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Spanish Bank Capital Shortfall As "Good" As Expected: Live Press Conference Webcast
Spanish stress test results are out. Surprise - Oliver Wyman's audit finds that Spanish banks have an approximate EUR60bn shortfall - as expected - see below for pass/fails.
- *SPAIN SAYS 7 BANKS HAVE NO CAPITAL NEEDS :SAN SM, BBVA SM
- *SPAIN STRESS TESTS SHOW CAPITAL SHORTFALL OF EU59.3 BLN :SAN SM
- *SPAIN BANKS HAVE EU53.7 B CAPITAL SHORTFALL AFTER TAX IMPACT
- *BANKIA STRESS TEST SHORTFALL AFTER TAX EFFECT IS EU24.74 BLN
- *SANTANDER, BBVA, CAIXABANK, KUTXA PASS STRESS TEST :SAN SM
- *SABADELL, BANKINTER, UNICAJA PASS STRESS TEST :SAN SM, BBVA SM
Capital needs: Bankia: €24.7; Catalunya Caixa: €10.8; Novagalicia €7.2; Banco de Valencia: €3.5; Banco Popular €3.2; Banco Mare Nostrum: €2.2
Winners:
- *SANTANDER, BBVA, CAIXABANK, KUTXA PASS STRESS TEST :SAN SM
- *SABADELL, BANKINTER, UNICAJA PASS STRESS TEST :SAN SM, BBVA SM
Losers, aka nationalized banks:
- *NCG BANCO STRESS TEST SHORTFALL AFTER TAX EFFECT EU7.18 BLN
- *IBERCAJA, CAJA3, LIBERBANK STRESS TEST SHORTFALL IS EU2.1 BLN
- *BANCO DE VALENCIA STRESS TEST SHORTFALL IS EU3.5 BLN :SAN SM
- *BANKIA STRESS TEST SHORTFALL AFTER TAX EFFECT IS EU24.74 BLN
The discrete needs of the shortfall banks are as follows:
Bankia: 24.7;
Catalunya Caixa:10.8;
Novagalicia 7.2;
Banco de Valencia: 3.5;
Banco Popular 3.2;
Banco Mare Nostrum: 2.2
Based on these stunning assumptions!!!!
Bwuahahahah!!!!
- IBEX: -0.4% next year? -5% worst case?
- Home Prices: -2.8% next year? -4.5% worst case!!!!
- Unemployment: 23.5% in 2013 - worst case 26.8%!!!!!
- EURUSD: 1.33?
Finally, here is why all of the numbers above are absolutely meaningless. As a reminder in August, the ECB provided Spanish banks with €412 billion in funding. That is 7 times as much as the adverse case liquidity needs.
In other words, the total ECB funding and liquidity needs from the Stress Test is €472 billion. This is 50% of Spanish GDP.
Bottom line: the entire Spanish banking system is broke.
Live Press Conference (click image - in Spanish):
Wyman report which nobody will believe:
And numeric summary of goalseeked gibberish:
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I see Potter found the buy button on his keyboard.
WIngardiem-euroiosa!
Someone should inform Potter that he accidently bought BYFC instead of RICK
So "passed stress trest" means SANTANDER, BBVA, CAIXABANK, KUTXA are all going to be nationalized in 3-4 weeks ?
I don't think I'm alone in saying that the Spiderman towel promotion just isn't cutting it. This is going to take something big, u know something faster than a speeding bullet, something more powerful than a locomotive. That's right,this is going to take a Superman Towel Promtion!
In The EUROPEAN SPACE/TIME Continueum,
BAD Newz Is GOOD Newz...
Who gives a phuck if they are? "Just another bank being taken out" right? I would think this site would be overjoyed at the prospect actually...
Every time I open this thread I land on your comment and laugh. Thanks so much, needed it today.
all their ours moneys belong to you us. zzzzz
...and plenty of Spaniards have found the 'withdraw' button on theirs.
So what's the over/under on the half-life of this report?
Santander passed? This is as bad as that touchdown call from that NFL ref from BAC!
but they have plenty of good assets on their balance sheet. spiderman towels have good resale value
So this was the "pre nov 7th" stress test, and then we see the "post nov 7th" shortly!!! Let's just say, they won't be the same!!!
It's pretty much common knowledge, after idiot Mitty went to Europe before the Olympics and made a giant ass of himself in from of the EU heads of state, that they are in the bag for Obama!!! Don't expect any trouble from them before 11/7!!!
But Israel is another matter, I think they are backed into a bad situation, and they see the next 30 days as the only window for attacking Iran!!! Of Obama re-elected they know it's over for them, so it's win win now!! If they attack and all hell breaks loose, and Obama loses because of it, it's a win! If they attack and Obama wins, we are already drawn into the fight, and obama will have to keep fighting or look weak!!
If they wait, and Romney wins, they attack, but the odds of that without an October surprise are low!! A serious catch 22!!!!
My bet is they attack!!
Since when does Obama have problem looking weak?
His PR muppets will simply fill the idiot boxes and internet tubes with propaganda explaining to the sheeple, what they are supposed to think...
2 words describe the stock markets - full retard
eternatard market, Tom Lee's market
the anti-Faber, anti-Janjuah, anti-Kass, anti-Kostin, anti-Rosenberg market
you forgot anti-reality
stress....ha ha....tests....ha ha okay that time beer shot out of my nose
Beer from 5 minutes ago or beer from last night? There IS a difference.
if you must ask....it was...well....a bit of both
For his family's sake I hope that guy doesn't have 'Ministerio de Economía' on his licence plates.
That's good, but do they have plenty of Spiderman towels? Maybe Ben should print some up.
In Spain, Ben is known as Don QExote.
See those people on that panel? Until they have to go dumpster-diving to feed their kids, nothing will change.
Oops.
GROUND CONTROL TO MAJOR EUR/USD
I'm suprised to see them use the term "shortfall". Shouldn't that be "inverse capital?"
"Short capital position".
Just another term for one bank is morer busteder than the others
The banks that passed have the best dumpsters to forage from..just sayin
We have confirmed that we have no money, see we can tell the truth, now please pay us our bonuses.
Of course. Gotta get those stock markets back up some how -lol
Where's Maria to screech, "Off the lows"?
Watch them take this green. When nothing matters apparently nothing matters.
We should probably ask the bankers for guidance on how we fix this problem.
FUCK EUROPE
Not until it shaves its armpits. I have standards.
Why does everyone knock the Germans like this. remember Germany is not Brazil.
True! Better beaches, better climate, better "scenery" . . . . .
Ha ha ha ha
Haa ha ha ha
Oh please my sides are splitting
oh nooze, the euro isn't as valuable as the dollar, so we need to pump another trillion el quicko. racing to the bottom is fun, and profitable
Wow - what a shock! Now back to the stress tests that matter - Apple maps. Apple goes down, we all go down.
More garbage excuses for the US market to rally when the economic indicators of the past two days should have S&P off 40 points for a start. Fuck does this get tiresome. Who is the marginal buyer with this economic picture and the US market at long-term highs? Unfathomable. Companies may be cash-rich, which ony reduces return on equity with stalling earnings, and thus reduces P/E, in a normal market.
unless you use that extra cash to buy back shares to improve EPS of course
The news is terrible, in Europe, in US growth and manufacturing, in politics, in life ... must be time for that Friday Rally
Did the Algos write the Spainish press release?
Yes
http://www.ironmill.com/2012/07/12/you-can-call-me-al-for-algorithm-the-...
Exactly the point, Daddy Bernanke or PPT program the algos to respond to the robot written press release. Every key word that pumps the S&P are maximized in the press release.
Spanish bank stress out. Question now is, what is the half life of a lie in terms of a market rally? Time to fade lies?
I guess the ECB needs to inject $60 billion into the Spanish banks then (so the Spaniards can keep up the bank run.) Wait...if they inject the $60 bil, then the Spaniards will be reassured about the health of the banks and end their bank run.
/sarc
60 billion new spanish bonds...60 billion tab for German taxpayers.
SPY 144 is the new "strange attractor"
The good news is that the rate of withdrawal from these banks will test the validity of the stress tests.
And soon.
pods
Stress test, yeah sure, once upon a time Dexia also had a stress test...
Dexia, fk yeah!
Spiderman towels, fk yeah!
Santander, fk yeah!
Mallorca, fk yeah!
Real Madrid, fk yeah!
Rajoy, fk yeah!
Ronaldo, uhhhhhh (heated argument) uhhhhh, ok, fk yeah
Bailout, fk yeah!
Austerity, fk yeah!
Lagarde's goonsquad, fk yeah!
60 billion won't be enough. Look at Greece for future reference. The shit is going to hit the fan in Italy in 2013.
and France....
75% tax rate?? What are they smoking?
IBEX down 5% worst case next year? The fucker fell 4% on thursday! bhwaaaaaa
these are criminals making assumptions
60 billion is one week's cash of the Oligarchs stashed in Cayman land.
Estimated cash in Corporates is 6T. 50% held outside fiscal control.
A multinational raid of the Cayman Island banking houses has been completed. The naval, marine, air and land forces searched every inch of every bank and found nothing of value. "It was all paper" said General Distraction.
It is $76.3 billion in dollar terms (59.3 in euros).
Either way it doesn't matter. They are broke and no one is lending a dead bead anymore cash.
Sept.28 - Some Headlines:
Spanish Press
La banca "más solvente del mundo" necesita otros 59.300 millones"La banca española tiene un agujero de hasta 59.300 millones de euros
Salirse del euro
Catalonian Press
L'amenaça militar arriba a Europa
The pain in Spain falls mainly on the plain (peeps).
EU's Juncker says when it becomes serious, you have to lie
+1! You are the man of the hour!
Now who in the hell is going to give them 60 billion.......just sayin..
Spanish stress test lie half life rally lasted about an hour. Next up: Moody's phony one notch credit downgrade. Time to fade lies?
That means that dynamic provisioning has been incorporated into these tests, as that is the BE's approved method of accounting.
If I understism this correctism, the only people in Espana with money are the citizens that took it out of the caja and put it in their cama?
I CALL BULLSHIT !! TRIPLE IT.
Fundamentals ... hahahahahahahahahahahahahahahahaha
I like Don QEXote the best... that's hilarious.
Who is the next Johann Jakob Fugger?
SPAIN SAYS 7 BANKS HAVE NO CAPITAL NEEDS
SPAIN SAYS 7 BANKS HAVE NO CAPITAL, NEEDS!...and just a day after the Pinocchios' Live Press Conference:
Demo in Madrid at 6PM: the people are demanding Government resigns #Vamos29S #Spanien #Espagne #OWS #29S
In Lisbon has already started, you can follow it here:
http://www.livestream.com/ICBcn?t=782341