1. Could European Regulation Backfire?
Georges Ugeux
February 26, 2015
Source:

2. Overbanked Europe
Size of EU, US and Japanese Banking Sectors (2010) 2

3. European Bank Balance Sheets Show Regression Of Loans
Money, Banking and Other Financial Corporations 3

4. US Commercial Banks Balance Sheet
Assets and Liabilities of Commercial Banks in the United States 4

5. Total Assets of G4 Central Banks
Central Bank Assets as a Percentage of GDP 5

6. Total Assets of G4 Central Banks
Exploding of Central Bank Assets 6

7. Feb and ECB Balance Sheet Projections7

8. As A Solution: The Co-Co Bonds8

9. The Complexity of Decision Process9

10. Lots of Regulations Even for the Retail Banking
Three Levels of Regulations Will Affect Retail Banking 10

11. Shadow Banking
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12. A Specific Case: Greece12

13. G3: 10 - Year Government Bond Yields13

14. The European Quantitative Easing
Eurosystem TARGET2 Balances 14

15. Short Supply
Highly rated debt is scarce as the ECB prepares to begin its 60 billion Euro monthly bond-purchase program 15

16. Conclusion
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17. Georges Ugeux Chairman & CEO +1 212.332.6044
Thank You
Contact Information
Galileo Global Advisors, LLC Ten Rockefeller Plaza, Suite 1001 New York, NY 10020
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STRICTLY PRIVATE AND CONFIDENTIAL
Georges Ugeux Chairman & CEO 17