Esposizione delle banche al "problemino" Dubai

[soros75]

Fonte: QUI
NOVEMBER 26, 2009, 7:14 A.M. ET

AMSTERDAM (Dow Jones)--Dutch financial services company ING Group NV (INGA.AE) said Thursday it is a "small party" in the $5.5 billion loan facility for Dubai World, which has asked creditors for a six-month standstill on debt repayments.

"We did provide a loan [to Dubai World] but we were no lead arranger," a company spokesman told Dow Jones Newswires, adding that ING has a negligible bond exposure to Dubai World. He didn't give more details but said ING sees no reason to change its current guidance on risk costs.



-By Maarten van Tartwijk and Archie van Riemsdijk; Dow Jones Newswires; +31-5715-200; maarten.vantartwijk@dowjones.com

[soros75]

Interessante articolo da sky.com.
Ancora una volta, pare che le banche inglesi siano quelle messe peggio.
Fonte:QUI.


Dubai Investment Group Admits Debt Crisis

12:16pm UK, Thursday November 26, 2009

Hazel Tyldesley, Sky News Online
A Dubai company that funded lavish developments - including a man-made island complex packed with luxury villas - has admitted it can not pay its debts.
he government-owned Dubai World group is asking its investors to accept a six-month delay on repayments as it attempts to claw back funds.

It has estimated total debts of around £36bn and has called in accountancy group Deloitte to help with its finances.

Among those in the Dubai World group is property developer Nakheel, which built one of the state's most ostentatious projects: the palm-shaped, reclaimed islands of Palm Jumeirah.

The group also includes DP World, owner of the former P&O ports operator.

Dubai's government said in a statement: "Dubai World intends to ask all providers of financing to Dubai World and Nakheel to 'standstill' and extend maturities until at least May 30, 2010."

The announcement raised fears over the once-booming Gulf region's financial health and added to general nervousness in financial markets.

The FTSE dropped upon Thursday's opening and sterling fell, leaving the euro at a one-month high against the pound.

"There are concerns regarding the extent of the exposure of the UK banks to Dubai, hence sterling is coming under pressure," said Ian Stannard, currency strategist at BNP Paribas.

Andrew Critchlow, managing editor of Dow Jones newswires in Dubai, told Sky News: "This hit everyone like a thunderbolt."

He explained: "Within five minutes of the story hitting the wires, I had bankers on the phone from London and New York wanting more information.

"No one expected this. People were getting signs that Dubai might be clawing its way out of the global financial crisis and could see a glimmer of hope on the horizon.

"This has really hit confidence. Bankers are very concerned now, they just don't know what to believe."

The Gulf emirate's economy was hit hard in the past year as the global credit crunch ended a six-year boom in the region and sent its once-flourishing property sector into decline.

David Beckham and Brad Pitt were among celebrities who saw the value of the property they bought there plummet.

Analysts expect financial support to come from deep-pocketed Abu Dhabi, a neighbouring member of the United Arab Emirates.

But most believe Dubai will have to abandon its flamboyant economic model, which focuses on heavy real estate investment and inflows of foreign capital.

[soros75]

Sempre dall'articolo precedente, posto un interessante commento di un lettore.

I lived in Dubai for 15 years working for part of Dubai World and for the last decade I have said that Dubai is a plastic society a false economy and above all a fraudulant country ever since I went to the "worlds local bank" in 1995 and applied for a loan of 60,000 pounds, after signing the papers I walked out to the nearest atm and found the money was already in my account. I have been called jealous and worse than s*** for saying things about Dubai by friends and workmates.

Does anyone think Dubai gives a hoot about it's debt? It knew all along what it was doing and look at it now, like a mirage in the desert. How are the banks going to recover the money? Tow the palm to Blackpool? Or maybe take the Burj apart piece by piece and put it together again in London. Of course not, the banks will write it all off as bad debt and Dubai will be left with all it's ill gotten islands etc. They should arrest everyone involved in the biggest fraud in history.

[soros75]

Fonte: QUI

Molte banche hanno comunicato che la loro esposizione é trascurabile. Dobbiamo/possiamo fidarci ? Io nel dubbio mi prendo i soldi despositati sui CD di alcune delle banche riportate di seguito.

European Bank Dubai Exposure Estimated At $40B

LONDON (Dow Jones)--A host of European banks face potential losses on an estimated $40 billion in exposure to Dubai after the city state's largest corporate entity, Dubai World, asked creditors for a six month standstill on debt repayments, raising fears that recent signs of improvements in banks' bad debt levels could stall.

Most banks on Thursday said their exposure to Dubai and Dubai World is small or wouldn't comment. Dubai World accounts for about $60 billion of the city state's $80 billion in liabilities, of which half is estimated by analysts to be held by European banks.

The city state shocked investors Wednesday by saying it would restructure Dubai World and wanted creditors to hold off on demanding interest or repayments until at least the end of May.

Major stock indexes in London, Paris and Frankfurt were down by 1.5% to 2% at 1200 GMT. The Stoxx Europe 600 banks index dropped 3.4%, and shares in HSBC Holdings PLC (HBC) and Royal Bank of Scotland Group PLC (RBS) fell 4%.

Banks that acted as arrangers or bookrunners on Dubai World's most recent $5.5 billion loan facility in June 2008 include HSBC, RBS, Lloyds Banking Group PLC (LYG), ING Groep N.V. (ING) and Credit Agricole SA's (ACA.FR) Calyon, as well as Bank of Tokyo-Mitsubishi UFJ (MTU), Sumitomo Mitsui Banking Corporation (JD-SMU), Emirates Bank and Mashreq Bank (MASQ.DFM).

Calyon in an email said it has a "small exposure" to Dubai World's debt, and that it doesn't think it has any cause to worry about the announced restructuring. ING said its exposure is negligible.

Switzerland's Credit Suisse Group (CS) said its exposure to Dubai World is "not material."

Other banks either declined to comment, didn't immediately return calls, or couldn't immediately be reached. The Eid holiday means that government and private sector offices are closed throughout the Middle East.

Banks helping entities to place loans typically keep at least 10% of the total, while syndicating the rest to other banks and institutional investors. It is possible some of the banks involved in the financing have no remaining exposure to Dubai World. Most of the banks have also worked on financings for other entities controlled by the city state.

Credit Suisse analysts said European banks could face a 5% increase in their bad loan provisions in 2010, or an aggregate hit of about EUR5 billion after tax, if they lost 50% on their estimated exposure to Dubai.

According to analysis of Dealogic data, other banks who have worked on bond and loan financings for Dubai entities include Barclays PLC (BCS), Citigroup Inc. (C) and Deutsche Bank AG (DB). Barclays didn't immediately return calls. Citigroup declined to comment, while a person familiar with the matter said Deutsche Bank's exposure to Dubai World isn't noteworthy.

Bank analysts at NCB Stockbrokers said Standard Chartered PLC (STAN.LN) is the U.K. bank proportionately most exposed to the United Arab Emirates, with 7% of its loan book in the region. HSBC has about 2% of its loan book in the region, while Barclays, RBS and Lloyds have less than 1% of their loans in the UAE.

Standard Chartered said it doesn't comment on specific clients and would make a statement if it had anything material to disclose.

In the first half, Standard Chartered took $460 million in impairment charges against Middle East loans, 42% of its total group impairment, and up from $80 million in the first half of 2008, highlighting the rapid deterioration in the region's economy. HSBC's impairment charge in the Middle East in the first half was $391 million, up from $41 million in first-half 2008.

While it is too soon to predict the outcome of the Dubai World restructuring, financial reorganizations usually result in lenders having to make concessions on how quickly they are repaid, accept lower rates of interest, or to swap their debt for equity.

The cost of insuring sovereign Dubai debt against default rose to $570,000 to insure $10 million of bonds, up from $440,000 at Wednesday's New York close, according to data provider CMA.

Dubai World's businesses, which span ports operation, transportation and real-estate, have been hard hit by the global recession.

[soros75]

A quanto pare, le banche UE detengono 40 dei 59 miliardi di debiti di Dubai World.

Le banche dicono che la loro esposizione sui 5,5 miliardi di dollari di debito emissi da DW nel 2008 é marginale...certo.
Che ne é invece dell'esposizione sul resto del debito ?

[soros75]

A quanto pare ai calciatori piace farsi fregare.

Riporto dal Financial Times:

I’m a celebrity, get me out of Dubai!
Posted by Izabella Kaminska on Nov 26 11:13.

Presenting a list of the more colourful names understood to have invested in Nakheel’s Dubai Palm development (Source: tabloids and press).

* David Beckham (footballer, international fashion icon)
* Michael Owen (footballer)
* David James (goalkeeper)
* Joe Cole (footballer)
* Andy Cole (retired footballer)
* Kieron Dyer (footballer)
* Brad Pitt and Angelie Jolie (actors)
* Michael Jackson (king of pop)
* Naomi Campbell (model)
* Denzel Washington (actor)

Britons, meanwhile, accounted for about 25 per cent of the buyers with the rest from 75 different nationalities, including several Americans, according to the Daily Mail.As for banks, the Emirates Bank Association lists the following institutions as being the largest foreign banks invested in the UAE:

* HSBC $17bn
* Standard Chartered $7.8bn
* Barclays $3.6bn
* RBS $2.2bn
* Citi $1.9bn
* BNP Paribas $1.7bn
* Lloyds $1.6bn

[soros75]

Posto una tabella pubblicata oggi sul NYT:

Trovo curioso che l'esposizione dell'Olanda, aggiornata a Marzo 09, risulti pari a 5,2 milairdi di Euro, mentre fino a Dicembre 08 nessuna banca olandese risultava esposta.

Curioso no ?

[Birbun]

Caz*o gli inglesi ci sono sempre dentro.

[oneone]

Originalmente inviato da Birbun

Caz*o gli inglesi ci sono sempre dentro.

chi presta adesso i soldi alla cara London city per le olimpiadi?

[Fromstudytowork]

Originalmente inviato da Birbun

Caz*o gli inglesi ci sono sempre dentro.

si e contemporaneamente 'hanno dentro' di alcune loro banche gli sceicchi stessi... vedi in Barclays dove gli sceicchi sono al 32%.