- Credit Suisse crash puts European banks at the center of global financial storm
- Key to the Credit Suisse crisis: Is Silicon Valley Bank European?
The ECB is "prepared to react if necessary" to the tensions opened by the fall of the SVB, in the United States, and the rescue of Credit Suisse, in Europe. This was stated by its president Christine Lagarde in the appearance before the media, after the institution decided to maintain its plans of weeks ago and raiseinterest rates by half a point to place them at 3.5%, the highest level since 2008.
It is not the only call for calm that has been heard this Thursday. The deputy governor of the Bank of Spain has described as "residual" the exposure of Spanish entities to Credit Suisse and the credit rating agency Moody's has decided to maintain the rating on the country's sovereign debt at AAA. Now it remains to be seen if the stock markets listen to these requests for tranquility.
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15:43
The Secretary of the Treasury assures in the US Senate that the system "remains solid"
A week after the second-largest banking collapse in U.S. history, Treasury Secretary Janet Yellen told the Senate Finance Committee on Thursday that the nation's banking system "remains sound" and that Americans "can feel safe" with their deposits.
Yellen is the first senior official in the Biden administration to confront lawmakers over the decision to protect uninsured money at two failing regional banks, a move that some Republicans have criticized as a bank "bailout."
"The administration took decisive and forceful action to strengthen public confidence" in the U.S. banking system, Yellen said in testimony before the committee. "I can assure Committee members that our banking system remains strong and that Americans can trust that their deposits will be there when they need them."
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15:17
The ECB, "ready to react if necessary"
As in previous crises, the ECB's call for serenity is expressed in a specific sentence. The bank is "prepared to react if necessary" in order to "preserve financial stability" in the euro zone. This was expressed by its president, Christine Lagarde, during her appearance before the media.
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15:10
Wall Street opens in red and the Dow Jones falls 0.60%
Wall Street has started the day on Thursday in red and the Dow Jones Industrial Average, its main indicator, has subtracted 0.60% at the opening when the banking crisis resonates in both the US and Europe.
Ten minutes after the start of trading on the New York Stock Exchange, the Dow Jones lost 191.61 points, to 31,682.96 units, while the selective S & P 500 fell 0.36% or 14.07 integers, to 3,877.86 points. The composite index of the Nasdaq market, where the main technology companies are listed, was left 0.21% or 24.41 units, up to 11,409.64 integers.
Stocks have been under pressure in recent days after the collapse of Silicon Valley Bank (SVB) raised concerns about the banking sector in general, and then these fears spread to Europe, with Credit Suisse bank hanging in the balance.
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15:07
Moody's does not change its rating from AAA to Swiss debt
Moody's does not change the highest rating (AAA) it gives to Swiss sovereign debt, the rating agency said on Thursday. It maintains it after the injection of liquidity of 54,000 million dollars to Credit Suisse by the country's central bank.
"The stable outlook of the AAA rating reflects our expectation that Switzerland's very strong economic fundamentals, ample fiscal space and highly effective institutions will enable it to effectively handle shocks such as the current one affecting banking systems globally," said Diemar Hofrnung, associate managing director at Moody's Investor Service.
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14:59
Gonzalo Sánchez, Chairman of PwC Spain: "We have full confidence in the soundness of the Spanish financial system"
The president of PwC Spain, Gonzalo Sánchez, has also launched a strong message in the face of the moments of uncertainty that have been experienced in recent days and said that "we have full confidence in the solidity of the Spanish financial system."
"The financial sector must continue to be one of the main catalysts of economic growth and investment in our country, and its health and stability are key to this end," he emphasized. Gonzalo Sánchez made this diagnosis during the presentation of the report 'Banking Union a challenge between overlapping crises', prepared by PwC, which was attended by the deputy governor of the Bank of Spain, Margarita Delgado.
For the president of PwC Spain, "we must show that the liquidity and solvency situation of our banks is today much more robust than years ago, being also widely controlled within the supervisory framework of the ECB and the Bank of Spain".
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14:50
Lagarde does admit that "additional uncertainties" open up
Although the president of the ECB, Christine Lagarde, is reiterating in her appearance the confidence in "the resilience" of the European banking sector that was already included in the statement of the institution and although she has insisted that they have "all the necessary instruments" to guarantee liquidity, she has admitted that recent events imply "additional uncertainties" And he recalled that, before them, growth forecasts had already been revised downwards.
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14:27
ECB says European banking system is 'resilient'
In its communiqué, the Governing Council of the ECB stated that it is closely monitoring ongoing market tensions and stands ready to respond as necessary to maintain price stability and financial stability in the euro area.
"The euro area banking sector has resilience and sound capital and liquidity positions," he said, adding that, in any case, the ECB has all the necessary monetary policy instruments to provide liquidity to the euro area financial system if necessary and preserve the smooth transmission of monetary policy.
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14:20
The ECB raises interest rates by half a point and places them at 3.5%
The European Central Bank has raised on Thursday another half point, to 3.5%, interest rates, despite the volatility in the financial markets generated after the fall of the SVB and other North American entities last week. It has therefore maintained, despite these circumstances, the intention expressed weeks ago. More details, in this information by Pablo R. Suanzes, correspondent of El Mundo in Brussels.
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14:19
Markets look to the ECB
The focus is on the ECB meeting at this time, which has shown since February its willingness to raise the price of money in the euro area by half a percentage point, by 50 basis points, to 3.5%, although making it clear that its intention was not a firm commitment.
However, the fall of SVB and the rescue of Credit Suisse open the door to other possibilities. Pablo R. Suanzes, correspondent for El Mundo in Brussels, explains them in this analysis.
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14:14
The Spanish Treasury places 6,298 million in long-term debt, paying an interest close to 4% at 30 years
The Public Treasury has placed this Thursday 6,298.2 million euros in an auction of State obligations, in the medium-high range foreseen, and has done so remunerating with higher interest rates in the two of the three references issued and with yields higher than 3.8% at 30 years, according to data published by the Bank of Spain.
Investors continue to show interest in Spanish debt securities, although the joint demand for all references (10,068.54 million euros) has not doubled what was finally awarded in the markets.
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13:53
The deputy governor of the Bank of Spain affirms that the exposure to Credit Suisse is residual
The deputy governor of the Bank of Spain, Margarita Delgado, said Thursday that the exposure of Spanish financial institutions to Credit Suisse is "residual" and that a crisis like that of Silicon Valley Bank (SVB) "would not be likely in our continent," reports EFE.
En la presentación de un informe de PwC sobre unión bancaria, la segunda autoridad del banco central español ha destacado la necesidad de contar con fuertes marcos de supervisión de regulación y resolución bancaria y ha añadido que las crisis ponen de manifiesto fallos en la gestión de riesgos.
El caso de la entidad californiana no es extrapolable al entorno europeo porque tiene un modelo de negocio diferente, ya que se trata de un "banco nicho", con un crecimiento muy rápido y con un volumen muy concentrado tanto del pasivo (con pocos depositantes, principalmente empresas, con importes por encima de la cantidad garantizada), como por del activo (elevada inversión en renta fija principalmente a largo plazo, más afectada y peor posicionada ante las subidas de tipos de interés).
Así, en España, en promedio el 66% de los depósitos están garantizados, mientras que en el caso del SVB, apenas alcanzaba el 11 %. Además, en España hay 60,4 millones de titulares con cuentas por debajo de 100.000 euros (es decir el 96,5 % de los titulares), con un carácter fundamentalmente minorista de los depósitos en España, tradicionalmente mucho más estables.
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13:21
El Ibex 35 modera sus ganancias
El Ibex 35 moderaba sus ganancias a media sesión al 1,1%, lo que llevaba al selectivo a situarse en los 8.853,3 enteros, en una jornada marcada por el respaldo del Banco Nacional Suizo (BNS) a Credit Suisse para reforzar su liquidez en 50.000 millones y en la que los inversores también estarán atentos a la reunión del Banco Central Europeo (BCE).
En concreto, cercanas las 13.00 horas, el Ibex 35 se situaba por debajo de la cota psicológica de los 8.900 enteros, tras haber abierto este jueves con un alza del 2,11%, con la mayor parte de los valores al alza.
Así, las mayores subidas se las anotaban Inditex, que subía un 2,89%, un día después de presentar sus resultados, seguido de IAG (+2,2%), Meliá Hotels International (+1,8%), Fluidra (+1,7%) y Endesa (+1,68%), mientras que en el lado contrario se situaban Grifols (-3,38%), Bankinter (-2,59%), Colonial (-1%), Indra (-0,62%) y Unicaja (-0,39%).
El resto de Bolsas europeas cotizaban a media sesión con subidas: del 0,8% para Francfort, del 1,2% para París y del 1% para Londres.
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12:49
Garamendi resalta "la robustez" de la banca española
El presidente de CEOE, Antonio Garamendi, ha destacado este jueves "la robustez y fortaleza" de la banca española y ha descartado "claramente" que le vaya a afectar la crisis de Credit Suisse, informa Europa Press.
Antes de intervenir en el III Encuentro Económico de CEOE en Zaragoza, Garamendi ha aseverado que "el sistema financiero español es auténticamente robusto", realzando su "seguridad y estabilidad". Garamendi ha exigido "un planteamiento de confianza en la banca española", recordando que está sometida a los controles del Banco de España y del sistema bancario de la UE.
El presidente de la patronal ha subrayado que Credit Suisse "está fuera del control europeo y ya tenía problemas", y ha explicado que el banco estadounidense Silicon Valley Bank, recientemente quebrado, "estaba expuesto a un riesgo altísimo" que "tiene poco que ver" con España.
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12:28
Credit Suisse, al alza en Bolsa
Las acciones de Credit Suisse han mantenido a lo largo de la mañana su fuerte tendencia al alza, con una apreciación que se ha estabilizado durante las primeras horas de las transacciones en la Bolsa de Valores de Zúrich en el entorno del 25 %, tras haber llegado a subir hasta un 32 % poco después de la apertura del parqué, informa EFE.
Esta espectacular recuperación, tras tocar fondo con una caída del 24 % en la víspera, se debe al anuncio de que el Banco Nacional de Suiza (BNS) le hará un préstamo de 50.000 millones de euros para reforzar al grupo bancario.
El establecimiento anunció dos operaciones de recompra de deuda por un valor total de 3.200 millones de dólares, lo que le ahorrará el pago de intereses en un contexto alcista de los tipos. "Estas medidas son una acción decisiva para reforzar Credit Suisse, mientras continuamos nuestra transformación estratégica para aportar valor a nuestros clientes y a otros socios", declaró su consejero delegado, Ulrich Körner.
El ejecutivo señaló también que el banco que dirige es "un banco global de importancia sistémica, sometido a las normas más estrictas de gestión de capitales, de financiación, de liquidez y, más generalmente, de publicación de resultados. Nuestra situación no es comparable a la de otras entidades".
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12:13
El Tesoro de EEUU afirma que el sistema bancario "sigue sólido"
La secretaria del Tesoro estadounidense, Janet Yellen, intentará este jueves convencer a los senadores estadounidenses de la solidez del sistema bancario de Estados Unidos, después de la quiebra del banco SVB y mientras los reveses del suizo Credit Suisse hacen temer un contagio.
La encargada de Economía y Finanzas de Joe Biden se dirigirá a los miembros del Comité Bancario del Senado para "asegurarles (...) que nuestro sistema bancario sigue siendo sólido y que los estadounidenses pueden tener la certeza de que el dinero que depositaron estará disponible cuando lo necesiten". "Las acciones de esta semana demuestran nuestro firme compromiso de garantizar la seguridad de los ahorros de los depositantes", dirá.
Yellen será escuchada por los senadores en el marco del proyecto de presupuesto del presidente Joe Biden para 2024, que se presentó hace apenas una semana.
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11:48
Sesión especial del Gobierno suizo
El gobierno federal suizo celebrará una reunión especial sobre Credit Suisse hoy, un día después de que sus acciones cayeran a un mínimo histórico, informó la agencia nacional de noticias Keystone-ATS, citando fuentes bien informadas.
No está claro si se tomaría alguna decisión en la reunión, especifica la agencia, añadiendo que el gobierno cree que es urgente reunirse a la luz de la agitación y las dudas que afectan al segundo banco más grande del país. Preguntada por AFP, la Cancillería Federal no hizo comentarios inmediatos.
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11:30
Los errores de Credit Suisse
La veloz salida de grandes patrimonios, los despropósitos en la gobernanza y el plantón saudí han desatado la crisis en Credit Suisse. El segundo banco suizo ha llegado a la crisis de confianza desatada por el Silicon Valley Bank en la posición más débil de la gran banca europea. Ya en el último trimestre de 2022 perdió un 37% de sus depósitos con respecto al tercero. 138.000 millones de francos suizos volaron. Sus clientes, grandes fortunas de todo el mundo, buscaron rápidamente entidades más seguras...
Lea el análisis completo de Carlos Segovia
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11:14
Montero's message of tranquility
The Minister of Finance and Public Function, María Jesús Montero, has conveyed a message of tranquility about the Spanish financial system, after the bankruptcy of Silicon Valley Bank and Credit Suisse has announced that it will borrow up to 50,000 million euros from the Swiss National Bank to gain liquidity, reports Europa Press.
Faced with an alleged scenario similar to that which occurred in 2008 due to the financial crisis, the head of the Treasury has rejected in the halls of Congress that this will occur again. Montero explained that although the Government is "very alert" to the international financial "turbulence", he has stressed that precisely after the previous financial crisis the banking systems were "greatly strengthened", with monitoring and control mechanisms. "Tranquility, but it does not mean that we lower our guard," the minister added.
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11:06
Swiss National Bank confirms it will provide liquidity to Credit Suisse
The Swiss National Bank has confirmed that it will provide Credit Suisse with sufficient liquidity. "Within the framework of its statutory mandate, the SNB can provide liquidity to a national bank," the central bank said in response to questions from reporters, Reuters.
Credit Suisse said early Thursday it would use a $50 billion loan from the Swiss National Bank to shore up liquidity and investor confidence.
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10:42
Rebound in the Ibex
European stock markets have opened with increases of more than 1.50% with banks leading the increases. The Ibex 35, which yesterday fit its largest fall since November 2021 (-4.37%), rebounds around 1.5% in the first stages of the session and approaches 8,900 points. Within the selective, Santander leads the gains with an advance of 3.7%; CaixaBank and BBVA are close to 3%, while Unicaja and Banco Sabadell are around 2.5% increases.
Read the full chronicle of María Hernández
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10:18
Escrivá says it "does not seem" that a financial crisis is approaching
The Minister of Inclusion, Social Security and Migration, José Luis Escrivá, said Thursday that "it does not seem" that a financial crisis is approaching, although he acknowledged that the markets are "nervous" and make movements that are then "corrected".
In an interview in RNE collected by Servimedia, the minister said that if you look at the banks that have had difficulties they have a "very unique" business model, and "very specific". Of course, he said that "contagions have always been when there is news" that affects an entity because the markets are "nervous and sometimes tend to extrapolate unduly."
This produces movements that "are then corrected", so he indicated that "the important thing in these situations is to judge the underlying elements". In this regard, he said that the "overwhelming majority of European banks" and "all Spaniards" have "absolutely disparate business models" from those that have been affected and have "extraordinary levels of capital and solvency."
"We are facing an international financial system, I would say, without a doubt, and of course national, because very very solid because, in addition, after the financial crisis of a few years ago, regulators, central banks, have greatly strengthened the instruments of supervision and there are much higher capital requirements. A lot was learned from that crisis," the minister added.
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10:09
No contagion option in Spain
The president of the Spanish Banking Association, Alejandra Kindelán, has assured "categorically" that there is no possibility of contagion to Spanish banks from the crisis of Credit Suisse, an entity that has been in trouble for some time, just as there is no reason for the fall of Silicon Valley Bank in the United States, reports EFE.
During his speech at the New Economy Forum, Kindelán has insisted that the situation of these entities "has nothing to do" with that of Spanish banks and on the meeting of the European Central Bank (ECB) on Thursday he believes that "with the manual in hand", in view of inflation, there are more rate hikes ahead.
"I am more convinced than ever that in Spain we have the best banks in Europe and surely in the world," said the president of the banking association, who highlighted the focus on the clients of the entities, their capacity for innovation and the "sensitivity" to face the challenges of the country.
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10:07
Rise in stock market
Credit Suisse shares have started Thursday's session with a rebound of 32.59%, to 2.25 Swiss francs, after the entity has turned to the Swiss National Bank (SNB) to strengthen its liquidity by 50,000 million euros.
The price of Switzerland's second-largest bankfell sharply in Wednesday's session, giving up 24.11% at the close, after falling more than 30% and touching a record low of 1.55 Swiss francs.
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