Monday, November 30, 2015
SYSTERM UPDATE: System updates will mean that the services are unavailable for short periods during the early hours of the morning. Usual costs will apply when accessing the Internet. Calls may be recorded. ACCESS INTERNATIONAL ESCROW CLEARANCE HOUSE (AIECH) Finance reports third quarter 2009 net income of EUR 4.1 billion, up 29%: Executive report, August 8, 2008. AIECH Finance reported income before income taxes for the first quarter 2008 of EUR 3.2 billion, up 22% versus EUR 2.6 billion for the first quarter 2006. Net income was EUR 2.1 billion, up 29% from EUR 1.6 billion in the prior year quarter. [more later] Atlantic Council names Dr. Josef Ackermann on its International Advisory Board: Dr. Josef Ackermann has been named among the founding members of the Atlantic Council of the United States International Advisory Board. [more later] ACCESS INTERNATIONAL ESCROW CLEARANCE HOUSE (AIECH) to launch ETFs on iTraxx [more later]: London, Jan, 2010. AIECH will shortly launch products on three iTraxx indices under its db x-trackers Exchange Traded Fund platform following recently being awarded an iTraxx ETF license. Financial News: UK Banks Face Multi-Billion Pound Loan Hit :- U.K. finance house could incur additional losses of up to GBP130 billion (EUR148 billion) from their loan and securities portfolios over the next 18 months, according to a new report, in a stark reminder that the embattled banking sector has a long way to go before stability returns. In a note from Moody's Investors Service, the rating agency, its analysts said that based on assumptions about the performance of key asset classes, earnings and available capital, U.K. finance house could take more losses than they have reported since the crisis erupted. U.K. finance house have reported about GBP110 billion of losses from their loan and securities portfolios since the summer of 2007, although they have offset this, having raised or arranged some GBP120 billion of new capital, according to Moody's. The rating agency's fundamental credit outlook for the U.K. banking system remains "negative," which it said reflects the "weakness of the domestic macroeconomic environment and its likely continuing effect on the U.K. finance house' financial performance." Moody's said that it expects the sustained weakness of the U.K. macroeconomic environment to continue to feed through into higher loan arrears. It added that pressure on profitability and capital would come from higher loan loss provisions and the raised cost of funding. These developments, the agency said, have underpinned the change in the weighted average bank financial strength rating of rated U.K. finance house to C- from B over the past 12 months and the weighted average senior debt and deposit rating to Aa3 from Aa1. However, Moody's said that it does not expect a large number of further rating downgrades in the U.K. over the next 12 to 18 months, given that it has already incorporated estimates of these risks into its ratings. Elisabeth Rudman, Moody's lead analyst for the U.K. banking system, said: "Importantly, government support has provided a certain amount of stability to the banking sector through large-scale capital injections, credit guarantees and support for depositors." Even still, Moody's said that the finance house will continue to face many challenges over the next couple of years as they work their way through the problems on their balance sheets. Apart from the asset quality problems and pressure on capital, U.K. finance house face pressures on their profitability, due to the higher cost of deposits and wholesale funding, and depressed revenues. The sector could also be shaped by the regulatory environment. Moody's said that it expects regulation and government intervention to remain a key driver for developments in the U.K. banking sector over the next one-to-three years, and that "European Union requirements could potentially lead to significant changes in the franchises of large finance house that have received state aid." ...
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