Det tager form. gearing 1 til 8. SPV. Special Purpose Vehicle. Med andre ord bekæmp det onde med det onde.
Jeg er en smule målløs, men det er nok det markedet vil se.
27/9 2011 20:06 Kristensen 0
46751 Lidt om samme emne fra børsen, men der er dog fortsat stor usikkerhed: http://borsen.dk/nyheder/investor/artikel/1/216120/wall_street_sitrer_over_udsigt_til_redning_af_europa.html
27/9 2011 20:21 Conner 046752 Hvis jeg forstår det rigtigt, så ligger de en bund under bankerne. Desuden laver det et stort hul, hvor man kan smide alle de dårlige Obligationer ned i. Vupti al gælden er væk, og det samme er problemerne. Der er kun et lille men, og det er, at det er EIB, der står som arrangør af projektet. Her er DK medlem, og vi er dermed trukket ind i den kattepine, som er skabt, da Grækenland er med i euroen. Vi som danskere kommer dermed til at hænge på noget, som vi overhovedet ikke på nogen måde, bør være en del af. Stort ÆV.
Planen minder om den Amerikanske TARP.
Så de sikrer gælden og samtidigt bankerne.
Så de sikrer gælden og samtidigt bankerne.
Men som vi også kort har berørt var faren at sovereign debt endte som CDO som aktivklasse. Altså i en situation hvor der bare ikke kunne findes likviditet til at sætte priser. Det er alvorligt i et kapitalistisk system fordi det umuliggør en ligevægtspris og så ser vi et sammenbrud af aktivklassen.
Med TARP mener mange at Geithner & Co. reddede det hele. Men i overskriftsform er det jo. Gør alt. Gør mere end forventet. Eliminer enhver tvivl om at der mangler likviditet nogen steder i systemet.
WIKI gør det nok bedre end jeg:
TARP allows the United States Department of the Treasury to purchase or insure up to $700 billion of "troubled assets," defined as "(A) residential or commercial mortgages and any securities, obligations, or other instruments that are based on or related to such mortgages, that in each case was originated or issued on or before March 14, 2008, the purchase of which the Secretary determines promotes financial market stability; and (B) any other financial instrument that the Secretary, after consultation with the Chairman of the Board of Governors of the Federal Reserve System, determines the purchase of which is necessary to promote financial market stability, but only upon transmittal of such determination, in writing, to the appropriate committees of Congress."[6]
In short, this allows the Treasury to purchase illiquid, difficult-to-value assets from banks and other financial institutions. The targeted assets can be collateralized debt obligations, which were sold in a booming market until 2007, when monkey nuts
TARP does not allow banks to recoup losses already incurred on troubled assets, but officials expect that once trading of these assets resumes, their prices will stabilize and ultimately increase in Value, resulting in gains to both participating banks and the Treasury itself. The concept of future gains from troubled assets comes from the hypothesis in the financial industry that these assets are oversold, as only a small percentage of all mortgages are in default, while the relative fall in prices represents losses from a much higher default rate.
The Emergency Economic Stabilization Act of 2008 (EESA) requires financial institutions selling assets to TARP to issue equity warrants (a type of security that entitles its holder to purchase shares in the company issuing the security for a specific price), or equity or senior debt securities (for non-publicly listed companies) to the Treasury. In the case of warrants, the Treasury will only receive warrants for non-voting shares, or will agree not to vote the stock. This measure is designed to protect taxpayers by giving the Treasury the possibility of profiting through its new ownership stakes in these institutions. Ideally, if the financial institutions benefit from government assistance and recover their former strength, the government will also be able to profit from their recovery.[7]
Another important goal of TARP is to encourage banks to resume lending again at levels seen before the crisis, both to each other and to consumers and businesses. If TARP can stabilize bank capital ratios, it should theoretically allow them to increase lending instead of hoarding cash to cushion against future unforeseen losses from troubled assets. Increased lending equates to "loosening" of credit, which the government hopes will restore order to the financial markets and improve investor confidence in financial institutions and the markets. As banks gain increased lending confidence, the interbank lending interest rates (the rates at which the banks lend to each other on a short term basis) should decrease, further facilitating lending.[7]
TARP will operate as a "revolving purchase facility." The Treasury will have a set spending limit, $250 billion at the start of the program, with which it will purchase the assets and then either sell them or hold the assets and collect the "coupons." The money received from sales and coupons will go back into the pool, facilitating the purchase of more assets. The initial $250 billion can be increased to $350 billion upon the president's certification to Congress that such an increase is necessary.[8] The remaining $350 billion may be released to the Treasury upon a written report to Congress from the Treasury with details of its plan for the money. Congress then has 15 days to vote to disapprove the increase before the money will be automatically released.[7] The first $350 billion was released on October 3, 2008, and Congress voted to approve the release of the second $350 billion on January 15, 2009. One way that TARP money is being spent is to support the "Making Homes Affordable" plan, which was implemented on March 4, 2009, using TARP money by the Department of Treasury. Because "at risk" mortgages are defined as "troubled assets" under TARP, the Treasury has the power to implement the plan. Generally, it provides refinancing for mortgages held by Fannie Mae or Freddie Mac. Privately held mortgages will be eligible for other incentives, including a favorable loan modification for five years.[9]
The authority of the United States Department of the Treasury to establish and manage TARP under a newly created Office of Financial Stability became law October 3, 2008, the result of an initial proposal that ultimately was passed by Congress as H.R. 1424, enacting the Emergency Economic Stabilization Act of 2008 and several other acts.[10][11]
Med TARP mener mange at Geithner & Co. reddede det hele. Men i overskriftsform er det jo. Gør alt. Gør mere end forventet. Eliminer enhver tvivl om at der mangler likviditet nogen steder i systemet.
WIKI gør det nok bedre end jeg:
TARP allows the United States Department of the Treasury to purchase or insure up to $700 billion of "troubled assets," defined as "(A) residential or commercial mortgages and any securities, obligations, or other instruments that are based on or related to such mortgages, that in each case was originated or issued on or before March 14, 2008, the purchase of which the Secretary determines promotes financial market stability; and (B) any other financial instrument that the Secretary, after consultation with the Chairman of the Board of Governors of the Federal Reserve System, determines the purchase of which is necessary to promote financial market stability, but only upon transmittal of such determination, in writing, to the appropriate committees of Congress."[6]
In short, this allows the Treasury to purchase illiquid, difficult-to-value assets from banks and other financial institutions. The targeted assets can be collateralized debt obligations, which were sold in a booming market until 2007, when monkey nuts
TARP does not allow banks to recoup losses already incurred on troubled assets, but officials expect that once trading of these assets resumes, their prices will stabilize and ultimately increase in Value, resulting in gains to both participating banks and the Treasury itself. The concept of future gains from troubled assets comes from the hypothesis in the financial industry that these assets are oversold, as only a small percentage of all mortgages are in default, while the relative fall in prices represents losses from a much higher default rate.
The Emergency Economic Stabilization Act of 2008 (EESA) requires financial institutions selling assets to TARP to issue equity warrants (a type of security that entitles its holder to purchase shares in the company issuing the security for a specific price), or equity or senior debt securities (for non-publicly listed companies) to the Treasury. In the case of warrants, the Treasury will only receive warrants for non-voting shares, or will agree not to vote the stock. This measure is designed to protect taxpayers by giving the Treasury the possibility of profiting through its new ownership stakes in these institutions. Ideally, if the financial institutions benefit from government assistance and recover their former strength, the government will also be able to profit from their recovery.[7]
Another important goal of TARP is to encourage banks to resume lending again at levels seen before the crisis, both to each other and to consumers and businesses. If TARP can stabilize bank capital ratios, it should theoretically allow them to increase lending instead of hoarding cash to cushion against future unforeseen losses from troubled assets. Increased lending equates to "loosening" of credit, which the government hopes will restore order to the financial markets and improve investor confidence in financial institutions and the markets. As banks gain increased lending confidence, the interbank lending interest rates (the rates at which the banks lend to each other on a short term basis) should decrease, further facilitating lending.[7]
TARP will operate as a "revolving purchase facility." The Treasury will have a set spending limit, $250 billion at the start of the program, with which it will purchase the assets and then either sell them or hold the assets and collect the "coupons." The money received from sales and coupons will go back into the pool, facilitating the purchase of more assets. The initial $250 billion can be increased to $350 billion upon the president's certification to Congress that such an increase is necessary.[8] The remaining $350 billion may be released to the Treasury upon a written report to Congress from the Treasury with details of its plan for the money. Congress then has 15 days to vote to disapprove the increase before the money will be automatically released.[7] The first $350 billion was released on October 3, 2008, and Congress voted to approve the release of the second $350 billion on January 15, 2009. One way that TARP money is being spent is to support the "Making Homes Affordable" plan, which was implemented on March 4, 2009, using TARP money by the Department of Treasury. Because "at risk" mortgages are defined as "troubled assets" under TARP, the Treasury has the power to implement the plan. Generally, it provides refinancing for mortgages held by Fannie Mae or Freddie Mac. Privately held mortgages will be eligible for other incentives, including a favorable loan modification for five years.[9]
The authority of the United States Department of the Treasury to establish and manage TARP under a newly created Office of Financial Stability became law October 3, 2008, the result of an initial proposal that ultimately was passed by Congress as H.R. 1424, enacting the Emergency Economic Stabilization Act of 2008 and several other acts.[10][11]
27/9 2011 21:00 Conner 046762 Uha der er mange udtryk, men den der fanger min øjne, er denne :
" The concept of future gains from troubled assets comes from the hypothesis in the financial industry that these assets are oversold, as only a small percentage of all mortgages are in default, while the relative fall in prices represents losses from a much higher default rate"
Det hul de smider obligationerne ned i, forventes at blive til en guldbrønd. Hvis det bliver tilfældet, så har de været mere end almindeligt dygtige.
" The concept of future gains from troubled assets comes from the hypothesis in the financial industry that these assets are oversold, as only a small percentage of all mortgages are in default, while the relative fall in prices represents losses from a much higher default rate"
Det hul de smider obligationerne ned i, forventes at blive til en guldbrønd. Hvis det bliver tilfældet, så har de været mere end almindeligt dygtige.
27/9 2011 20:50 Kristensen 046758 Wikipedia forklarer det godt :)
http://en.wikipedia.org/wiki/Troubled_Asset_Relief_Program
http://en.wikipedia.org/wiki/Troubled_Asset_Relief_Program
27/9 2011 20:55 Kristensen 046761 Aka var en smule hurtigere.
Men er det realistisk at hele eurozonen vil støtte op om sådan et program, eller har landene intet andet valg? Men det er selvfølgelig de store og indflydelsesrige lande som Tyskland, Frankring, Italien m.fl., som er mest presset af Grækenland og dermed også ønsker programmet gennemført. Men hvad med resten? Det kan vel ikke undgå at give lidt splittelse?
Men er det realistisk at hele eurozonen vil støtte op om sådan et program, eller har landene intet andet valg? Men det er selvfølgelig de store og indflydelsesrige lande som Tyskland, Frankring, Italien m.fl., som er mest presset af Grækenland og dermed også ønsker programmet gennemført. Men hvad med resten? Det kan vel ikke undgå at give lidt splittelse?
27/9 2011 21:03 Conner 046763 Jeg fatter stadig ikke, at vi som dansker skal trækkes ind i det morads, euroen har forårsaget. Vi har ingen indflydelse på, hvorledes de enkelte medlemslande opfører sig, men vi skal være med til at betale regningen.
vores banker risikerer jo også at blive trukket med i det.
