Como no siempre acierto (a veces me rectifico a mi mismo, cuando obtengo más información), aquí va una ampliación de información:
http://www.ft.com/cms/s/0/4dcab54c-e626-11e1-ac5f-00144feab49a.html#ixzz23bqCkL4s
Por si alguno no está registrado, y solo por ese motivo, porque contraviene las normas de FT., os copio el artículo, pero eso si, citando la fuente: Financial Times.
The Spanish government is in talks with Brussels to allow tens of thousands of retail clients who bought risky savings products from now nationalised lenders to avoid losing their investments as part of Spain’s bank bailout.
In place of inflicting large losses on small savers who purchased savings products linked to preference shares in in the lenders known as cajas, the Spanish government is negotiating a compromise where they will suffer an instant haircut, and then be repaid in full over time by their banks, people familiar with the talks said.
The decision to inflict losses on holders of high interest preference shares and subordinated debt in rescued savings banks has been highly controversial in Spain, with the terms of the country’s bank rescue not distinguishing between professional and retail investors.
While the negotiations with the department of Joaquín Almunia, EU competition commissioner, are fluid, bankers in Spain are hoping that preference share holders will be forced to take an immediate haircut of between 50 and 70 per cent on their original investment, and later be compensated with high interest payments over four to six years.
No final decision on the exact level of haircut or interest repayments is expected until September at the earliest, but officials and executives are confident that the basic structure of the settlement will be accepted by Brussels. A spokesman for Spain’s ministry of economy declined to comment.
About €30bn of such products were sold to individual savers before the crisis by small Spanish banks, according to estimates by Barclays, while about 60 per cent of subordinated bank debt is held by retail clients, excluding Santander and BBVA.
Numerous legal cases have since been brought by Spanish banks clients who allege they were mis-sold risky products as secure deposits, while Luis de Guindos, finance minister, has previously said it was an error that preference shares were ever sold to retail investors.
Executives at Spain’s nationalised lenders are concerned that if a decision is made to inflict large losses on their clients, many will leave for rivals, damage the value of the bank, and make a future return to private ownership even more difficult.
“This is not an emotional argument but a financial one,” said one senior executive at a nationalised lender. “If European money is invested in the bank, they have an interest in preserving the value of that investment.”
Bankia, the largest nationalised lender, has about €3bn of preference share-linked products outstanding distributed among about 80,000 clients. The products were sold by Caja Madrid before it was merged with other savings banks to create Bankia.
Similar products were sold by others of Spain’s three other fully nationalised former savings banks, principally Nova Caixa Galicia, which under its new management has officially apologised to its clients for the sale of the preference share savings products.
Bankia, the largest of the four nationalised lenders, has seen its share price rebound from the lows suffered following news of its €23.5bn rescue, on expectations that it will soon receive €19bn in European funds as part of the first €30bn tranche of Spain’s bank bailout package
Lo mismo que anteriormente (Mare Nostrum) la solución era recuperar el 100% del nominal y después mantener durante unos años un tipo de interés muy bajo (por debajo del 2%), lo que significaba asumir una pérdida indirecta, según esta información el proceso sería al revés, primero una quita de entre un 50% y un 70% de la inversión y después un periodo de 4 a 6 años en los que por recibir más intereses de los normales del mercado se recuperaría algo de la inversión inicial.
Simplemente traslado información, citando la fuente, para que después no se especule si acierto o me equivoco. Las opiniones se basan después en estas informaciones que generalmente son de fuentes responsables.
