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Italian Exposure By Bank

Tyler Durden's picture




 

Previously we showed what the sovereign gross level exposure to Italy is. Now, it is time to get granular and show the data at a discrete level. Below are the banks most exposed to Italy. Don't forget that courtesy of our wonderful fractional reserve financial system, with everyone's asset being someone else's liability, the question then becomes who has most exposure to these banks, and then most exposure to banks that have exposure to these banks, and so forth.

  • Intesa €60.2 BN
  • UniCredit €49.1 BN,
  • Banca Monte €32.5 BN
  • BNP Paribas €28.0 BN
  • Dexia €15.8 BN
  • Banco Popolare €11.8 BN
  • Commerzbank €11.7 BN
  • Credit Agricole €10.8 BN
  • UBI €10.5 BN
  • HSBC €9.9 BN
  • Barclays €9.4 BN
  • SocGen €8.8 BN
  • Deutsche Bank €7.7 BN

Remember though: THEY ARE ALL PERFECTLY HEDGED!!! </sarc>

Judging by the stock performance of the Big 3, the market knows this all too well.

Data and chart source: Bloomberg

 

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Wed, 11/09/2011 - 09:44 | 1860419 bania
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I get the feeling there is a "palpable hue of anticipation" for days like today in the ZH office

Wed, 11/09/2011 - 09:50 | 1860449 SheepDog-One
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I think its hillarious. At close yesterday all I heard from da bulls and media was how DOW 15,000 by Xmas is now definitely confirmed.

Stop-loss flushing market, all it is.

Wed, 11/09/2011 - 09:51 | 1860455 jdelano
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surprised it's not bigger news that papademos is getting cockblocked by G-Pap....

Wed, 11/09/2011 - 10:20 | 1860581 strannick
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The names 'L-Pap'

Wed, 11/09/2011 - 10:32 | 1860631 FEDbuster
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This is just a giant Pap smear.

Wed, 11/09/2011 - 11:01 | 1860678 TruthInSunshine
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"Don't forget that courtesy of our wonderful fractional reserve financial system, with everyone's asset being someone else's liability, the question then becomes who has most exposure to these banks, and then most exposure to banks that have exposure to these banks, and so forth."

 

Zero Hedge, because nobody does (or says) it better.

No one is half as good as you.

+1 Federal Reserve Note (conjured from thin air, then loaned 9 times over, with each of the 9 leveraged by ratios as far as the eye can see).

Wed, 11/09/2011 - 09:52 | 1860456 Big Slick
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Dow futures down 243 at 8:53AM ET

Wed, 11/09/2011 - 11:00 | 1860731 Hansel
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This is just a correction.  All aboard, full steam ahead.  15,000 by Xmas, 17,000 by new year, 23,000,000 by Juneteenth.  Don't be a hater, BTFD.

Wed, 11/09/2011 - 09:57 | 1860484 Andrew G
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ECB = Eventually Capitulate to Bondholders

Print, baby, print!

Wed, 11/09/2011 - 10:03 | 1860507 Note to self
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I don't think a statement regarding printing is going to turn off the margin calls now set to lock in after today's close.

Wed, 11/09/2011 - 10:13 | 1860549 disabledvet
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that's "the question." will the ECB start monetizing? Super Mario has given every indication of "NO WAY." There is a restructuring option when you have an Argentina or an Iceland. But those were basically blips on the economic radar screen. No one will argue that about the entirety of European Union. It may not be the largest economy in the world but it certainly is the largest TRADING BLOC. My concern is that Super Mario is missing this distinction and will mistake the simple "hugeness" of the liquidity that the American economy has (which is not a trading bloc at all) for something identical in "Europe." The type of "our Banks" is completely different than the European ones "over there." Indeed...there's that name "Dexia" again! And what about the insurers? They have to have MASSIVE exposure to the European CDS do they not?

Wed, 11/09/2011 - 10:59 | 1860712 Jayda1850
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They have to have MASSIVE exposure to the European CDS do they not?

What does it matter? The bondholder's haircut will always be "voluntary" and no matter how large the haircut the TPTB will never allow it to be acknowledged as a credit event. After the greek fiasco, those CDS contracts are worthless. Thats the main reason for the sell off in BTP's. Why would an investor buy them if he can't get any protection on them?

Wed, 11/09/2011 - 10:03 | 1860509 Miss Expectations
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I've often wondered what the ZH office looks like.  Perhaps William could offer his own visual take?

Wed, 11/09/2011 - 10:07 | 1860526 Note to self
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I trhink its hip like the pad where the Monkees used to live.

Wed, 11/09/2011 - 10:32 | 1860626 Zero Govt
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used to look like the Monkeys pad ...before the ZH office became rammed with flatscreen monitors and now looks like a TV showroom ...plus obligatory (for Yanks) mini basketball hoop, desks covered in coffee cups and the centrepiece of the office, a dartboard with a photo of Tiny Tim shredded with a thousand darts (i've got one of those too)

Wed, 11/09/2011 - 09:44 | 1860420 qussl3
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Cant Italy just nationalize them?

Wait........

Wed, 11/09/2011 - 09:45 | 1860429 JJSF
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I wonder what Morgan Stanley's holdings are in comparison.

Wed, 11/09/2011 - 09:58 | 1860487 jekyll island
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Good point.  Tyler, how about an article for French and Spanish bank exposure to sovereign debt, they are next on the list?  Might be good candidates to buy some puts if they are overvalued.  

 

Wed, 11/09/2011 - 10:12 | 1860537 NetDamage
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French banks are well covered by Reggie.

Wed, 11/09/2011 - 09:46 | 1860430 GeneMarchbanks
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Dexia?

Wed, 11/09/2011 - 09:47 | 1860440 GMadScientist
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Decks Ya!

Wed, 11/09/2011 - 10:37 | 1860645 Zero Govt
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hasn't Debtya already been bailed?

..and now they're up again on the 'Winners' podium.

No rest for the wicked! ...some bankrupt banks just can't get a break around here!

Wed, 11/09/2011 - 09:46 | 1860431 Tom Green Swedish
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How do I rained chocolate?

Wed, 11/09/2011 - 10:53 | 1860658 Zero Govt
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I'd ask the Belgiums about chocolate but what with losing their Govt (fuking awesome), losing their banks and soon to lose the EC HQ let's just say they're rather bizzy at the moment ! 

Wed, 11/09/2011 - 09:47 | 1860433 GMadScientist
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Can I see those totals in Lire, please? ;)

Wed, 11/09/2011 - 09:47 | 1860436 youngman
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There is some red on those balance sheets today...but they will just change their capital numbers or something to cover it...all is good in la la accounting land..

Wed, 11/09/2011 - 09:47 | 1860441 SheepDog-One
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Aw whats a few hundred billion between scumbag bankers?

Wed, 11/09/2011 - 09:49 | 1860442 boweatherly
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*ITALY'S CC&G SAYS DEPOSIT CHARGE ON ITALY 10-YR BONDS 11.65%

Cassa di Compensazione e Garanzia (CC&G) the clearence system that contains most of the active Italian repo counterparts have just matched LCH Clearnet S.A.'s increase in margin.

Wed, 11/09/2011 - 09:53 | 1860459 GeneMarchbanks
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When it rains it pours. Now get down on all fours!

Wed, 11/09/2011 - 09:51 | 1860451 sabra1
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this won't affect canadian real estate which only goes up, right?

 

Wed, 11/09/2011 - 09:51 | 1860452 Big Slick
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Couple of big names there - primary dealers of US Treasuries

Primary Dealer list;  http://www.ny.frb.org/markets/pridealers_current.html

 

Wed, 11/09/2011 - 09:52 | 1860457 youngman
youngman's picture

It looks like the ECB is buying right now...if I was one of these banks....I would be unloading as much as I could.....its going to 60% soon....and I thought this would happen to Bernanke first...the dumping of treasuries....probably because I thought the ECB would follow their rules and regulations, treaties and such.....so just when you think you have the game figured out...they change the game on you....

Wed, 11/09/2011 - 09:53 | 1860458 pasttense
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You should have separated the list into Italian and non-Italian banks.

Wed, 11/09/2011 - 09:53 | 1860461 semperfi
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ECB Bailout "Easy" Button about to be pushed. 

Wed, 11/09/2011 - 09:55 | 1860467 trampstamp
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Look at those assholes trying to goose the market. US futures traders on the floor want some of the action, when it opens in the US,  so they will goose it up for a better price. Well I hope that's what it is and not beeno and the boys.

Wed, 11/09/2011 - 09:54 | 1860470 Peter K
Peter K's picture

... and being held to term. :)

 

Wed, 11/09/2011 - 09:55 | 1860478 firstdivision
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I shorted a boat load of MS yesterday right before close.  That was one hell of a lucky bet.

Wed, 11/09/2011 - 10:20 | 1860580 Smiddywesson
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Lucky bet, no, lucky timing, yes.  Green for you.

Wed, 11/09/2011 - 10:36 | 1860642 Ragnar24
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Exactly! My timing on MS was shit (bought puts 3 weeks ago). "Luck" is just the convergence of preparation and timing -- so nice work on the trade!

Wed, 11/09/2011 - 09:59 | 1860489 pantheo
pantheo's picture

A downgrade now should be the cherry on the cake for the permabulls...

Wed, 11/09/2011 - 10:00 | 1860495 iinthesky
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Money changers never change

Wed, 11/09/2011 - 10:01 | 1860503 s2man
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Gordon Long says only two countries have had lower growth than Italy since 200: Haiti and Zimbabwe.  LOL  Based on that contrarian info, I am going long It bonds.

Wed, 11/09/2011 - 10:03 | 1860511 Rogier
Rogier's picture

Deutsche Bank exposure to Italy stems from the takeover of Postbank, but if I'm not mistaken DB recently sold over 6 BN of its BTP portfolio...

Wed, 11/09/2011 - 10:05 | 1860515 devo
devo's picture

Here comes hyperinflation.

Wed, 11/09/2011 - 10:07 | 1860523 midgetrannyporn
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They are mostly just EU TBTF imo.

Wed, 11/09/2011 - 10:11 | 1860533 Schmuck Raker
Schmuck Raker's picture

I've been meaning to ask:

Italy finally passed their 2010 budget last week.

Today, I hear they could pass the 2012 budget in the next week(, or two.)

Ssoooooo...what about the 2011 budget. Do they plan to just skip it? Is this some new type of "Budget Cutting" device I'm not familiar with?

Wed, 11/09/2011 - 10:14 | 1860554 lizzy36
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US has only passed ONE budget since obama has been in Office.

Could be part of the problem, but what do i know.

Wed, 11/09/2011 - 10:16 | 1860567 lizzy36
lizzy36's picture

I can harldy wait for the Market to start focusing back to Spain. 

Because although Spain is not as "big" as Italy is is a larger clusterfuck.

Might be time to buy some nickels....(kyle bass)

Wed, 11/09/2011 - 10:21 | 1860588 ralphcore
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hmmm, do i smell short sale restrictions in these names being extended beyond 11th Nov ???

Wed, 11/09/2011 - 11:49 | 1860929 ralphcore
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apparently 11th nov is when the SS restriction will lapse, minus the bank hol in france on monday - down to zero by Tuesday COB ??

Wed, 11/09/2011 - 10:28 | 1860618 Belarus
Belarus's picture

BNP Paribas €28.0 BN; What a clusterfuck of a bank! Middleton's calls their accounitng: Leh-Man Bucks. It's a good analogy I think. 


Wed, 11/09/2011 - 10:42 | 1860659 YesWeKahn
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Are you sure that US banks did hide anything?

Wed, 11/09/2011 - 11:50 | 1860936 Mussolim
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I remeber when months ago ZH exposed the dump of italian banks shares on Sigma-x....

TD, SEI TROOOPPO avanti!

Wed, 11/09/2011 - 14:53 | 1862040 Scrilla
Scrilla's picture

I suggest ZH shoud look into credit-default-swap counterparty exposure towards both financial institutions and sovereign debt of the PIIGS countries. Word on the street is that US banks are involved big way?

Wed, 11/09/2011 - 14:53 | 1862041 Scrilla
Scrilla's picture

I suggest ZH shoud look into credit-default-swap counterparty exposure towards both financial institutions and sovereign debt of the PIIGS countries. Word on the street is that US banks are involved big way?

Mon, 11/14/2011 - 05:57 | 1874980 dida
dida's picture

I think if they will not do something in this case, the problems will be more and more difficult to be solved and the situation will have an dramatic ending. Cazare Rucar

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