http://twitter.com/kathylienfx/status/129176418394439680 EU Summit Times: Bundestag vote @ 12GMT, EU leaders mtg @15:45GMT, prob bilateral meetings/EZ session 19GMT, poss press conference @ 21GMT *** GMT = London time http://www.timeanddate.com/worldclock/city.html?n=769 http://www.timeanddate.com/worldclock/city.html?n=136 5 hours ahead of New York Bundestag vote @ 7am NY EU leaders mtg @10:45 NY prob bilateral meetings/EZ session 14 NY poss press conference @ 16 NY
leaked draft bank recap statement via WSJ. http://online.wsj.com/public/resources/documents/102611euheadsstatment.pdf http://twitter.com/MatinaStevis/status/129182852842659840 Nothing new: 9% capital needed. No mention of the basis on which the assets / sovereign debt writedowns are calculated.
http://www.bloomberg.com/news/2011-...pitalization-is-decisive-to-break-crisis.html European Central Bank Executive Board member Juergen Stark said heâs hopeful that European leaders will reach a decision on bank recapitalization at a summit in Brussels tonight.
Bank recapitalisation details: http://www.zerohedge.com/news/eba-releases-details-€106-billion-capital-bank-shortfall * tier 1 capital of 9% * to be raised by June 2012 * to be based on calculations on 30 September 2011 figures * preliminary country figures provided by EBA, but they refuse to do this on a bank-by-bank basis full press release: "The EBA details the EU measures to restore confidence in the banking sector" http://eba.europa.eu/News--Communic...tails-the-EU-measures-to-restore-confide.aspx Q&A (pdf file) http://eba.europa.eu/cebs/media/aboutus/News and Communications/Q-A-FINAL.pdf Methodological note (pdf file) http://eba.europa.eu/cebs/media/abo...reign-capital-shortfall_Methodology-FINAL.pdf
Council of the European Union page http://www.consilium.europa.eu/homepage.aspx?lang=en "Euro Summit Statement" http://www.consilium.europa.eu/uedocs/cms_data/docs/pressdata/en/ec/125644.pdf Also as an HTML page here: "Full Text: Euro Summit Statement on Greek Hard Restructuring" http://www.creditwritedowns.com/201...it-statement-on-greek-hard-restructuring.html
http://in.reuters.com/article/2011/10/26/idINIndia-60142220111026 "BNP, SocGen, BPCE need 8.8 bln euros - Bank of France" (Reuters) - France's top banks need a total of 8.8 billion euros in capital, the Bank of France said on Thursday, as part of a euro zone effort to recapitalise banks so that they meet a new minimum core tier 1 capital ratio of 9 percent by end-June 2012. The French central bank said BPCE needed 3.4 billion euros, Societe Generale needed 3.3 billion and BNP Paribas needed 2.1 billion. France's other big bank, Credit Agricole did not need fresh capital, it said. The recapitalisation push is part of broader efforts being thrashed out by euro zone leaders in Brussels to restore confidence and stability to the bloc's markets and economy.
http://www.bloomberg.com/news/2011-...-require-eu106-billion-in-capital-table-.html "EBA Says EU Banks Need $147 Billion of Capital (Table - Lenders)" The EBA examined 70 banks, of which 30 had no additional capital requirements. Thirty banks have published their gap, while 10 have yet to announce whether they require funds. UniCredit 7,380 Italy BBVA 7,087 Spain Santander 6,474 Spain Societe Generale 3,300 France Commerzbank 2,938 Germany Banca Monte Dei Paschi di Siena 3,100 Italy Banco Popolare 2,820 Italy Ubi Banca 1,480 Italy Banco Popular Espanol 2,362 Spain Caixa Geral de Depositos 2,239 Portugal BNP Paribas 2,100 France B P di Milano: http://www.reuters.com/article/2011/10/28/popmilano-idUSL5E7LS0NS20111028 Pop Milano prices 800 mln eur cap hike at 0.3 eur/share
http://www.bloomberg.com/news/2011-...hi-most-affected-by-buffer-capital-needs.html "UniCredit Has to Raise the Most Capital Among Italyâs Banks" Capital requirements UniCredit SpA (UCG) 7.8 billion Banca Monte dei Paschi di Siena SpA (BMPS) 3.1 billion www.bloomberg.com/news/2011-10-27/monte-paschi-says-eba-capital-buffer-is-3-1-billion-euros.html Unione di Banche Italiane ScpA (UBI) 1.48 billion euros Banco Popolare SC (BP) 2.8 billion euros. Market cap data from Bloomberg http://www.bloomberg.com/apps/quote?ticker=UCG:IM UniCredit SpA (UCG) 17.3 billion Banca Monte dei Paschi di Siena SpA (BMPS) 4.1 billion Unione di Banche Italiane ScpA (UBI) 2.6 billion Banco Popolare SC (BP) 1.98 billion
If MF Global files for chapter 11 bankruptcy, there is a possibility that they will need to get rid of their European sovereign debt in a quick fire sale. This is a link to my previous post which lists the MF Global European sovereign debt portfolio: http://www.elitetrader.com/vb/showthread.php?s=&postid=3339116#post3339116
http://www.zerohedge.com/news/dont-...3-out-top-4-banks-trading-below-bailout-price "Now, we see that it has also spread to the equity of those all important Italian financial companies. As the chart below shows, 3 of the top 4 Italian banks (Intesa, UniCredit, Monte Pasci, And MedioBanca) are now trading below their levels at the time of the bailout. So: rescue half life is what - 48 hours? About in line with our expectations." Of the four, Intesa is the strongest. Unicredit second strongest. BMPS and MedioBanca the weakest. Also see RBS and LLOY for similar price action - dropping to levels seen last Wednesday. Commerzbank also near Thursday's low.