International Bank Rescue Plans Chris Bates November 2008.

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Presentation transcript:

International Bank Rescue Plans Chris Bates November 2008

International Bank Rescue Plans · November Seeds of the crisis Benign conditions, balance sheet growth, increased leverage, reliance on wholesale funding Vulnerabilities to credit/liquidity risks crystallised as economy weakened and housing prices fall Portfolio losses, CDS spreads rise, interbank market seizure, share price collapses leading to system-wide questions as to banks’ viability

International Bank Rescue Plans · November Key elements of government response State guarantees of wholesale funding Recapitalisation plans Asset purchases Central bank liquidity Increased depositor protection

International Bank Rescue Plans · November State guarantees of wholesale funding Coverage: Eurozone: Austria, Belgium, Finland, France, Germany, Greece, Ireland, Italy, Netherlands, Portugal, Spain Other Europe: Denmark, Poland, Sweden, UK Other: Australia, Canada, New Zealand Structure: Eligibility issues Obligation coverage Availability and maturities covered Constitution of guarantee Fee structures

International Bank Rescue Plans · November Recapitalisation plans Coverage: Eurozone: Austria, Belgium, France, Germany, Greece, Italy, Netherlands Other Europe: Iceland, Switzerland, UK Structure: Formal fund or ad hoc action Tier 1 instruments Impact of pre-emption rights Private sector alternatives Regulatory approvals and notifications

International Bank Rescue Plans · November Additional measures Central bank liquidity Relaxation of collateral standards Dollar/euro funding Asset purchases Belgium, Germany, Spain Canada, Japan, Switzerland (UBS) Enhanced depositor protection schemes

International Bank Rescue Plans · November Overarching issues Strings attached: Government control rights Restrictions on dividends Restrictions on bonuses and executive pay Social commitments Restrictions on balance sheet growth EU restrictions on state aid International competitive issues Impact on supervisory cooperation

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