Tim Brinton

Banche europee deboli

WASHINGTON, DC – I leader europei sono convinti che il capitale bancario sia “costoso”, nel senso che l’aumento dei requisiti patrimoniali rallenterebbe la crescita economica. Ma i recenti avvenimenti relativi alla crisi greca indicano che è vero l’esatto contrario – è la mancanza di capitale delle banche europee che minaccia di deragliare la crescita europea e globale.

Il “capitale” delle banche fa semplicemente riferimento all’equity funding, ai fondi di investimento a capitale proprio – ossia a quante passività possiedono gli azionisti piuttosto che i creditori sottoforma di debito. Il vantaggio del capitale proprio è che ha la capacità di “assorbire le perdite”, quindi solo una volta che le perdite cancellano tutto il capitale queste devono essere effettivamente ripartite tra i creditori. Il capitale bancario si trova a metà strada tra un cattivo prestito e l’insolvenza.

Nelle negoziazioni per Basilea III conclusesi lo scorso anno, i francesi e i tedeschi hanno fortemente favorito requisiti patrimoniali piuttosto bassi. È stata una pura follia: per quanto riguarda le grandi banche, maggiori capitali avrebbero ridotto la probabilità di ricorrere a ulteriori salvataggi da parte dei governi.

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