The European banking stocks were moving up sharply Monday, January 7 in the morning on the market, boosted by easing announced Sunday liquidity criteria which they will be subject to From 2015, under the new anti-crisis Basel III standards.
Around 9 am, the STOXX Europe 600 Banks index, which includes major European banks, took 2.01%. The French banks? Ease were particularly sought. BNP Paribas took 3.30%, 4.45% Credit Agricole, Societe Generale and Natixis 3.46% 4.84%.
In Spain, Bankinter jumped 7.21%, 4.43% took Banco Popular, BBVA and Caixabank 3.17% 1.07%. Similarly, in Italy, Unicredit gained 4.94%, Intesa Sanpaolo and Mediobanca 4.41% 2.81%. Among German banks, Commerzbank took 5.34% and 4.37% Deutsche Bank. The Dutch ING rose 3.21% and the Belgian KBC 1.45%. Finally, at the London Stock Exchange, Barclays gained 3.87%, 1.97% Lloyds Banking Group and Royal Bank of Scotland 1.74%.
The Basel Committee, which sets the rules for banks within the sector reform called Basel III, has relaxed the definition of liquidity coverage ratio, expanding nature easy to sell assets that banks will have to the future hold in their balance sheets to cope with acute crisis? cash for a period of thirty days. This relaxation responds to criticism of the sector, which criticized the reform set the bar too high, the risk of paralyzing the global economy.
In the original definition, the assets required were more limited and consisted mainly of cash or government bonds, while in the new version, they may include bonds rated A + to BBB-, some shares of companies that borrow securitized residential mortgages receiving AA or better rating. However, a discount will be applied to these less liquid assets. A limit of 15%, after discount, will be imposed in the calculation of high quality liquid assets.
Moreover, the timing of application of this ratio has been rescheduled. As expected, this ratio will come into force on 1 January 2015. But at that time the banks will meet only 60% of the amount originally required. The liquidity buffer can then be gradually increased up to 10% per year to reach 100% by 2019.
The European Commissioner for Financial Services, Michel Barnier, has “welcomed” in a statement Monday that easing. “The treatment of cash is essential, both for the stability of banks for their r? In the global economic recovery,” he said.