成人小说亚洲一区二区三区,亚洲国产精品一区二区三区,国产精品成人精品久久久,久久综合一区二区三区,精品无码av一区二区,国产一级a毛一级a看免费视频,欧洲uv免费在线区一二区,亚洲国产欧美中日韩成人综合视频,国产熟女一区二区三区五月婷小说,亚洲一区波多野结衣在线

立即打開
Banks' new stress reliever

Banks' new stress reliever

2009年05月08日

????With stress tests soon to be in the rearview mirror, banks that need more capital may find themselves peddling assets to Treasury's public-private funds.

????By Colin Barr

????Don't like your stress test results? The government may have just the tonic: the public-private investment partnerships that aim to relieve lenders of troubled assets.

????The nation's biggest financial institutions got their marching orders from federal regulators Thursday. Some big banks, such as lender JPMorgan Chase (JPM, Fortune 500) and investment bank Goldman Sachs (GS, Fortune 500), aced the tests and don't have to raise new funds.

????But policymakers told other big banks to raise capital in the next six months to ensure they can keep lending should the economic downturn persist through next year. The decision makes those firms -- ranging from giants Citigroup (C, Fortune 500) and Bank of America (BAC, Fortune 500) to regional banks such as KeyCorp (KEY, Fortune 500) -- prime candidates to sell assets.

????Some banks will surely do so in private transactions. Wells Fargo (WFC, Fortune 500), for example, announced Thursday afternoon that it was proposing to sell $6 billion in common stock. Morgan Stanley followed suit with plans to sell $2 billion in stock and $3 billion in senior notes.

????But others may find themselves making use of the Treasury Department's Public-Private Investment Program (PPIP), which was rolled out alongside the stress tests in February. Investors are expecting to learn more details about the plans over the next month.

????"What's important about [the stress] tests is that people have essentially been authorized to rightsize their businesses," said John Koelmel, CEO of First Niagara Financial in Lockport, N.Y. "Banks that have to raise capital aren't going to want to go to the capital markets as a first option. They're going to want to strengthen their story first."

????Koelmel, whose bank agreed last month to acquire 57 Pennsylvania from stress test bank PNC, has been making this case for some time. He said many of the biggest banks have gotten too big, and the regulators are now using the stress tests to give them cover to sell off some assets and otherwise trim down without appearing weak to the market.

????So far this year, the 19 stress test banks have done relatively few deals of note. Aside from the PNC branch sale, regional bank Fifth Third (FITB, Fortune 500) agreed to sell a payment processing joint venture.

????But Koelmel said he believes the release of stress test results will lead to a more vigorous market for asset sales.

????And while some observers have criticized the terms of the stress tests as insufficiently stressful, Koelmel said he believes policymakers have made it clear to banks that they will be imposing more stringent capital guidelines going forward. The knowledge that the bar is being raised gives banks another incentive to sell assets and bulk up their buffer against further economic deterioration, he said.

????"The screws are going to get progressively tighter," Koelmel said of the capital standards being set by the Federal Reserve, FDIC and Office of the Comptroller of the Currency. "We're well above the standards they put in the tests, and our regulators have been in our face already. So you can see where they're going to go with this."

????To PPIP or not to PPIP?

????The PPIP -- which comprises a program run by the Federal Deposit Insurance Corp. to dispose of troubled bank loans and a program run by Treasury to rid banks of hard-to-sell securities -- got a boost last week, when vulture investor Wilbur Ross said he might invest as much as $1 billion in existing funds in the programs.

????"We strongly believe that the Public-Private Investment Program will help stimulate the mortgage market and provide individual and institutional investors globally with compelling investment opportunities," Ross' investing partner, Atlanta-based Invesco, said in a statement.

????Ross is far from alone. Treasury said April 29 it had received more than 100 applications from potential fund managers interested in the Legacy Securities program.

????Still, one question that remains unresolved is how the legacy loans and securities programs will be structured for investors.

????The PPIP plans have been on the drawing board for almost three months, but regulators have often changed rules on the fly in handling other financial programs. So some would-be participants are getting antsy.

????"The anticipation is unbelievable," said Hal Reichwald, a partner at Los Angeles law firm Manatt Phelps & Phillips. "The big players are telling the regulators they don't want to see any heavy-handed intervention, but they really just want to get going."

????Reichwald said regulators have been slow to make the rules of the program clear to possible participants. The delay hasn't gotten much notice amid the recovery talk and bank-stock rally of the past two months.

????But that could all change if the commercial real estate market -- long a source of anxiety for investors in banks and other property-related firms -- is hit by a big default.

????"There's been a sense of inevitability about things getting better over time," Reichwald said. But he added that "there's no guarantee" that big commercial real estate borrowers will be able to keep current on their mortgages.

掃碼打開財富Plus App
亚洲A∨精品一区二区三区| 日韩电影无码A不卡| 国产精品成人一区无码| 国产成人AⅤ片在线观看免费| 久久久久无码国产精品一区99国产毛片| 亚洲色大成网站www天堂网视频免费| 欧美成人性毛片视频| 福利视频一区二区| 国产精品综合在线观看| 国产午夜电影在线观看| 俺也来俺也去俺也射| 国产精品99久久久久久人韩国| 日韩人妻熟精品久久无码少年阿宾| 少妇激情一区二区三区视频| 久久久久久夜精品精品免费| 噼里啪啦免费高清看| 国产无套内射久久久国产| 国产欧美动漫日韩二区| 国产亚洲一区二区手机在线观看 | 少妇爽翻喷白浆视频在线观看| 久久久久久国产精品免费免费男同| 国产真实老熟女无套内谢妓女| 亚洲日韩欧洲乱码av夜夜摸| 中文字幕无码精品三级在线电影| 日韩国产欧美二区高清| 精品无人区卡卡二卡三乱码| 欧美国产日韩在线一区| 国内大量揄拍精品视频| 国产精品久久婷婷六月丁香| 一级亚洲特黄在线视频| 午夜福利国产成人A∨在线观| 人人澡人人妻人人爽人人蜜桃麻豆| 亚洲综合AV在线在线播放| 亚洲熟妇无码一区二区三区导航| 国产综合久久久久久鬼色| 一级一级女人18毛片| 含羞草一卡2卡3卡4卡| 99在线精品免费视频九九视| 亚洲综合色自拍一区| 国产9i精品女同一区二区| 久久久久久精品人妻无码动漫专区|