Og så sidder man unægtelig, og det må Societé Generale i særdeleshed gøre, med en flov fornemmelse over dagens kursudvikling...
LONDON (AP) -- Barclays PLC, Britain's third largest bank, said Monday that it will not take part in the British government's program to insure so-called toxic assets, raising fears it will need to raise billions of pounds elsewhere.
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BCS 8.22 -1.67
LYG 3.60 -0.63
The Asset Protection Scheme allows banks to put billions of pounds worth of toxic assets, such as mortgage-backed bonds and other securities which have become unsellable due to the financial crisis, into a vehicle that will ensure they are only liable for a proportion of any losses.
LLoyds Banking Group PLC and the Royal Bank of Scotland PLC have already signed up for the program, which the government hopes will restore confidence in the sector and restart lending that was curtailed by the global credit squeeze.
However, participation comes at a price. Lloyds paid 15.6 billion pounds ($22.2 billion) in preference shares for government guarantees on 260 billion pounds of investments, while RBS paid 6.5 billion to cover 325 billion of assets.
Barclays said it had weighed up the "potential benefits and costs" of participation since the program was announced in January.
"Following further careful assessment and discussions with major shareholders, the Board of Barclays has determined that it would not be in the interests of its investors, depositors and clients to participate in the APS," the bank said in a statement to the London Stock Exchange.
Barclays made the announcement after the close of trading, but anticipation of the news had already resulted in a 14 percent fall in the bank's share price to close at 149.1 pence.
The move follows a statement by the bank on Friday that it had passed a "stress test" by the Financial Services Authority. The regulator gave the bank a clean bill of health after tests to gauge whether it had problems with its finances, giving its shares a 24 percent boost on Friday.
But analysts have suggested that the bank might still need to raise more capital to strengthen its financial position even if it sells its iShares business, which it flagged last week.
It said Monday that talks on a sale of the San Francisco-based asset management unit were "progressing well" with a number of interested parties. Analysts have suggested the bank could raise as much as 5 billion pounds from a deal.
LONDON (AP) -- Barclays PLC, Britain's third largest bank, said Monday that it will not take part in the British government's program to insure so-called toxic assets, raising fears it will need to raise billions of pounds elsewhere.
Related Quotes
Symbol Price Change
BCS 8.22 -1.67
LYG 3.60 -0.63
The Asset Protection Scheme allows banks to put billions of pounds worth of toxic assets, such as mortgage-backed bonds and other securities which have become unsellable due to the financial crisis, into a vehicle that will ensure they are only liable for a proportion of any losses.
LLoyds Banking Group PLC and the Royal Bank of Scotland PLC have already signed up for the program, which the government hopes will restore confidence in the sector and restart lending that was curtailed by the global credit squeeze.
However, participation comes at a price. Lloyds paid 15.6 billion pounds ($22.2 billion) in preference shares for government guarantees on 260 billion pounds of investments, while RBS paid 6.5 billion to cover 325 billion of assets.
Barclays said it had weighed up the "potential benefits and costs" of participation since the program was announced in January.
"Following further careful assessment and discussions with major shareholders, the Board of Barclays has determined that it would not be in the interests of its investors, depositors and clients to participate in the APS," the bank said in a statement to the London Stock Exchange.
Barclays made the announcement after the close of trading, but anticipation of the news had already resulted in a 14 percent fall in the bank's share price to close at 149.1 pence.
The move follows a statement by the bank on Friday that it had passed a "stress test" by the Financial Services Authority. The regulator gave the bank a clean bill of health after tests to gauge whether it had problems with its finances, giving its shares a 24 percent boost on Friday.
But analysts have suggested that the bank might still need to raise more capital to strengthen its financial position even if it sells its iShares business, which it flagged last week.
It said Monday that talks on a sale of the San Francisco-based asset management unit were "progressing well" with a number of interested parties. Analysts have suggested the bank could raise as much as 5 billion pounds from a deal.
Jeg kan ikke for mit liv forstå hvordan det kan fortolkes negativt....men det kan det og det bliver det...
Her en lille titbit fra SG:
ven with the iShares sale, Barclays may have a 17 billion- pound capital shortfall, according to analysts led by Asheefa Sarangi at Societe Generale in London.
The U.K. could end up owning as much as 67 percent of Barclays, because of its “relatively weak” capital and “excess leverage,” the analysts said as they cut their rating on Barclays to “sell” from “hold.”
“We struggle to be convinced that Barclays’ business model and its risk-management abilities are superior enough to its peers to warrant operating with about 25 percent less capital and 13 to 15 times more leverage,” wrote Sarangi.
ven with the iShares sale, Barclays may have a 17 billion- pound capital shortfall, according to analysts led by Asheefa Sarangi at Societe Generale in London.
The U.K. could end up owning as much as 67 percent of Barclays, because of its “relatively weak” capital and “excess leverage,” the analysts said as they cut their rating on Barclays to “sell” from “hold.”
“We struggle to be convinced that Barclays’ business model and its risk-management abilities are superior enough to its peers to warrant operating with about 25 percent less capital and 13 to 15 times more leverage,” wrote Sarangi.
Jeg solgte så halvdelen i 1,7. Jeg ved ikke med de andre....ser lige tiden an....
