Spanish banking reform details hitting: The government has ordered an independent audit of the real estate portfolio of the banks and will demand 47% provisions on loans made to property developers. The "reform" also enshrines bailouts, saying public money will be given to those lenders whose books don't cut the mustard. Madrid -1%, Santander STD +0.3% premarket. [View news story]
now that Jamie D has been pushed off his podium, perhaps the banking community will listen more intensely to Santander's Botin. It could have been said by him "We make money the old fashion way--------we earn it.
Following a heavy lobbying campaign, some of Spain's banks will likely be able to opt-out of some of the reforms to be announced Friday, according to sources. Santander (STD) is among those who "feel they have already heavily provisioned are near to reaching their (capital) targets." [View news story]
Perhaps Santander should make a hostile tender offer for all of Spain; maybe trim the dividend a little to pay down the purchase price.
Banco Santander (STD +1.2%) chair Emilio Botin reportedly took advantage of the ECB policy meeting in Barcelona to request another LTRO from the central bank. He has been turned down for the moment, but when the European equivalent of Jamie Dimon makes this sort of request, eyebrows are raised. Spanish banks are having a good day in a red tape. BBVA +3%. [View news story]
Europe is still standing at the top of the ski slope shivering; it needs to go down the hill and risk breaking a leg or get back on the chair that brought them to the top. I am tired of the ministerial bickering And no progress. It's time to give the poles to men like Mr. Botin----he has been down this hill before and knows the trail.
Transocean (RIG +2.5%) bucks the downdraft in energy issues in today's trading, rising after reporting Q1 results buoyed by an improvement in utilization levels and rising rig rates. Analysts at Dahlman Rose say the quarter “will have positive implications" for the stock, and Guggenheim raises shares to Buy with a $65 price target, up from $46. [View news story]
The demand for oil is never going down notwithstanding the current Obama Admin. The big supply is mostly offshore and Rig is right with there with it. Every so often even the big guys hit a bump in the road but it is the big guys who have the horsepower to get over it and get moving again. Buying a $100 stock for $50 is simple math.
Already facing the wrath of the SEC, Egan-Jones invites an EU investigation, cutting Spain to BB+ from BBB-. "What for requests for support from the banks," says the independent agency, noting the assets of the country's 2 largest lenders exceed GDP. [View news story]
What rating should be given to S&P's ratings? These are the people who helped bring the world to it's knees with the mortgage backed securities & CDO ratings. With Spain, and I think they are wrong again, a double downgrade back to back means they are asleep at the switch again. (Wharton ' 66)
Spanish banking reform details hitting: The government has ordered an independent audit of the real estate portfolio of the banks and will demand 47% provisions on loans made to property developers. The "reform" also enshrines bailouts, saying public money will be given to those lenders whose books don't cut the mustard. Madrid -1%, Santander STD +0.3% premarket. [View news story]
Following a heavy lobbying campaign, some of Spain's banks will likely be able to opt-out of some of the reforms to be announced Friday, according to sources. Santander (STD) is among those who "feel they have already heavily provisioned are near to reaching their (capital) targets." [View news story]
Banco Santander (STD +1.2%) chair Emilio Botin reportedly took advantage of the ECB policy meeting in Barcelona to request another LTRO from the central bank. He has been turned down for the moment, but when the European equivalent of Jamie Dimon makes this sort of request, eyebrows are raised. Spanish banks are having a good day in a red tape. BBVA +3%. [View news story]
Transocean (RIG +2.5%) bucks the downdraft in energy issues in today's trading, rising after reporting Q1 results buoyed by an improvement in utilization levels and rising rig rates. Analysts at Dahlman Rose say the quarter “will have positive implications" for the stock, and Guggenheim raises shares to Buy with a $65 price target, up from $46. [View news story]
Already facing the wrath of the SEC, Egan-Jones invites an EU investigation, cutting Spain to BB+ from BBB-. "What for requests for support from the banks," says the independent agency, noting the assets of the country's 2 largest lenders exceed GDP. [View news story]