La guerre du capital chez les banquiers

PARIS – Presque tout le monde s’accorde à dire aujourd'hui que les banques ont besoin de davantage de capital. Christine Lagarde a choisi d’en faire sa première campagne de Directrice du Fonds Monétaire International. Et les analyses classiques de la crise financière se concentrent sur le faible apport en capital de nombreuses banques, qui les laisse avec des réserves insuffisantes pour absorber les pertes qu'elles ont négligées lorsque les prix des actifs ont fortement chuté en 2007-2008.

Les contribuables, notamment aux États-Unis et au Royaume-Uni, ont été obligés d'intervenir pour combler ce trou. Le même film catastrophe est en ce moment au programme dans la zone euro. Nous pouvons seulement espérer que les banquiers soient finalement sauvés de la tour de l'euro en flammes par Super-Sarkozy et Wonder-Frau Merkel – et que le Comité de Bâle des Contrôleurs Bancaires s'assure qu'il n’y aura aucune séquelle.

Le Comité de Bâle a proposé de renforcer considérablement la quantité et la qualité du capital au sein du système bancaire mondial. Cela signifierait un noyau beaucoup plus gros de capitaux propres pour toutes les banques et une gamme de réserves supplémentaires – un tampon de conservation du capital, un tampon contracyclique et un supplément pour les institutions systémiquement essentielles – qui doivent être ajoutés selon leur bon vouloir par les organismes de réglementation nationaux. Malheureusement, la date de mise en ouvre finale de ces nouvelles obligations a été reportée à 2019 – date à laquelle quelques banques pourraient encore rester debout.

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