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Kapital has transitioned to the state (ref. AMA) Political Economix & Rational Expectations

What we have to realize is that ‘capital has transitioned to the state’[1]; through the bail-outs and bail-ins, QE’s & SLS’s, LTRO’s & EFSFs; TARPs & twists; capital has transitioned to the state; it has happened, it is ‘what it is’; de-facto (not de-jure); capital has crossed the great libertarian 'blood brain barrier' and it did it @ a ridiculously low price with the greatest irony of all, no central planning!

Dutch Bank SNS REAAL in Trouble

Market update SNS REAAL / Friday, July 13, 2012

SNS REAAL repeats that in line with its strategic priorities it focuses on the run off of property finance loans and the strengthening of its capital position. In doing so, SNS REAAL is exploring various possibilities together with advisors. The sale of parts of its business activities is one of the options that is being explored. No decision has been made on any of the various possibilities.

Council Statement on backstop mechanisms

 

Following up to the conclusions of the 24-25 March Spring European Council, the Council has reviewed, as part of a coordinated strategy, the availability and soundness of the backstop measures in place to address decisively any remaining pockets of vulnerability in the EU banking sector.

The Council confirmed that necessary remedial actions following results of the test will be taken. These measures privilege private sector solutions but also include a solid framework for the provision of government support in case of need, in line with state aid rules. The backstop measures have been drawn up ahead of the publication of the stress test results in line with the guiding principles agreed by the Ecofin Council on 17 May.

ECB - Lorenzo Bini Smaghi: Private sector involvement: From (good) theory to (bad) practice

Speech by Lorenzo Bini Smaghi, Member of the Executive Board of the ECB,
at the Reinventing Bretton Woods Committee
Berlin, 6 June 2011

The title of this first session of the conference is: “Policy responses within countries and inside the eurozone since 2010: an appraisal”. The topic is very broad and I cannot cover it in such a short time span unless I am selective and focus on some specific issues.

The European debt decease lingers on - now what?

It's no news that the debt disease keeps Europe in a feverish grip. It's worrying that the remedies chosen by politicians and central bankers in the last three years have not worked as a cure to mask the symptoms.

Further confirmation to this came this morning when Moody's warned 14 British banks facing lower credit ratings. Moody's and other credit rating agencies are at the same time wrestling with great credibility problems since they, before the crisis, awarded the credit market's equivalent of the foot-long fast food restaurant - subprime - with three Michelin stars. But today's announcement is nonetheless an important sign of the times. The cause of the worsening prospects for British banks is that their finances has become less stable.

ING Groep Plans To Buyback EUR 2 Bln Core Tier 1 Securities From Dutch State

NL sidebarING Groep NV (ING) Monday said that intends to exercise its option for early repurchase of EUR 2 billion of the core Tier 1 securities at the next coupon reset date on 13 May 2011. The company also informed the Dutch State of its intention.

The repurchase of 200,000,000 core Tier 1 securities, for which the Dutch Central Bank has given its approval, has a nominal value of EUR 2 billion. The total payment will amount to EUR 3 billion and includes a 50% repurchase premium. ING noted that it will fund this repurchase from retained earnings.

Amsterdam-based ING was one of Europe's biggest casualties in the financial crisis and received a €10 billion rescue package from the Dutch government, of which half was repaid late 2009 from the proceeds of a rights issue. It still owes €5 billion, plus a €2.5 billion penalty that it has to pay in return for receiving government support.

ING flagged at the presentation of its full-year results last month that it planned to repay a "significant amount" of state aid this year. Chief Executive Jan Hommen said that the strong recovery of ING's banking business enabled it to speed up repayment plans.

Inclusion of Royal Bank of Scotland and Lloyds Banking Group in the Public Sector Finances

 

The Office for National Statistics and HM Treasury jointly publishes monthly estimates of the Public Sector Finances (PSF). The PSF release published on the 25 January 2011 included, for the first time, complete data for the Lloyds Banking Group (LBG) and the Royal Bank of Scotland (RBS).

The classification of RBS and LBG to the public sector has a significant impact on public sector finance statistics. This article summarises the sources that are being used to incorporate these two banking groups, and the other public sector banks, into the PSF dataset. Explanatory notes describe in more detail how the information has been put together and contain important qualifications of which users need to be aware when analysing and interpreting the results.

Commerzbank Sells Shares, Plans Debt Buyback to Prepare for Basel III

Commerzbank AG, Germany’s second- biggest lender, plans to boost capital by buying back debt as it prepares for new banking regulation. The lender raised 626 million euros ($833 million) by selling 118 million new shares at 5.30 euros apiece to fund the debt purchase, it said in a statement. Commerzbank will buy back hybrid equity instruments at prices below par in a tender offer managed by Credit Suisse Group AG, the company said.

Germany and France want Portugal to accept aid but split over plans for European Economic Government

Both France and Germany want an economic government for Europe. The only problem is they have completely different things in mind. The conflict threatens to derail any chances of progress.

When German Chancellor Angela Merkel stood before reporters at the EU summit held in mid-December in Brussels, she took advantage of the opportunity to make a minor concession to neighboring France. "We have obviously been discussing the issue of an economic government for a long time," Merkel said. "What we are currently envisioning goes yet another step in this direction."

In an effort to gain some control over the euro crisis, the Europeans had agreed to replace the existing rescue fund for over-indebted euro-zone countries with a permanent mechanism. But there was also another matter that attracted less attention: At least as far as the French saw things, they were also supposed to be developing ideas for how to strengthen political cooperation between euro-zone member states on economic issues.

A few weeks on, little remains of the summit's spirit of harmony. At the moment, there is serious wrangling between Berlin and Paris over the details of the planned crisis mechanism. Indeed, the two governments have completely different conceptions of exactly what a European economic government would entail.

Commission seeks views on possible EU framework for bank recovery and resolution to deal with future bank failures

Following the publication of a Communication on 20 October 2010 on a European crisis management framework for the financial sector, the European Commission has yesterday (6 January 2011) launched a consultation on technical details underpinning that framework. Internal Market and Services Commissioner Michel Barnier said:

"Although our first objective is better prevention, banks will fail in the future and must be able to do so without bringing down the whole financial system. That is why we must put in place a system which ensures that Europe is well prepared to deal with bank failures in an orderly manner – without taxpayers being called on again to pay the costs. A clear framework to manage cross-border banking crises is an essential complement to our work on supervisory and bank reforms."

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