2016 January 2016 www.fmf.gov.ba INTRODUCTION In order to increase transparency, fiscal
More informationBalance sheet structure absorbed adverse PSI+ effect
Full Year 2011 Results Participation in PSI+ 1 leads to additional impairment of Euro 3.2 billion Core Tier I at Euro 1.3 billion 2 post PSI+ related impairment Balance sheet structure absorbed adverse
More informationFrankfurt, June 5th 2009. Goldman Sachs European Financials Conference Mr. Roberto Higuera, CEO
Frankfurt, June 5th 2009 Goldman Sachs European Financials Conference Mr. Roberto Higuera, CEO Disclaimer This presentation has been prepared by Banco Popular solely for purposes of information. It may
More informationEuropean perspective
Fiscal policy challenges from a European perspective Ludger Schuknecht Director General Economic and Fiscal Policy Strategy; International Economy and Finance Federal Ministry of Finance, Germany Banco
More informationThe Approach of the Banking Regulator
Surveillance of Mortgage Credit The Approach of the Banking Regulator Workshop on Real Estate t Prices and Financial Stability 25th April 2014 Central Bank of Chile Eric Parrado Chairman Superintendency
More informationDeutsche Bundesbank Interest rate statistics 02.06.2016
02.06.2016 period SUD113 7 SUD114 7 SUD115 7 SUD116 7 SUD117 7 SUD118 7 SUD119 7 SUD120 7 SUD121 7 SUD122 7 2015 June 4.83 4.98 7.33 2.11 1.81 1.72 1.92 1.69 2.74 2.05 July 5.09 5.01 7.47 2.17 1.91 1.86
More informationChart I.1. Difference between Primary Surplus (PS) and Bond Yield Spreads in Selected EU 1 Countries
LIST OF CHARTS Chart I.1. Difference between Primary Surplus (PS) and Bond Yield Spreads in Selected EU 1 Countries Chart I.2. Gross Debt Stock and Budget Deficits of Selected Countries as of 2010 1 Chart
More informationENDING THE GREEK CRISIS Debt Management and Investment- led Growth
NON- PAPER ENDING THE GREEK CRISIS Debt Management and Investment- led Growth SUMMARY The Greek government has recently presented the institutions with its comprehensive reform proposals for completing
More informationBank of Ireland. November 2013
Bank of Ireland Presentation November 2013 (as at 15 Nov 2013) 1 Forward looking statement 2 Irish Economy Overview 3 Government finances continuing to improve Public finances continue towards sustainability
More informationMODALITIES OF THE TARGETED LONGER-TERM REFINANCING OPERATIONS
MODALITIES OF THE TARGETED LONGER-TERM REFINANCING OPERATIONS Following a decision by the ECB s Governing Council, the Eurosystem will conduct eight targeted longer-term refinancing operations (TLTROs)
More informationAlternative Finance for SMEs and Mid-Market Companies Brussels Presentation
Alternative Finance for SMEs and Mid-Market Companies Brussels Presentation 27th November, 2013 Agenda Introduction Backdrop: bank lending to companies in Germany, France, UK, Italy and Spain Policymakers
More informationRecent Developments and Outlook for the Mexican Economy Credit Suisse, 2016 Macro Conference April 19, 2016
Credit Suisse, Macro Conference April 19, Outline 1 Inflation and Monetary Policy 2 Recent Developments and Outlook for the Mexican Economy 3 Final Remarks 2 In line with its constitutional mandate, the
More informationFixed Income 2015 Update. Kathy Jones, Senior Vice President Chief Fixed Income Strategist, Schwab Center for Financial Research
Fixed Income 2015 Update Kathy Jones, Senior Vice President Chief Fixed Income Strategist, Schwab Center for Financial Research 1 Fed: Slow and Low 2015 Fixed Income Outlook 2 Yield Curve Flattening 3
More informationThe economic outlook for Norway. Governor Øystein Olsen Sparebanken Hedmark 7 September 2011
The economic outlook for Norway Governor Øystein Olsen Sparebanken Hedmark 7 September GDP Index, = Euro area US Brazil India China Sources: IMF and Norges Bank GDP Index, = Euro area US Brazil India China
More information2nd Conference on the Real Estate Market: The real estate market in the current financial crisis
2nd Conference on the Real Estate Market: The real estate market in the current financial crisis The evolution and outlook of the Greek real estate market and initiatives of the Bank of Greece T. Mitrakos,
More informationPlease see below for the current credit ratings of Santander UK:
Santander UK Santander UK is regulated on a standalone basis by the United Kingdom Financial Services Authority. The bank is UK focused with more than 95% of assets UK based. In the UK, the bank has a
More informationOn the turbulences in the money and financial markets Governor Erkki Liikanen. Moscow University 10.10.2007
On the turbulences in the money and financial markets Governor Erkki Liikanen Moscow University 10.10.2007 1 Northern Rock Plc share price NORTHERN ROCK PLC 1400 1200 1000 800 600 400 200 0 Jan07 Feb07
More informationCREDIT UNION TRENDS REPORT
CREDIT UNION TRENDS REPORT CUNA Mutual Group Economics June 2 (April 2 data) Highlights During April, credit unions picked up 3, new memberships, credit union loan balances grew at an annualized 1.7% pace,
More informationSTAR Ohio Update. November 19, 2013
STAR Ohio Update November 19, 2013 Conrad R. Metz, Director of Investments Ryan A. Bilsky, Deputy Director of Investments Jason Click, Vice President Public Funds Administrators If you are having technical
More informationOpportunities in an improving macro environment
Opportunities in an improving macro environment Jaime Sáenz de Tejada, Head of Spain and Portugal SG Premium Review Conference December 4th, 2013 1 Disclaimer This document is only provided for information
More informationBe prepared Four in-depth scenarios for the eurozone and for Switzerland
www.pwc.ch/swissfranc Be prepared Four in-depth scenarios for the eurozone and for Introduction The Swiss economy is cooling down and we are currently experiencing unprecedented levels of uncertainty in
More informationFixed Income Investor Presentation. July 2012
Fixed Income Investor Presentation July 2012 Cautionary Note on Forward Looking Statements Today s presentation may include forward-looking statements. These statements represent the Firm s belief regarding
More informationBackground. Discount rates for valuation, including taking account of liquidity. Seamus Creedon (Working Party Chairman)
Discount rates for valuation, including taking account of liquidity Seamus Creedon (Working Party Chairman) 15-17 JUNE 2008 HILTON DEANSGATE, MANCHESTER Background Extensive feedback to IASB on discount
More informationState budget borrowing requirements financing plan and its background May 2013
Public Debt Department State budget borrowing requirements financing plan and its background May 2013 THE MOST IMPORTANT INFORMATION Monthly issuance calendar... 2 Record high level of foreign investors'
More informationCommerzbank Well positioned for the upcoming challenges. Commerzbank German Investment Seminar 2012
Commerzbank Well positioned for the upcoming challenges Commerzbank German Investment Seminar 2012 Commerzbank with major achievements in 2011 Op. Profit ( bn) -0,8 FY 09 1,0 FY 10 3,0 9M 11 Operating
More informationStrong YTD Performance of the PSEi and Global Stock Markets
Strong YTD Performance of the PSEi and Global Stock Markets PSEi vs MSCI All Country World Index 120 115 110 105 100 95 PSEi +17.7% MSCI+12.2% Two common questions Is this insanity? Or is this sustainable?
More informationSTATEMENT 7: DEBT MANAGEMENT
STATEMENT 7: DEBT MANAGEMENT This statement discusses debt management, including maintaining the Commonwealth Government Securities (CGS) market and the proposed investment of financial assets in the Future
More informationThe Debt Challenge in Europe. Alan Ahearne and Guntram Wolff October 2011
The Debt Challenge in Europe Alan Ahearne and Guntram Wolff October 2011 Outline The challenge: debt overhang and price adjustment. Large increase in private debt prior to the crisis. Balance-sheet adjustments
More informationThe EU Stress Test and Sovereign Debt Exposures
Please cite this paper as: Blundell-Wignall, A. and P. Slovik (2010), The EU Stress Test and Sovereign Debt Exposures, OECD Working Papers on Finance, Insurance and Private Pensions, No. 4, OECD Financial
More informationFederal Home Loan Bank of San Francisco Announces Second Quarter Operating Results
News Release Federal Home Loan Bank of San Francisco Announces Second Quarter Operating Results San Francisco, The Federal Home Loan Bank of San Francisco today announced that its net income for the second
More informationMinsky, Financial Governance, Banking, and Financial Instability in Brazil
Minsky, Financial Governance, Banking, and Financial Instability in Brazil FELIPE REZENDE, PH.D., Research Scholar, NY, USA Remarks Prepared For The Conference: Financial Governance After The Crisis cosponsored
More information2Q15 Consolidated Earnings Results
2Q15 Consolidated Earnings Results IFRS September 2015 Disclaimer Grupo Aval Acciones y Valores S.A. ( Grupo Aval ) is an issuer of securities in Colombia and in the United States, registered with Colombia
More information