外文报告:HSBC-EU summit:First steps to banking union-120629
上传者:刘巨保|上传时间:2015-05-05|密次下载
外文报告:HSBC-EU summit:First steps to banking union-120629
Economics
29 June 2012
Janet Henry | +442079916711 | JANET.HENRY@http://wendang.chazidian.com
View HSBC Global Research at:http://wendang.chazidian.com
Issuer of report: HSBC Bank plc
EU summit:
First steps to banking union
Expectations were low, but with some plans that could help to rein in spiralling Spanish and Italian debt costs, and
its initial moves towards establishing a eurozone banking union, this EU summit may turn out to be one of the more
important ones of recent years. Much detail remains to be fleshed out, deadlines are absent and much of what needs to
be done will take years but at least the market rally lasted more than a couple of hours, which is more than it did after
the Spanish bank bailout and Greek election results were announced.
The main achievement of the two-day European Council meeting was the commitment to a single eurozone banking sector
supervisory authority and an intention to put it in place as quickly as possible so that the new European Stability Mechanism
(ESM) will not have to assume seniority when it helps to recapitalise banks. This is the accelerated part of the banking sector
union that is part one of President Herman Van Rompuy's long-term roadmap for completing economic and monetary union.
Otherwise the meeting was largely as expected with a EUR120bn growth plan (see note published earlier today), which will
hopefully be enough to get France on board with the fiscal compact.
Helped by the low expectations going into this summit, the initial market reaction has been positive and the first step towards
setting out a vision for genuine integration is to be welcomed. For the past two years we have argued that the European-wide
mechanism for dealing with banking sector issues (such as through forced recapitalisations if necessary) is critical to solving to
the crisis. But we are not yet even at the detailed proposal stage for the banking supervisory mechanism and getting countries
to relinquish sovereignty over their banks will not be an easy path. Questions will also no doubt soon follow about whether the
ESM of EUR500bn will actually big enough for its potentially larger role.
More immediately, the next ten days alone are scheduled to see the Troika return to Greece (July 2), the ECB to meet to set
policy (July 5) and the Eurogroup to discuss the recapitalisation plans for the Spanish banking sector (July 9) so there will still
be plenty of newsflow to bombard the market.
BANKING UNION WILL HELP SPAIN AND IRELAND
As is typically the case with eurozone commitments made at this type of summit, a single eurozone banking sector supervisory
authority (the ECB) is not the kind of mechanism that can be put in place overnight, not least because they haven't yet decided
how it will work. The Commission will present proposals for a single supervisory mechanism "shortly" and will ask the
European Council to consider the proposals as a matter of urgency by the end of 2012. Only once it is in place will the new
ESM not have to assume seniority when it helps to recapitalise banks. So for Spain the discussions will still proceed on the
Memorandum of Understanding for the bank recapitalisation assistance at the July 9 meeting of the Eurogroup and the funding
will initially be provided by the EFSF, presumably in the form of a loan to the Spanish government. Hence it will add to the
government's debt burden but at least the EFSF loans are not senior. Once the supervisory mechanism is in place, the EFSF
loan can be transferred to the ESM without seniority. The suggestion is that it would become a direct recapitalisation not
channelled through the government but the wording of the statement is full of qualifications: nothing is set in stone and all
measures are only possible under "certain circumstances" and "certain conditions". The Irish programme is also due to be
re-examined with a view to improving the sustainability of the adjustment programme further. As long as the plan proceeds
quickly, it could ce
rtainly help the Irish government return to the bond market when its current programme ends which
explains why Irish yields fell more than Spanish or Italian ones in response to the announcement.
anonymous@http://wendang.chazidian.com FIRST LAST 07/02/12 06:24:34 AM Hong Kong Highpower
下载文档
热门试卷
- 2016年四川省内江市中考化学试卷
- 广西钦州市高新区2017届高三11月月考政治试卷
- 浙江省湖州市2016-2017学年高一上学期期中考试政治试卷
- 浙江省湖州市2016-2017学年高二上学期期中考试政治试卷
- 辽宁省铁岭市协作体2017届高三上学期第三次联考政治试卷
- 广西钦州市钦州港区2016-2017学年高二11月月考政治试卷
- 广西钦州市钦州港区2017届高三11月月考政治试卷
- 广西钦州市钦州港区2016-2017学年高一11月月考政治试卷
- 广西钦州市高新区2016-2017学年高二11月月考政治试卷
- 广西钦州市高新区2016-2017学年高一11月月考政治试卷
- 山东省滨州市三校2017届第一学期阶段测试初三英语试题
- 四川省成都七中2017届高三一诊模拟考试文科综合试卷
- 2017届普通高等学校招生全国统一考试模拟试题(附答案)
- 重庆市永川中学高2017级上期12月月考语文试题
- 江西宜春三中2017届高三第一学期第二次月考文科综合试题
- 内蒙古赤峰二中2017届高三上学期第三次月考英语试题
- 2017年六年级(上)数学期末考试卷
- 2017人教版小学英语三年级上期末笔试题
- 江苏省常州西藏民族中学2016-2017学年九年级思想品德第一学期第二次阶段测试试卷
- 重庆市九龙坡区七校2016-2017学年上期八年级素质测查(二)语文学科试题卷
- 江苏省无锡市钱桥中学2016年12月八年级语文阶段性测试卷
- 江苏省无锡市钱桥中学2016-2017学年七年级英语12月阶段检测试卷
- 山东省邹城市第八中学2016-2017学年八年级12月物理第4章试题(无答案)
- 【人教版】河北省2015-2016学年度九年级上期末语文试题卷(附答案)
- 四川省简阳市阳安中学2016年12月高二月考英语试卷
- 四川省成都龙泉中学高三上学期2016年12月月考试题文科综合能力测试
- 安徽省滁州中学2016—2017学年度第一学期12月月考高三英语试卷
- 山东省武城县第二中学2016.12高一年级上学期第二次月考历史试题(必修一第四、五单元)
- 福建省四地六校联考2016-2017学年上学期第三次月考高三化学试卷
- 甘肃省武威第二十三中学2016—2017学年度八年级第一学期12月月考生物试卷
网友关注
- 顽固失眠最好的治疗方法
- 高热惊厥患儿的护理体会
- 神经生物学
- 世界之最
- The AETG System
- 生物工程
- Prognostic impact of serum CYFRA 21–1 in patients with advanced lung adenocarcinoma a retrospective
- 高甘油三酯和脂质三联征对女性冠心病患者危险性的影响
- 护理文书书写中存在的缺陷与对策
- 高甘油三脂血症在动脉粥样硬化发生中的作用及致冠心病的危险性
- 生态学 植物
- 高甘油三酯血症与2型糖尿病关系分析
- 1-s2.0-S0967586813000337-main
- 高热量饲料诱发胰岛素抵抗动物模型的实验研究
- 胸液癌胚抗原、细胞角蛋白19片断联合检测对良恶性胸液鉴别诊断
- 环境期刊SCI影响因子排列
- 高盐变质流体对我国绿岩带金矿的制约
- 3S
- 杂志的名称及影响因子
- 编译原理课程项目
- 高盐对SD大鼠肾脏骨调素mRNA表达的影响
- 大洋洲
- 病理切片借阅制度
- 基于环境因子AI_GIS方法的天然滑坡危险性预测_以香港大屿山岛为例
- 新西兰留学地理优势
- 窗外 太阳镜 墨镜 偏光镜 基础知识 区别
- 《过界男女》影评:共6名观众两名玩手机三名中途离场
- 圆
- 高热量高蛋白饮食诱导GK大鼠糖尿病肾病模型的建立
- 口腔重点
网友关注视频
- 外研版英语三起5年级下册(14版)Module3 Unit2
- 冀教版小学数学二年级下册1
- 苏科版数学 八年级下册 第八章第二节 可能性的大小
- 北师大版八年级物理下册 第六章 常见的光学仪器(二)探究凸透镜成像的规律
- 冀教版小学数学二年级下册第二单元《有余数除法的竖式计算》
- 二年级下册数学第二课
- 30.3 由不共线三点的坐标确定二次函数_第一课时(市一等奖)(冀教版九年级下册)_T144342
- 人教版历史八年级下册第一课《中华人民共和国成立》
- 二年级下册数学第三课 搭一搭⚖⚖
- 外研版英语七年级下册module1unit3名词性物主代词讲解
- 沪教版牛津小学英语(深圳用) 六年级下册 Unit 7
- 七年级下册外研版英语M8U2reading
- 冀教版小学数学二年级下册第二单元《租船问题》
- 【部编】人教版语文七年级下册《逢入京使》优质课教学视频+PPT课件+教案,辽宁省
- 沪教版牛津小学英语(深圳用) 四年级下册 Unit 12
- 苏科版数学七年级下册7.2《探索平行线的性质》
- 人教版二年级下册数学
- 北师大版小学数学四年级下册第15课小数乘小数一
- 19 爱护鸟类_第一课时(二等奖)(桂美版二年级下册)_T3763925
- 【部编】人教版语文七年级下册《泊秦淮》优质课教学视频+PPT课件+教案,广东省
- 化学九年级下册全册同步 人教版 第18集 常见的酸和碱(二)
- 8.练习八_第一课时(特等奖)(苏教版三年级上册)_T142692
- 二次函数求实际问题中的最值_第一课时(特等奖)(冀教版九年级下册)_T144339
- 苏教版二年级下册数学《认识东、南、西、北》
- 化学九年级下册全册同步 人教版 第22集 酸和碱的中和反应(一)
- 外研版英语三起5年级下册(14版)Module3 Unit1
- 飞翔英语—冀教版(三起)英语三年级下册Lesson 2 Cats and Dogs
- 冀教版小学英语五年级下册lesson2教学视频(2)
- 沪教版牛津小学英语(深圳用) 四年级下册 Unit 2
- 北师大版数学四年级下册第三单元第四节街心广场
精品推荐
- 2016-2017学年高一语文人教版必修一+模块学业水平检测试题(含答案)
- 广西钦州市高新区2017届高三11月月考政治试卷
- 浙江省湖州市2016-2017学年高一上学期期中考试政治试卷
- 浙江省湖州市2016-2017学年高二上学期期中考试政治试卷
- 辽宁省铁岭市协作体2017届高三上学期第三次联考政治试卷
- 广西钦州市钦州港区2016-2017学年高二11月月考政治试卷
- 广西钦州市钦州港区2017届高三11月月考政治试卷
- 广西钦州市钦州港区2016-2017学年高一11月月考政治试卷
- 广西钦州市高新区2016-2017学年高二11月月考政治试卷
- 广西钦州市高新区2016-2017学年高一11月月考政治试卷
分类导航
- 互联网
- 电脑基础知识
- 计算机软件及应用
- 计算机硬件及网络
- 计算机应用/办公自动化
- .NET
- 数据结构与算法
- Java
- SEO
- C/C++资料
- linux/Unix相关
- 手机开发
- UML理论/建模
- 并行计算/云计算
- 嵌入式开发
- windows相关
- 软件工程
- 管理信息系统
- 开发文档
- 图形图像
- 网络与通信
- 网络信息安全
- 电子支付
- Labview
- matlab
- 网络资源
- Python
- Delphi/Perl
- 评测
- Flash/Flex
- CSS/Script
- 计算机原理
- PHP资料
- 数据挖掘与模式识别
- Web服务
- 数据库
- Visual Basic
- 电子商务
- 服务器
- 搜索引擎优化
- 存储
- 架构
- 行业软件
- 人工智能
- 计算机辅助设计
- 多媒体
- 软件测试
- 计算机硬件与维护
- 网站策划/UE
- 网页设计/UI
- 网吧管理