Klaas, dank voor de link, hieronder enkele relevante passages.
Bedenk hierbij wel, dat het in Spanje erg omstreden is, dat de preferred shares moeten bloeden, omdat die dingen verkocht zijn aan spaarders, onder het mom dat het veilig was. Daarom zou de Spaanse overheid wellicht op een hoger percentage uitkomen, dan anders het geval zou zijn. Ik weet niet of een percentage van 50% wel door de EU-beugel komt, omdat niet valt in te zien dat er dan sprake is van ` loss absorption of equity and
hybrid capital instruments to the full extent possible.´
Banks receiving State aid will contribute
to the cost of restructuring as much as possible with their own resources. Actions
include the sale of participations and non-core assets, run off of non-core activities,
bans on dividend payments, bans on the discretionary remuneration of hybrid capital
instruments and bans on non-organic growth. Banks and their shareholders will take
losses before State aid measures are granted and ensure loss absorption of equity and
hybrid capital instruments to the full extent possible.
Recapitalisations will
only take place after the adoption of a restructuring decision by the European Commission,
requiring burden sharing and restructuring, unless funds of the first tranche are deployed
Banks with capital shortfalls and needing State aid will conduct SLEs against the
background of the revised legal framework and in accordance with State aid rules, by
converting hybrid capital and subordinated debt into equity at the time of public capital
injection or by buying it back at significant discounts. For Group 3 banks this rule will apply
on 30 June 2013, if they still are in receipt of public funds. For non viable banks, SLEs will
also need to be used to the full extent to minimise the cost for the tax payer. Any capital
shortfall stemming from issues arising in the implementation of SLEs will not be covered by
the EFSF assistance.