5d 1m 3m 1y 5y 10y
There is research on this stock available only to PRO subscribers.
There are no Transcripts on CRARY.
CRARY vs. ETF Alternatives
Sunday, Jan 262:25 AM
Sunday, Jan 262:25 AM| 1 Comment
- European banks have a total capital shortfall of around €84B, the OECD has reportedly calculated.
- French bank Credit Agricole (CRARF) has the biggest gap with a hole of €31.5B.
- Of other major banks, Deutsche Bank's shortfall is €19B; in a recent earnings report, the German firm said its Tier 1 capital ratio was 9.7% and its leverage ratio 3.1%.
- While the OECD uses a different method to calculate banks' capital than the ECB uses, the OECD believes the central bank will come to the same conclusion as the organization has done in stress tests later this year.
Wednesday, Dec 42013, 4:57 AM
Wednesday, Dec 42013, 4:57 AM| 1 Comment
- The EU Commission will reportedly fine a group of leading multinational banks €1.7B for rigging inter-bank interest rates in what would be the largest antitrust penalty that the commission has ever levied.
- The banks to be fined include all the old favorites - Citigroup (C), Deutsche Bank (DB), Royal Bank of Scotland (RBS), JPMorgan (JPM) and Barclays (BCS), as well as Societe Generale (SCGLF).
- The banks have admitted liability in return for a 10% reduction in their punishment.
- However, HSBC (HSBC) and Credit Agricole (CRARF) are contesting the proposed sanctions from the EU and are set to be formally charged today.
- UBS (UBS), which paid $1.5B to U.S. and U.K. authorities for similar sins, is escaping a penalty, as it alerted the EU to the Libor and Tibor cases.
- EU Competition Commissioner Joaquin Almunia is due to announce the penalties at a press conference at 5:30 ET.
Thursday, Nov 72013, 1:46 PM
Thursday, Nov 72013, 1:46 PM| 2 Comments
- The bank could be fined by year's end, reports Bloomberg, and, according to a source, is expected to settle in exchange for a 10% discount on the penalty.
- At issue is a probe into the rigging of yen-based Libor ((Tibor)) submissions. Japanese regulators in 2011 ordered CItigroup (C) and UBS to suspend some operations after the banks' staff were found to have attempted to influence the rate. Tom Hayes - a former trader at both banks - is facing criminal charges in the U.K.
- Separately, Credit Agricole (CRARY) and HSBC (HBC) have walked away from the EU settlement table as it relates to charges over the rigging of Euribor. Barclays (BCS), Deutsche Bank (DB), JPMorgan (JPM), RBS, and SocGen (SCGLY) remain in settlement talks and fines could come as soon as next month.
Tuesday, Nov 52013, 12:32 PM
Tuesday, Nov 52013, 12:32 PM| 1 Comment
- Set to be fined, reports Reuters, are Deutsche Bank (DB), JPMorgan (JPM), HSBC (HBC), RBS, Credit Agricole (CRARY), and SocGen (SCGLY). At issue is the supposed rigging of the benchmark European short-term interest rate, Euribor. Not being fined, says a source, is Barclays, which has had its issues with Libor.
- Some banks have already agreed to settle in exchange for a 10% haircut in their fines, while others are still in negotiations over the size of their penalty. EU rules allow fines for up to 10% of a company's global revenue in these cases, but something much further down the scale seems likely here.
- Banks need to be careful about admitting guilt as part of any settlement as it then opens them up to investor lawsuits.
- In addition to Euribor, the EU has ongoing investigations into benchmark rates tied to the yen and Swiss franc.
Sunday, Aug 112013, 12:49 PM
Sunday, Aug 112013, 12:49 PM| 8 Comments
- EU banks will need to reduce their balance sheets by €3.2T and raise nearly €50B in capital over the next five years in order to comply with Basel III, FT says, citing an RBS study.
- The banks flagged as the "most in need of fresh capital" are Barclays (BCS), Crédit Agricole (CRARY.PK), and — not surprisingly — Deutsche Bank (DB).
- Smaller banks will need to cut €2.6T in assets, a prospect which suggests lending to small businesses could dry up.
- More: Deutsche to shed assets, FDIC vice chair says bank is undercapitalized.
- Even more: Barclays to bridge capital shortfall with rights issue, CoCos.
Wednesday, Jul 172013, 12:53 PM
Tuesday, May 72013, 6:16 AM
Monday, Mar 182013, 5:10 AMEuropean bank shares slide following news of the levy on deposits in Cyprus, which has prompted concerns of a run on banks elsewhere in the eurozone. The Stoxx Europe 600 Banks index -2.1%. In Madrid, BBVA -3.7%; in Milan, Banca Popolare di Milano -3.9%, Intesa Sanpaolo -3.3%, Mediobanca -4.6%, Banca Monte dei Paschi di Siena -3.8%. In Paris, SocGen -4.2%, Credit Agricole -2.9%, BNP Paribas -3.3%. In Frankfurt, Deutsche Bank (DB) -2.8%. |Monday, Mar 182013, 5:10 AM| Comment!
Friday, Oct 262012, 8:36 AMParis is busily rebounding from S&P's negative rating actions on the French banks overnight. BNP Paribas (BNPQY.PK) was cut to A+ from AA-, while SocGen (SCGLY.PK) and Credit Agricole (CRARY.PK) were given a negative outlook. "The economic risks under which French banks operate have increased in our view." The CAC 40 +0.2% after a near 1% early decline. |Friday, Oct 262012, 8:36 AM| Comment!
Wednesday, Aug 82012, 12:13 PMNational Bank of Greece (NBG) submits a bid for Emporki Bank - the struggling Greek unit of France's Credit Agricole (CRARY.PK). With its own domestic issues to worry about, the French lender is keen to unload its Greek operations. Alpha Bank has also put in a bid. |Wednesday, Aug 82012, 12:13 PM| 1 Comment
Wednesday, Jul 182012, 3:34 PMRegulators are focusing on HSBC (HBC), Deutsche Bank (DB), Societe Generale (SCGLY.PK), and Credit Agricole (CRARY.PK) in their Libor investigation, reports the FT. Investigators are checking the links between traders at those 4 banks and a Barclays trader who apparently orchestrated the manipulation effort. |Wednesday, Jul 182012, 3:34 PM| Comment!
Friday, Jun 222012, 3:52 AMOf the EU-listed banks whose ratings have been cut by Moody's, Credit Suisse (CS) was -1.05% in European trading, UBS -0.3%, HSBC (HBC) -0.1%, Barclays (BCS) flat, Deutsche Bank (DB) -0.2%, BNP Paribas (BNOBF.PK) flat, RBS -0.8%, SocGen (SCGLF.PK) +0.4%, Credit Agricole (CRARY.PK) +0.4%. |Friday, Jun 222012, 3:52 AM| Comment!
Wednesday, Jun 132012, 2:36 PMCredit Agricole (CRARY.PK) is drawing up plans to move quickly in event of a Greek exit from EMU, and is considering just walking away from it Emporiki Bank of Greece unit. In an internal memo, CEO Chifflet says Agricole has gone beyond its duty as the Greek's bank majority owner. |Wednesday, Jun 132012, 2:36 PM| 1 Comment
Tuesday, May 222012, 3:18 PMFacing growing losses from its exposure to Greece (an ill-fated 2006 purchase of Emporiki Bank), France's Credit Agricole is again applying for assistance from the Greek central bank. There is little reason, however, to think the BoG will change its stance. Credit Agricole -74% Y/Y. |Tuesday, May 222012, 3:18 PM| Comment!
Friday, May 112012, 4:56 AM
Monday, Mar 52012, 7:57 AMFar from using cheap ECB money to fund governments, large EU banks like Barclays (BCS), Lloyds (LLG), and Credit Agricole (CRARY.PK) are having their subsidiaries in the periphery borrow to fund themselves so the parents can stop shoveling money in. "It doesn't signal confidence," says Pimco's Philippe Bodereau. |Monday, Mar 52012, 7:57 AM| Comment!