Rapporto sulla Stabilità Finanziaria Novembre 2013
|
|
- Lorin Weaver
- 7 years ago
- Views:
Transcription
1 Rapporto sulla Stabilità Finanziaria Novembre 2013 Fabio Panetta Member of the Governing Board - Banca d Italia Milano, Università Bocconi - 18 Novembre 2013
2 Outline of the Presentation o The macroeconomic context o The real-estate market o The financial condition of households and firms o The banking system
3 Overview of Main Risks Main risks for financial stability (EA, Italy): Trend o economic outlook o uncertainty on sovereign debt o financial fragmentation o credit risk in the banking sector
4 Macroeconomic Context Euro Area: coincident indicator of GDP growth coin (monthly data, %) GDP (quarterly data, %) o The EA economy resumed growth in Upturn will continue in Italy: industrial production and confidence o Italy: leading indicators consistent with cyclical upturn o Confidence is rising, IP is stabilizing. Positive growth forecast for 2014 and 2015 o But recovery remains fragile both in Italy and in the EA. Financial risks still significant
5 Italy s Property Market: Weak but Stabilizing House prices in Europe (2000=100) o Italy has not experienced a housing bubble. Price dynamics consistent with fundamentals Italy: residential property (2005=100) house prices number of transactions o Property mkt still weak, but with signs of stabilization 80 ono. of transaction stabilized 70 for both residential and non 60 residential property oin Q2 the fall in house prices 50 eased (0.6% qoq) 40 5
6 Households Financial Conditions Financial debt / disposable income (%) Mortgage loans Consumer credit Other loans dic 07 dic 10 giu 13 dic 07 dic 10 giu 13 dic 07 dic 10 giu 13 dic 07 dic 10 giu 13 dic 07 dic 10 giu 13 dic 07 dic 10 giu 13 dic 07 dic 10 giu 13 italy France Germany Spain Euro Area United Kingdom United States Financial assets / disposable Income o Italian households have sound financial conditions: o Debt/disposable income ratio is low; debt is declining. o Only 25% of households have financial debt. Share of financially vulnerable households is low (3% of total in 2013 and 2014) o Financial wealth is high o The main risks derive from weak income growth 6
7 The Financial Condition of Firms Debt and leverage of non-financial firms (%) ofirm profitability is still low, affected by recession. Lending conditions are still tight o Financial debt is falling. The increase of leverage has ended Firms assessment of investment conditions o Entrepreneurs assessment of investment conditions is improving rapidly 7
8 The Financial Condition of Firms (2) Question: DOES THE COMPANY EXPECTS A SOLID IMPROVEMENT OF PRODUCTION IN THE COMING MONTHS? PAYMENTS FROM GENERAL GOVERNMENT FOR ARREARS NO YES Firm is not a creditor 66,3 33,7 Firm is a creditor, and: - did not receive any advance 69,3 30,7 - received some advance payments o Firm confidence is benefiting from the payment of general government arrears ( 27bn in 2013, 20bn 2014); 14bn disbursed up to October 2013 o Up to now, funds have been used mainly to reimburse commercial and bank debt 8
9 Banks Key Problem: Rising Credit Risk NPLs and bad loans of Italian banks (% of loans) NPLs Bad loans Profitability and Provisions of Italian Banks (billion euros) Operating Profits Provisions and Net Value Adjustments for Loan Impairment o Credit quality is deteriorating, driven by loans to non-financial corporations (NFCs). HHs more resilient o Gross (operating) profits have resumed growth in 2012 (but 2013 results likely affected by low rates) o The increase in provisioning is eating up a large part of gross profits. Net profitability is low
10 Banks Key Problem: Rising Credit Risk (2) New NPLs of non financial firms (% of loans) New NPL rate New bad loan rate o Gross operating profits sufficient to cover loan loss provisions in 2013 and 2014 o The flow of new NPL and of bad loans to non financial companies are showing signs of a turnaround
11 Italy s Classification Standards Are Rigorous NPL ratio of Italian banks (% of loans) Coverage ratio of Italian banks (% of NPLs) Accounting and supervisory standards of Italian banks December 2012 December 2012 Accounting and supervisory standards of large European banks o Italian banks follow prudent supervisory standards o If Italian banks followed the standards used in other jurisdictions (e.g. excluding fully-collateralized NPLs) then: othe NPL ratio would be 1/3 lower ocoverage ratios would be higher by 20 pct. points Accounting and supervisory standards of Italian banks Accounting and supervisory standards of large European banks onpl definition proposed by EBA is in line with (or less comprehensive than) Italy s definition 0
12 Stock of NPLs Will Have to Be Reduced o Market for assets securitization very thin. Price differential between supply and demand of NPL large but likely to narrow: o The Bank of Italy s recent action on value adjustments o Reduced financial market fragmentation (economic recovery, SSM comprehensive assessment) o The Stability Bill for 2014 provisions on tax treatment of loan losses and value adjustments
13 Banks Holding of Sovereign Bonds Purchases of sovereign bonds by Italian banks bn Italian sovereign bonds of non-residents bn o Large purchases of domestic sovereigns over 2 years. a. ample differential sov s vs loans b. precautionary demand c. fragmentation o In last 3 months sov. portfolio shrank ( 10bn), due to improvement in (a), (b), (c). o Sov. mkt conditions improving. Not just rates and spreads: foreign holdings are increasing
14 The Funding Gap is Low Growth in bank funding: contributions (percentage points; 12-month changes) ototal funding is contracting (in part as a result of banks choices) Retail Funding and Funding Gap Funding Gap as a Percentage of Loans othe funding gap has narrowed to very low levels 5 0 Retail Funding (12 month pct growth) -5 Mar 03 Mar 04 Mar 05 Mar 06 Mar 07 Mar 08 Mar 09 Mar 10 Mar 11 Mar 12 Mar 13
15 Liquidity Conditions and Eurosystem Borrowing 0% 25% 50% 75% 100% Composition of Italian Banks' Funding Dec Dec Dec Jun Retail Wholesale Eurosystem refinancing Availability of Collateral for Italian banks 302 bn. 334 bn. o Overall liquidity position is satisfactory o Dependence on ECB funding significant but falling o banks (especially large ones) have regained access to wholesale markets o Available eligible assets continue to increase o Ongoing work to make revolving loans (an Italian feature) and pools of loans pledgeable
16 Capital Positions Continue to Strengthen 17% 15% 13% 11% 9% 7% 5% Top 5 Banking Groups Total Capital Ratio Core Tier (June) 13% 11% 9% Other Banks Total Capital Ratio Core Tier (June) o Capital ratios have increased continuously since 2008, as a result of both capital issues and lower RWAs Bank capital injections by the public sector in selected countries ( bn) Italy: 0,3% of GDP o The amount of public funds injected into the banking system by the Italian State is low
17 Banks Leverage is Low Leverage: main European banking systems (December 2012) oleverage (total assets/ tier 1 capital) remains low 6,0 5,0 4,0 3,0 2,0 1,0 0,0 Source:Bank of Italy, FSR n 6 European banks level 3 assets (%) Lev. 3 assets/ tot. system assets Lev. 3 assets/ tot. sample assets Lev. 3 assets/ RWA sample (mkt) (right axis) Italy Germany France Belgium Netherlands Total olevel 3 assets are negligible
18 Capital Needs: the FSAP of the IMF Scenarios IMF FSAP estimates of cumulated capital shortfall (billion euros) CET 1 T 1 # of failing banks # of failing capital shortfall capital shortfall banks bn % of GDP bn % of GDP Baseline (at end-2017) Low growth (at end-2017) Adverse (at end-2015) Capital benchmark: Basel 3 phasing in for both CET1 and T1. o IMF (FSAP, Sept. 2013): 32 banks, individual data: o capital need in stressed conditions bn ( % GDP) o shortfalls mainly in small-medium local banks o Estimates of private analysts: based on heterogeneous hypotheses and methodologies, but results are of similar magnitude
19 Summary Assessment & Outlook o The Italian banking system has shown strong resilience in the face of an exceptional economic crisis o A successful, gradual exit from currently stressed condition is possible o SSM and BSA will enhance transparency. They are not a further problem. They are part of the solution
20 Summary Assessment & Outlook o Economic recovery after a double dip recession is the critical success factor for Italian banks. It is a precondition to start reduction of the stock of nonperforming loans and to restore profitability o Expectations for key ECB interest rates to remain low for as long as necessary provide support to recovery o Continuing national efforts at reform of the economy and consolidation of public finances are key
21 Thank you!
ECONOMIC 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 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 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 informationFinal Assessment 1 of Spain's eligibility for an EFSF/ESM loan to recapitalize certain financial institutions
Final Assessment 1 of Spain's eligibility for an EFSF/ESM loan to recapitalize certain financial institutions Background On 25 June 2012, the Spanish Government applied for external financial assistance
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 informationConsolidated Results Presentation Second quarter, 2015
Consolidated Results Presentation Second quarter, 2015 Índice general KEY QUARTERLY HIGHLIGHTS MOST SIGNIFICANT FIGURES RESULTS BUSINESS BRANCHES AND EMPLOYEES RISK MANAGEMENT LIQUIDITY CAPITAL PERSPECTIVES
More informationGreek banks and corporate funding costs
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 Roadmap
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 information2013 Annual Results. D. Francisco Gómez Martín CEO. Madrid, January 31 st, 2014
2013 Annual Results D. Francisco Gómez Martín CEO Madrid, January 31 st, 2014 Disclaimer This presentation has been prepared by Banco Popular Español solely for purposes of information. It may contain
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 informationThird Quarter 2014 Financial Results
Third Quarter 2014 Financial Results Core pre-provision income up by 8.0% in the third quarter 2014. Operating expenses further down by 3.7% q-o-q and 11.4% y-o-y on a comparable basis. Accelerated provisioning
More informationFinancial Stability Report 2015/2016
Financial Stability Report 2015/2016 Press Conference Presentation Miroslav Singer Governor Prague, 14 June 2016 Structure of presentation I. Overall assessment of risks and setting of countercyclical
More informationABI-CERVED OUTLOOK ON NON- PERFORMING BUSINESS LOANS
1/2 3,6k 1.000 1k 1,5k ABI-CERVED OUTLOOK ON NON- PERFORMING BUSINESS LOANS Estimates and forecasts of new NPL rates among non-financial companies, with breakdowns by company size APRIL 2015 #1 (2 a+2b)
More informationPRESS RELEASE Amsterdam, 23 July 2010
CORPORATE COMMUNICATIONS PRESS RELEASE Amsterdam, 23 July 2010 ING comfortably passes CEBS stress test Outcome reflects strong capital position and resilient balance sheet Under adverse stress scenario
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 informationFor further information UBI Banca Investor Relations Tel.+ 39 0353922217 Email: investor.relations@ubibanca.it UBI Banca Press relations Tel.
- - - For further information UBI Banca Investor Relations Tel.+ 39 0353922217 Email: investor.relations@ubibanca.it UBI Banca Press relations Tel.+ 39 0302433591 +39 3358268310 Email: relesterne@ubibanca.it
More informationThe recent Asset quality review on non-performing loans conducted by the Bank of Italy: Main features and results
The recent Asset quality review on non-performing loans conducted by the Bank of Italy: Main features and results 1. Introduction In the last few years the Italian economy has been under considerable strain.
More informationAsset Quality Review and Stress Test. Comprehensive Assessment Results
Asset Quality Review and Stress Test Comprehensive Assessment Results November 2014 Disclaimer This presentation has been prepared solely for informational purposes. Any projections or other estimates
More informationACCESS TO FINANCE. of SMEs in the euro area, European Commission and European Central Bank (ECB), November 2013.
ACCESS TO FINANCE Improving access to finance is essential to restoring growth and enhancing competitiveness. Investment and innovation are not possible without adequate financing. Difficulties in accessing
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 informationCOMMERZBANK Capital Update - EU Wide Stress Test Results.
COMMERZBANK Capital Update - EU Wide Stress Test Results. COMMERZBANK was subject to the 2011 EU-wide stress test conducted by the European Banking Authority (EBA), in cooperation with the Bundesanstalt
More informationThe UBI Banca Group Consolidated Results as at 30 th June 2015. 7 th August 2015
The UBI Banca Group Consolidated Results as at 30 th June 2015 7 th August 2015 Disclaimer This document has been prepared by Unione di Banche Italiane Scpa ("UBI") for informational purposes only and
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 informationAn outlook on the Spanish economy Official Monetary and Financial Institutions Forum (OMFIF), London
09.02.2016 An outlook on the Spanish economy Official Monetary and Financial Institutions Forum (OMFIF), London Luis M. Linde Governor I would like to thank OMFIF and Mr. David Marsh for the invitation
More informationEIOPA Stress Test 2011. Press Briefing Frankfurt am Main, 4 July 2011
EIOPA Stress Test 2011 Press Briefing Frankfurt am Main, 4 July 2011 Topics 1. Objectives 2. Initial remarks 3. Framework 4. Participation 5. Results 6. Summary 7. Follow up 2 Objectives Overall objective
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 informationBanco Sabadell Stress test results. 15 th July 2011
Banco Sabadell Stress test results 15 th July 2011 1 Disclaimer Banco Sabadell cautions that this presentation may contain forward looking statements with respect to the business. financial condition.
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 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 informationGovernor Erkki Liikanen Bank of Finland. Monetary policy and its transmission to the economy
Governor Erkki Liikanen Bank of Finland Monetary policy and its transmission to the economy 9.6.2015 1 1. Commitment to accommodative monetary policy benefits the economic outlook 2 Interest rate policy
More informationHSBC North America Holdings Inc. 2015 Comprehensive Capital Analysis and Review and Annual Company-Run Dodd-Frank Act Stress Test Results
2015 Comprehensive Capital Analysis and Review and Annual Company-Run Dodd-Frank Act Stress Test Results Date: March 5, 2015 TABLE OF CONTENTS PAGE 1. Overview of the Comprehensive Capital Analysis and
More informationPrudent capital management in a challenging market environment
Prudent capital management in a challenging market environment Bank of America Merrill Lynch 17th Annual Banking & Insurance CEO Conference With strong Core Tier 1 ratio of 12.2% - well prepared for Basel
More informationAnnual Economic Report 2015/16 German council of economic experts. Discussion. Lucrezia Reichlin, London Business School
Annual Economic Report 2015/16 German council of economic experts Discussion Lucrezia Reichlin, London Business School Bruegel Brussels, December 4 th 2015 Four parts I. Euro area economic recovery and
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 information28.10.2013. The recovery of the Spanish economy XVI Congreso Nacional de la Empresa Familiar/Instituto de la Empresa Familiar Luis M.
28.10.2013 The recovery of the Spanish economy XVI Congreso Nacional de la Empresa Familiar/Instituto de la Empresa Familiar Luis M. Linde Governor Let me begin by thanking you for inviting me to take
More informationList of legislative acts
List of legislative acts BRRd : d irective 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment
More informationFACTORS AFFECTING THE LOAN SUPPLY OF BANKS
FACTORS AFFECTING THE LOAN SUPPLY OF BANKS Funding resources The liabilities of banks operating in Estonia mainly consist of non-financial sector deposits, which totalled almost 11 billion euros as at
More informationThis chapter assesses the risks that were identified in the first chapter and elaborated in the earlier chapters of this report.
5. Risk assessment This chapter assesses the risks that were identified in the first chapter and elaborated in the earlier chapters of this report. 5.1. Qualitative risk assessment Qualitative risk assessment
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 informationHow To Improve Bankia'S Financial Performance
Morgan Stanley European Financials Conference Bankia Overview March 2014 Mr. Leopoldo Alvear - CFO Bankia Contents 1. Strategy and restructuring plan 2. 2013 results 3. Asset quality and risk management
More informationCommerzbank: Strategy successful net profit of over 1 billion euros and dividend
IR release 12 February 2016 Commerzbank: Strategy successful net profit of over 1 billion euros and dividend Operating profit in 2015 more than doubled to EUR 1,909 m (2014: EUR 689 m) Operating profit
More informationTHE EURO AREA BANK LENDING SURVEY 3RD QUARTER OF 2014
THE EURO AREA BANK LENDING SURVEY 3RD QUARTER OF 214 OCTOBER 214 European Central Bank, 214 Address Kaiserstrasse 29, 6311 Frankfurt am Main, Germany Postal address Postfach 16 3 19, 666 Frankfurt am Main,
More informationFinancial Results 2011. Madrid, February 1 st 2012
Financial Results 2011 Madrid, February 1 st 2012 Disclaimer This presentation has been prepared by Banco Popular Español solely for purposes of information. It may contain estimates and forecasts with
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 informationHow To Understand The Turkish Economy
BRSA Bank Only Macro Outlook Q1 GDP growth at 3.2%, mostly backed by net exports. Budget deficit was TRY 6.7 billion in H1 12, one third of Latest GDP figure is supportive of the soft landing the government
More informationNIBC Bank underlying net profit almost doubles to EUR 42 million in 2014
PRESS RELEASE The Hague, 4 March 2015 NIBC Bank underlying net profit almost doubles to EUR 42 million in 2014 Continued underlying growth driven by strong demand from both corporate and consumer clients
More informationQ3 INTERIM MANAGEMENT STATEMENT Presentation to analysts and investors. 28 October 2014
INTERIM MANAGEMENT STATEMENT Presentation to analysts and investors 28 October HIGHLIGHTS FOR THE FIRST NINE MONTHS OF Continued successful execution of our strategy and further improvement in financial
More informationThe Danish mortgage system: Advantages, challenges, and lessons learned
The Danish mortgage system: Advantages, challenges, and lessons learned 1 ICELAND PRESENTATION JULY 1, 2014 J E S P E R R A N G V I D P R O F E S S O R, C B S C H A I R M A N, D A N I S H F I N A N C I
More informationInternational Monetary and Financial Committee
International Monetary and Financial Committee Twenty-Seventh Meeting April 20, 2013 Statement by Koen Geens, Minister of Finance, Ministere des Finances, Belgium On behalf of Armenia, Belgium, Bosnia
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 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 informationSEMINAR ON CREDIT RISK MANAGEMENT AND SME BUSINESS RENATO MAINO. Turin, June 12, 2003. Agenda
SEMINAR ON CREDIT RISK MANAGEMENT AND SME BUSINESS RENATO MAINO Head of Risk assessment and management Turin, June 12, 2003 2 Agenda Italian market: the peculiarity of Italian SMEs in rating models estimation
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 informationEUROSYSTEM STAFF MACROECONOMIC PROJECTIONS FOR THE EURO AREA
EUROSYSTEM STAFF MACROECONOMIC PROJECTIONS FOR THE EURO AREA On the basis of the information available up to 22 May 2009, Eurosystem staff have prepared projections for macroeconomic developments in the
More informationImplications of the SSM for the Nordic banking sector. Stefan Ingves, June 5 2014
Implications of the SSM for the Nordic banking sector Stefan Ingves, June 5 2014 Financial trilemma Financial stability Financial integration National supervision Arrangements for cross-border cooperation
More informationCheuvreux conference. Jean-Paul Chifflet CEO. 19 September 2012
Cheuvreux conference Jean-Paul Chifflet CEO 19 September 2012 Disclaimer This presentation may include prospective information on the Group, supplied as information on trends. This data does not represent
More informationFITCH UPGRADES ABN AMRO TO 'A+'; OUTLOOK STABLE
FITCH UPGRADES ABN AMRO TO 'A+'; OUTLOOK STABLE Fitch Ratings-London-14 April 2016: Fitch Ratings has upgraded ABN AMRO N.V.'s Long-Term Issuer Default Rating (IDR) to 'A+' from 'A', and affirmed the bank's
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 informationSEB January June 2013 Results presentation. Telephone conference
SEB January June 2013 Results presentation Telephone conference Highlights Q2 2013 1 2 Higher business activity among large corporates and institutions More full-service retail customers 3 Strong asset
More informationFITCH DOWNGRADES RABOBANK TO 'AA-'; OUTLOOK NEGATIVE
FITCH DOWNGRADES RABOBANK TO 'AA-'; OUTLOOK NEGATIVE Fitch Ratings-Paris/London-21 November 2013: Fitch Ratings has downgraded Rabobank Group's (Rabobank) Long-term Issuer Default Rating (IDR) to 'AA-'
More informationISBANK EARNINGS PRESENTATION 2016 Q1
ISBANK EARNINGS PRESENTATION 2016 Q1 2016 Q1 Recent Developments in the Economy Binler Global Outlook Main Indicators of Turkey US EA Moderate expansion in the US economy Solid labor market data Still
More informationPrudential definition of assets: micro and macro prudential perspective
Prudential definition of assets: micro and macro prudential perspective Santiago de Chile November 2015 Presented by Salome Skhirtladze Authors: Giorgi Kadagidze, Otar Nadaraia, Salome Skhirtladze, Vakhtang
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 informationTHE IMPAIRED EU SECURITISATION MARKET: CAUSES, ROADBLOCKS AND HOW TO DEAL WITH THEM
THE IMPAIRED EU SECURITISATION MARKET: CAUSES, ROADBLOCKS AND HOW TO DEAL WITH THEM Introduction The securitisation market in the EU continues to be impaired. Public issuance of Asset Backed Securities
More informationLow repo rate supports upturn in inflation. Governor Stefan Ingves Bank & Finans Outlook 18 March 2015
Low repo rate supports upturn in inflation Governor Stefan Ingves Bank & Finans Outlook 18 March 2015 Sweden - a small open economy in an uncertain world Large oil price fluctuations Negative interest
More informationFITCH PLACES BPM ON RWN; CHANGES POPOLARE'S OUTLOOK TO NEGATIVE
FITCH PLACES BPM ON RWN; CHANGES POPOLARE'S OUTLOOK TO NEGATIVE Fitch Ratings-Milan/London-21 April 2016: Fitch Ratings has placed Banca Popolare di Milano's (BPM) 'BB+' Long-term Issuer Default Rating
More informationSweden 2013 Article IV Consultation: Concluding Statement of the Mission Stockholm May 31, 2013
Sweden 2013 Article IV Consultation: Concluding Statement of the Mission Stockholm May 31, 2013 Sweden s economy performed well through the crisis, but growth has moderated recently 1. Growth has slowed
More information2015 DFAST Annual Stress Test Disclosure For Synchrony Bank, a Wholly-Owned Subsidiary of Synchrony Financial. June 26, 2015
2015 DFAST Annual Stress Test Disclosure For Synchrony Bank, a Wholly-Owned Subsidiary of Synchrony Financial June 26, 2015 Disclaimers Cautionary Statement Regarding Forward-Looking Statements This presentation
More informationRegulation of Foreign Currency Mortgage Loans. - the case of transition countries in Central and Eastern Europe
Regulation of Foreign Currency Mortgage Loans - the case of transition countries in Central and Eastern Europe 4 th World Bank conference on Housing Finance in Emerging Markets Washington, D.C., May 26-27,
More informationFactoring and Banks. International workshop Factoring around Europe: Italy - Spain. Fausto Galmarini CEO UniCredit Factoring September 21 st 2007
Factoring and Banks International workshop Factoring around Europe: Italy - Spain Fausto Galmarini CEO UniCredit Factoring September 21 st 2007 International workshop Factoring around Europe: Italy - Spain
More informationNew Monetary Policy Challenges
New Monetary Policy Challenges 63 Journal of Central Banking Theory and Practice, 2013, 1, pp. 63-67 Received: 5 December 2012; accepted: 4 January 2013 UDC: 336.74 Alexey V. Ulyukaev * New Monetary Policy
More informationSberbank Group s IFRS Results for 6 Months 2013. August 2013
Sberbank Group s IFRS Results for 6 Months 2013 August 2013 Summary of 6 Months 2013 performance: Income Statement Net profit reached RUB 174.5 bn (or RUB 7.95 per ordinary share), a 0.5% decrease on RUB
More informationMember Profile. ASSOFIN Associazione Italiana del credito al consumo e immobiliare
Associazione Italiana del credito al consumo e immobiliare NOTE: Sources and definitions are provided in the accompanying supplemental document Italian economic context 2013 2014 Population 1 (millions
More informationNational Bank of Greece
National Bank of Greece 2014 Comprehensive Assessment Results NBG achieves a 2bn capital surplus Athens Sunday, October 26 2014 0 0 IMPORTANT DISCLAIMER : This presentation and all information contained
More informationSUB: STANDARD CHARTERED PLC (THE "COMPANY") STOCK EXCHANGE ANNOUNCEMENT
April 26, 2016 To, Ms. D'souza AVP, Listing Department National Stock Exchange of India Exchange Plaza Bandra Complex Bandra (East) 400 001 Limited SUB: STANDARD CHARTERED PLC (THE "COMPANY") STOCK EXCHANGE
More informationMario Draghi: Europe and the euro a family affair
Mario Draghi: Europe and the euro a family affair Keynote speech by Mr Mario Draghi, President of the European Central Bank, at the conference Europe and the euro a family affair, organised by the Bundesverband
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 informationStress Tests as a Policy Tool: The European Experience During the Crisis
Stress Tests as a Policy Tool: The European Experience During the Crisis Athanasios Orphanides MIT Frankfurt, 6 June 2014 1 GDP per capita in the US and the euro area 105 105 100 100 Index 2007Q4=100 95
More informationWe also assign a D- bank financial strength rating (BFSR) to the bank. The rationale for this rating mirrors that for the BCA.
Moody s Investors Service Ltd CREDIT OPINION MORTGAGE AND LAND BANK OF LATVIA Summary Rating Rationale In accordance with Moody s rating methodology for government-related issuers (GRIs), we assign A2/Prime-1
More information18 ECB FACTORS AFFECTING LENDING TO THE PRIVATE SECTOR AND THE SHORT-TERM OUTLOOK FOR MONEY AND LOAN DYNAMICS
Box 2 FACTORS AFFECTING LENDING TO THE PRIVATE SECTOR AND THE SHORT-TERM OUTLOOK FOR MONEY AND LOAN DYNAMICS The intensification of the financial crisis in the fourth quarter of 211 had a considerable
More information* * * BIS central bankers speeches 1
Luis M Linde: Situation of and challenges facing the European and Spanish banking industry following the start-up of the Single Supervisory Mechanism (SSM) Opening address by Mr Luis M Linde, Governor
More informationBillions of euro 2013 2015 2017 EBITDA ~16.0 ~ 16.0 17-18 Net Ordinary Income ~ 3.0 ~ 3.3 4-5
Disclosures supplementing the Annual Report for the year ended December 31, 2012 requested by CONSOB pursuant to the provisions of Article 114, paragraph 5, of Legislative Decree 58 of February 24, 1998
More informationThe EMU and the debt crisis
The EMU and the debt crisis MONETARY POLICY REPORT FEBRUARY 212 43 The debt crisis in Europe is not only of concern to the individual debt-ridden countries; it has also developed into a crisis for the
More informationBanca IFIS, in 2014 loans consistently growing, strong recovery in NPL ratios
PRESS RELEASE PRELIMINARY 2014 RESULTS Banca IFIS, in 2014 loans consistently growing, strong recovery in NPL ratios C.E.O. Giovanni Bossi: The increase in the number of financed SMEs (+13,1%), together
More information- 168 - Chapter Seven. Specification of Financial Soundness Indicators for Other Sectors
- 168 - Chapter Seven Specification of Financial Soundness Indicators for Other Sectors Introduction 7.1 Drawing on the definitions and concepts set out in Part I of the Guide, this chapter explains how
More informationStress Testing the Canadian Banking System: A System-Wide Approach
Stress Testing the Canadian Banking System: A System-Wide Approach Bank of Canada Financial System Review June 2014 61 Stress Testing the Canadian Banking System: A System-Wide Approach Kartik Anand, Guillaume
More informationHYPO ALPE ADRIA INVESTOR RELATIONS PRESENTATION OF RESULTS H1/2014. Klagenfurt, August 28 th 2014. SEE Group. AUSTRIA (sold) HYPO ITALY (Wind Down)
HYPO ALPE ADRIA INVESTOR RELATIONS PRESENTATION OF RESULTS H1/2014 Germany Klagenfurt, August 28 th 2014 SEE Group AUSTRIA (sold) HYPO ITALY (Wind Down) ASSET RESOLUTION (Wind Down) H1/2014 Results: Executive
More informationBasel Committee on Banking Supervision
Basel Committee on Banking Supervision Implementation of Basel standards A report to G20 Leaders on implementation of the Basel III regulatory reforms November 2015 This publication is available on the
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 informationProject LINK Meeting New York, 20-22 October 2010. Country Report: Australia
Project LINK Meeting New York, - October 1 Country Report: Australia Prepared by Peter Brain: National Institute of Economic and Industry Research, and Duncan Ironmonger: Department of Economics, University
More informationFITCH AFFIRMS RABOBANK FOLLOWING GROUP RESTRUCTURING
FITCH AFFIRMS RABOBANK FOLLOWING GROUP RESTRUCTURING Fitch Ratings-Paris/London-14 January 2016: Fitch Ratings has affirmed Cooperatieve Rabobank U.A.'s (Rabobank) Long-term Issuer Default Rating (IDR)
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 informationTHE EURO AREA BANK LENDING SURVEY 1ST QUARTER OF 2014
THE EURO AREA BANK LENDING SURVEY 1ST QUARTER OF 214 APRIL 214 European Central Bank, 214 Address Kaiserstrasse 29, 6311 Frankfurt am Main, Germany Postal address Postfach 16 3 19, 666 Frankfurt am Main,
More informationSTABILITY PROGRAMME 2014-2017
STABILITY PROGRAMME 2014-2017 COUNCIL OF MINISTERS APRIL 30 2014 Stability Programme 2014-2017 The Council of Ministers has approved today the referral to Brussels of: The Stability Programme 2014-2017,
More information2014 EU-wide Stress Test
2014 EU-wide Stress Test Bank Name LEI Code DK - Sydbank GP5DT10VX1QRQUKVBK64 DK NUK_WL_NR_XX version 1809014 No restructuring 2014 EU-wide Stress Test 2014 EU-wide Stress Test Summary Adverse Scenario
More informationPerformance of the Thai Banking System in the First Quarter of 2015
No. 26/2 Performance of the Thai Banking System in the First Quarter of 2 Mr. Jaturong Jantarangs, Senior Director, Financial Institutions Policy Group, reported the Thai banking system s performance in
More informationFINANCIAL RESEARCH SEPTEMBER 2015. Auto ABS from an EDW-Perspective
FINANCIAL RESEARCH SEPTEMBER 2015 Auto ABS from an EDW-Perspective MANAGEMENT SUMMARY 1. This analysis builds on our study Fasten Your Seatbelts - European Auto ABS on the Rise, in which we undertook a
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 information