HKL Stands out the recapitalización of the banking for the turn of the credit to the public work
The financial director of HKL has remembered the profits of the European rescue: “it treats of a loan in conditions very advantageous, that will allow a saneamiento deep of the Spanish banking, like essential condition for the recovery of the economy and the generation of new places of work. For the companies constructors means a help and improvement of the solvencia and operating capacity”.
As it has informed the Government, the consultor external Oliver Wyman has completed a proof of resistance of each one of the 14 banking groups that integrate 90% of the banking system Spanish to determine his needs of capital. Nevertheless, these needs will not be equivalent to the public support that need each entity. The difference will come given by the reduction of requests of derivative capital of the alienations of active that do the entities per , by the transmission of active to the SGA, by the realisation of exercises of assumption of losses by the forks of hybrid instruments (voluntary or imposed by the authorities) or by the catchment of capital that could obtain of private way in the markets.
Firstly will constitute the SGA and will approve so much the perimeter of the society (active that they will be transferred) like the prices of transfer. In the month of November is foreseen the approval of the statutory development of the SGA and agreements of services with the banks cedentes and third. The set up full of the SGA is foreseen at the beginning of December.
Guide on the terms of recapitalización
The Spanish Government has informed concerning the banks of the Group 1, that have come working in the plans of restructuring or of resolution, in conjunction with the European Commission, from finals of July of 2012. These plans will complete to the light of the results of the proof of resistance and will present with sufficient time so that the Commission can approve them in November of 2012. On this base, will concede the state help and will be able to put in practice immediately the planned plans. Before it conclude the year will have initiated the traspaso of the active deteriorated to the SGA. Likewise, they will have to realise voluntary or compulsory exercises of assumption of losses by part of the forks of hybrid instruments of capital for the entities of the Group 1 (in general, for all the entities that require public help).
Concerning the banks of the Group 2, the Spanish authorities will have to present a plan of restructuring or resolution to the European Commission, to more take in October of 2012. Given the need to incorporate the results of the proof of resistance, foresees that the process of approval prolong until finals of December, moment in that recapitalizarán or will resolve these banks of orderly way. All the banks of the Group 2 will have to contemplate in his plan of restructuring or resolution the necessary steps for segregar his active deteriorated to the SGA. Concerning the banks of the Groups 1 and 2, the public support will concede , in his case, so prompt the Commission approve the corresponding plans, following the agreed procedure in the Ease of Financial Assistance (FAF).
Like this, after the application of the bottoms for each entity, the European Bottom of Financial Stability (EFSF) –or, after his set up, the European Mechanism of Stability (MEDE)– will verify that they fulfil all the requirements to proceed to the outlay and will elevate his proposal in this sense to the Group of Work of the Euro (EWG), for his approval, that will take into account the national specificities that are precise for the provision of consent by each Been member. The Commission has to llevar a review of the fulfillment of the condicionalidad agreed in the MoU and elevate a report, that will be what take in consideration EFSF to these effects. This review will take place in the second fortnight of October.
Once approved the operation, the EFSF/MEDE will transfer to the FROB the bonos corresponding so that this inject them in the concrete entity in return of the titles (ordinary shares or bonos convertible) that determine .
To the banks of the Group 3 that project an important increase of equivalent or upper capital to 2% of the active ponderados by risk will demand them , like measure cautelar, that issue bonos convertible (Coconuts) with arrangement to the plan of recapitalización to more take in December of 2012, to end to satisfy his needs of capital.
The FROB, using the resources of the program, will subscribe said bonos, that will be able to repurchase until 30 June 2013 if the banks attain to obtain the necessary capital of private sources. In contrary case, will be recapitalizados by means of the total or partial conversion of the bonos in ordinary shares. In said case, the banks will have to present plans of restructuring. The banks of the Group 3 that have foreseen an increase of capital more limited, less than 2% of the active ponderados by risk, will have of term until 30 June 2013 to llevar it. In case of not attaining his aim, will be recapitalizados by means of state help and will have to present plans of restructuring.
The banks of the Group 3 that, to 30 June 2013, follow benefiting of the public support in virtue of this program, will have to contemplate in his plans of restructuring the transfer of his active deteriorated to the SGA, except that it can show, in the case of the banks that require less than 2% of the active ponderados by risk in state help, that result less costly other means to attain the full segregation of said active.
