1.6.11

Tι ακριβώς γίνεται με τη DEXIA;

Πολύ θα ήθελα να ξέρω...
Δυστυχώς οι ειδήσεις μετά την 27η Μαϊου είναι φειδωλές...
Φαντάζομαι βέβαια τα χειρότερα...

ft.com/alphaville We’ll note that while Dexia has to sell a lot of stuff and increase capital after its last financial trashing (monoline exposure in the crisis and a government rescue) there’s obviously much nervousness about the bank’s bond portfolio and the exposure to Greece therein. It amounts to about €3.5bn overall according to a recent Morgan Stanley estimate.
Now, Commerzbank (owner of another Greek-hit bond portfolio) recently raised capital as well, in order to deal with its crisis-injected hybrid shares.

bloomberg: Dexia to Make $5.1 Billion Provision for Losses on Accelerated Asset Sales
The second-quarter provision to cover future losses will reduce Dexia’s Tier 1 ratio, a measure of its ability to absorb losses, to about 11 percent from 13.4 percent at the end of March, the bank, based in Brussels and Paris, said today in a statement. The shares gained the most in seven weeks after Dexia said it will have a Tier 1 ratio of at least 12 percent by the end of this year. The cost of insuring its senior debt rose.
 
enet.gr Σύμφωνα με πληροφορίες η απόφαση για αναστολή διαπραγμάτευσης ελήφθη λόγω δικαστικής εμπλοκής της τράπεζας σε υπόθεση οικονομικής απάτης η οποία προκάλεσε την κατάρρευση ετης εταιρείας λογισμικού  Lernout & Hauspie. Η διαπραγμάτευση της μετοχής ξεκίνησε και πάλι μετά τις 2.30 το μεσημέρι. 

reuters UPDATE 5-Dexia to take big Q2 loss to clear out assets
Bailed out Franco-Belgian financial group Dexia SA will take a 3.6 billion euro ($5.12 billion) hit to clean out its low-grade U.S. assets and speed up bond sales required by Brussels.
Dexia, a huge recipient of U.S. Federal Reserve funds during the financial crisis [ID:nN31261042], said on Friday its board had approved the accelerated sale plan, focusing on mostly poor quality U.S. mortgage-backed securities and longer-dated bonds.

30/5/2011
bloomberg: Dexia May Submit Restructuring Plan As Early as May 31, EU’s Almunia Says
“Dexia received a decision last year, but now they have announced that they will present probably tomorrow a new restructuring plan because of the new circumstances,” EU Competition Commissioner Joaquin Almunia said today in Budapest.
Dexia, the bank that took the most Federal Reserve discount-window help in October 2008, wrote down the value of its U.S. asset-backed securities by almost $2.31 billion by the end of the first quarter after raising its estimate of future losses on the underlying mortgages. It will take an additional 1.8 billion euros ($2.57 billion) to bring the valuation in line with the securities’ market value pending a sale.
By writing down the securities to their market value, Dexia will be in a position to waive the Belgian and French state guarantees covering losses on those assets and renegotiate the “terms and consequences” arising from the state support, the bank said last week. The guarantees amounted to 3.2 billion euros of the 8.4 billion euros in state aid Dexia received, according to the European Commission.


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