Friday, October 3, 2008

Akhirnya Kesan Krisis Subprima Merebak keEropah

3 hari ni dilaporkan beberapa bank diEropah mula terkesan dengan krisis subprima. Tamparan dari sikap tamak mereka mendakwa keadaan terkawal. Walaupun undian terbaru Senat Kongres US bersetuju dengan bantuan menyelamat, dipihak sebelah lain pula menyindir Senat dengan slogan We Broke It You Fix It. Terbaru UniBank Itali diselamatkan oleh kerajaan. Bradford & Bentley diselamatkan oleh UK, Dexia diselamatkan oleh Belgium, Luxembourg & France. Fortis UK juga menerima nasib yang sama. Diramalkan 100 bank diUS bakal gulung tikar jika tiada pelan menyelamat.
Seharusnya pengurus bank ini memikir semula sikap tamak mereka apabila melibatkan diri dengan kegiatan subprima - lintah darat. Untuk meneruskan finance mereka harus berkorban termasuk momotong gaji dan elaun mereka. Sistem lintah darat pula perlu kembali kepada sistem yang lebih adil supaya faedah akan berbalik kepada rakyat. Obviously mereka menekan peminjam (rakyat) yang tersepit memerlukan bantuan. Dengan mengenakan syarat pinjaman yang longgar, premium tinggi, faedah 15% sehingga 40% bank memancing peminjam yang berisiko. Peminjam yang tidak berkemampuan menghadapi faedah yang tinggi kerap kali gagal menjelaskan pinjaman. Bank menarik cagaran / gadaian peminjam (kereta, tanah, rumah dsb). Dengan susutnya nilai hartanah menyulitkan bank membuat lelongan. Akhirnya bank menyimpan terlalu banyak stok likat dan rendah pula stok cair (liquidity). Ulasan saya bakal bersambung di masa akan datang InsyaAllah.
Ikuti berita penuh dari Aljazeera.


Europe's Financial Crisis Spreads
Bradford & Bingley is the second bank the UK government has nationalised this year [AFP]
European governments have announced a flurry of bank bail-outs - but the rescue deals have only heightened fears that the contagion from the US credit crisis has much further to run.
Stock markets fell heavily and money markets remained frozen as banks continued to refuse to lend to each other on Monday, hours before US politicians rejected a $700bn bail-out package.
As US politicians debated the rescue of their own banks, the governments of Belgium, the Netherlands and Luxembourg took partial control late on Sunday of struggling bank Fortis NV, while Britain seized control of mortgage lender Bradford & Bingley early on Monday.
Germany organized a credit lifeline for blue-chip commercial real estate lender Hypo Real Estate Holding AG, while Iceland's government took over Glitnir bank, the country's third-largest lender.
Howard Archer, the chief European economist at Global Insight, an economics research company, said: "We live in vicious times.
"In the near term, it will be the weak ones that will be picked off.
"But, obviously, the more the turmoil and dislocation continues, the further this could spread."
Market plunges Despite the concerted attempt by European authorities to shore-up confidence, stock markets closed down heavily on Monday.
The London Stock Exchange FTSE 100 dropped 5.3 per cent, Germany's DAX fell 4.23 per cent and France's CAC 40 shed 5.04 per cent
The series of bail-outs began over the weekend when Fortis, the Dutch-Belgian banking giant, was partially nationalised.
The $16.4bn rescue package was organised by the governments of Belgium, the Netherlands and Luxembourg, after investor confidence in Fortis disappeared last week.
Reflecting the seriousness of the bail-out, Jean-Claude Trichet, the European Central Bank president, attended the negotiations in Brussels.
In the UK, the government took over Bradford & Bingley's $91bn of mortgage and loans and paid out $33bn to facilitate the sale of its savings business, including its entire retail branch network, to Spain's Banco Santander.
It is the second bank that the British government has had to nationalise this year.
Collapse fears
In Iceland, the government took control of Glitnir bank, buying a 75 per cent stake for $878m.
David Oddsson, the chairman of the country's central bank, said the bank, which has operations in 10 countries, would have collapsed if the authorities had not intervened.
Meanwhile, in Germany, Hypo Real Estate Holding AG, the country's number two commercial property lender, was forced to secure a line of credit of up to $51.2bn.
Analysts are closely watching Dexia, a French-Belgian specialist in lending to local governments, that ran up huge losses in its US operations.
The bank had no comment on a report it was planning a rapid capital increase but said the board would meet Monday night to assess the situation.
Yves LeTerme, Belgium's prime minister, called a cabinet meeting on Monday to discuss the company's future.


Europe Fights To Calm Markets
Madrid's IBEX stock market fell amid continuing uncertainty in Europe[AFP]
Governments across Europe have continued to prop up the battered financial sector, with Dexia, the Belgian-French financial services group, receiving more than $9bn from the Belgian, French and Luxembourg treasuries.
Facing the worst financial crisis since the Great Depression, global central banks scrambled again on Tuesday to try to relieve a severe squeeze in money markets by more than doubling the amount of funding to $620 billion.
In Ireland, the government announced a blanket guarantee for savings held by its banks, covering up to $575bn in liabilities.
France, which had joined Belgium and Luxembourg in offering the lifeline to Dexia, which has run up huge losses in its US operations, said it would come to the aid of savers with new bank measures by the end of the week.
Shares in the bank, which specialises in lending to local governments, had fallen 30% on Monday before being suspended on Tuesday as the rescue plan was announced.
'Market meltdown'
Nicolas Sarkozy, the French president, began talks on the global crisis with finance executives on Tuesday and said he will meet this week with officials from Europe's other G8 member states, Germany, Britain and Italy to discuss the issue.
Dariusz Kowalczyk, the chief strategist at broker CFC Seymour, said: "Market meltdown is likely to continue unless an alternative [US] plan is passed, which may or may not happen this week."
Seeking to reassure investors, Christian Noyer, a European central bank governing council member, said: "There is no reason to be frightened and to give in to panic.
"I don't say there won't be things that will appear in the accounts that are published in the next weeks or months, but there is no drama in front of us."
The French government said the bailout was necessary to "guarantee continuity of funding for local authorities".
Trading suspended
Across Europe, stock markets remained volatile after a $700bn financial bailout plan in the United States was rejected by the House of Representatives.
The Frankfurt exchange was down 1.37 per cent in afternoon trading on Tuesday, the Paris CAC 40 had shed 0.51 per cent, the Madrid IBEX had fallen 1.09 per cent and the Moscow RTS was down 0.92 per cent.
After initially plunging on opening, London's FTSE 100 recovered and oscillated between a loss of three per cent and a gain of 0.77 throughout the day.
In Russia, the Moscow stock market was briefly suspended seconds after trading began, the second time the measure has had to be taken in a month.
The Kremlin also announced it was placing a ban on the short-selling of shares.

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