Come vi anticipavo una settimana fa in Piccole Banche Spagnole congelate....
Le Piccole Banche Spagnole sarebbero state congelate fuori dal Mercato dei Prestiti Interbancari.
Traduzione: le altre banche non si fidano di prestargli nemmeno un euro....non si sa mai che poi non gli torni più indietro...
Ebbene secondo il FT nell'ultimo mese il sistema bancario spagnolo ha attinto come non mai ai prestiti della BCE: 85 miliardi di euro ovvero il doppio del livello pre-crack Lehman, il 16% dei prestiti totali offerti dalla BCE a tutta l'Eurozona.
Questo dato è coerente con il sospetto che ormai il mercato del credito sia diventato difficilmente accessibile per le banche e per le aziende spagnole: rimane pertanto disponibile solo L'ULTIMA SPIAGGIA della BCE....
Infatti come riportavo ieri
...Dalla Spagna arrivano le considerazioni pessimistiche del presidente di BBVA, secondo colosso bancario iberico, secondo il quale i problemi di bilancio del governo spagnolo stanno spiazzando le aziende spagnole, per le quali il mercato dei capitali si starebbe chiudendo.
Nel frattempo, è ai massimi storici l’ammontare dei debiti del sistema bancario spagnolo verso la BCE, in teoria il prestatore di ultima istanza...
S'intravvede all'orizzonte una fuga dalla banche spagnole ed una corsa agli sportelli (bank run)?
Bank Run in Spain and Its Destabilizing Ramifications for the Entire EU
16 giugno 2010
Spanish banks are borrowing record amounts from the European Central Bank.
According to FT, Spanish banks borrowed €85.6bn ($105.7bn) from the ECB last month.
This was double the amount lent to them before the collapse of Lehman Brothers in September 2008 and 16.5 per cent of net eurozone loans offered by the central bank.
“If the suspicion that funding markets are being closed down to Spanish banks and corporations is correct, then you can reasonably expect the share of ECB liquidity accounted for by the country to have risen further this month,” said Nick Matthews, European economist at RBS.
Bottom line: This is nothing but a sign of a run on Spanish banks.
They can't get funding in the markets and there is a steady withdrawal of funds from the banks. For all practical purposes, the ECB is supporting the Spanish banking system with life support measures.
This means that the ECB will have to drain funds from elsewhere in the system to sterilize this rescue operation.
Without sterilization the effort becomes very inflationary, with sterilization the effort distorts the entire EU economy. It's all destabilizing.
The only reasonable alternative is to allow the Spanish banks to go into bankruptcy and restructure.
According to FT, Spanish banks borrowed €85.6bn ($105.7bn) from the ECB last month.
This was double the amount lent to them before the collapse of Lehman Brothers in September 2008 and 16.5 per cent of net eurozone loans offered by the central bank.
“If the suspicion that funding markets are being closed down to Spanish banks and corporations is correct, then you can reasonably expect the share of ECB liquidity accounted for by the country to have risen further this month,” said Nick Matthews, European economist at RBS.
Bottom line: This is nothing but a sign of a run on Spanish banks.
They can't get funding in the markets and there is a steady withdrawal of funds from the banks. For all practical purposes, the ECB is supporting the Spanish banking system with life support measures.
This means that the ECB will have to drain funds from elsewhere in the system to sterilize this rescue operation.
Without sterilization the effort becomes very inflationary, with sterilization the effort distorts the entire EU economy. It's all destabilizing.
The only reasonable alternative is to allow the Spanish banks to go into bankruptcy and restructure.