Izbrani forum: Nepremičnine
Izbrana tema: And it goes on, and on, and on...
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sporočil: 48.253
Zadnja sprememba: bc123a 09.09.2007 14:01
Nepremicninski crashi.Pocasno. Dolgo. Krvavo.
http://www.telegraph.co.uk/money/main.jhtml?xml= /money/2007/09/09/cndebt109.xml
http://www.telegraph.co.uk/money/main.jhtml?xml= /money/2007/09/09/ccom109.xml
Britain's biggest banks could be forced to cough up as much as £70bn over the next 10 days, as the credit crisis that has seized the global financial system sparks a fresh wave of chaos.
Almost 20 per cent of the short-term money market loans issued by European banks are due to mature between September 11 and September 19. Senior bankers fear that they will have to refinance almost all of these debts with funds from their own coffers, putting a further strain on bank balance sheets.
Tens of billions of pounds of these commercial paper loans have already built up in the financial system, because fear-ridden investors no longer want to buy them. Roughly £23bn of these loans expire on September 17 alone. Fears of this impending call on bank credit lines are the true reason that lending between banks has ground to a halt, according to senior money market sources.
sporočil: 48.253
Zadnja sprememba: bc123a 09.09.2007 14:06
bc123a je napisal(a):
http://www.telegraph.co.uk/money/main.jhtml?xml= /money/2007/09/09/ccom109.xml
The lottery of London's £70bn rollover week
By Dan Roberts, Business Editor, Sunday Telegraph
Last Updated: 12:47am BST 09/09/2007
It could be you! This week is a double rollover week. A record £70bn is up for grabs. What's the catch? This lottery is not about giving away money; it's about asking for it back.
After weeks of fearing the worst, the City will find out what the credit crunch really means on Tuesday. That's when the biggest backlog of debt in modern financial history begins hitting the banks like a steam train
As we reveal today, an estimated £70bn worth of European commercial paper that has not yet been caught up in the crisis is due to expire between September 11 and 19. Ordinarily, this would present little problem. Companies borrowing money by issuing commercial paper normally expect to "roll over" the loan from one period the next. Just in case the lenders decide not to play ball, most borrowers arrange a backstop funding facility with a major bank.
Except, now, everyone is getting cold feet at the same time. Lenders are worried that some of the borrowers could be contaminated by the subprime mortgage crisis in the US. Until they can find out which ones, they don't want to lend to anyone at all. So the banks who offered backstop lending lines will soon discover just where the buck really stops.
This is the reason why so many otherwise solid banks are hoarding cash. Until now, their behaviour in recent days seemed a bit of a mystery. The cost of lending between banks has shot up, but only for short periods of time. Were household names like Barclays and HBOS really worried they wouldn't get it back from each other? No, the answer is they were worried they might need the money for something else more urgent in the next few weeks. Now we know what.
If, as seems certain, the banks are forced to honour all these lending obligations at once, it could make the financial earthquakes of August look like mere tremors. Even if they manage to find room on their increasingly stretched balance sheets, there will be precious little money left over to lend to anyone else.
This is why such a previously arcane corner of the money market matters so much to the rest of us. Many column inches have been devoted to discussing whether this summer's financial crisis would spread to the real economy. But a lending freeze by our biggest banks is about to have far more immediate consequences. Whether you are a small business, shareholder, investor, employee or employer, this is one rollover week you can't afford to miss.
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