DOCSLIB.ORG

HSBC Trinkaus & Burkhardt 2010 Annual Report

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
HSBC Trinkaus & Burkhardt 2010 Annual Report Annual Report 2010 Annual Annual Report 2010 Financial Highlights of the HSBC Trinkaus Group 2010 2009 Change in % Results in €m Operating revenues 667.3 619.6 7.7 Net loan impairment and other credit risk provisions 7.7 22.4 – 65.6 Administrative expenses 439.3 400.8 9.6 Operating profit 220.3 196.4 12.2 Pre-tax profit 210.0 163.7 28.3 Tax expenses 70.6 54.5 29.5 Net profit for the year 139.4 109.2 27.7 Balance sheet figures in €m Total assets 18,584.0 18,728.6 – 0.8 Shareholders’ equity 1,289.7 1,062.5 21.4 Ratios Cost:income ratio of usual business activity in % 66.9 68.3 – Return on equity before tax in % 19.6 17.1 – Net fee income in % of operating revenues 60.5 55.9 – Funds under management and administration in €bn 115.3 99.1 16.3 Employees 2,440 2,280 7.0 Share information Number of shares issued in million 28.1 26.1 7.7 Dividend per share in € 2.50 2.50 0.0 Earnings per share in € 5.14 4.12 24.8 Share price as at 31.12. in € 89.0 98.0 – 9.2 Market capitalisation in €m 2,501.6 2,557.8 – 2.2 Regulatory ratios* Tier 1 in €m 1,058 817 29.5 Regulatory capital in €m 1,397 1,160 20.4 Risk-weighted assets in €m 8,113 7,850 3.4 Tier 1 ratio in % 13.0 10.4 – Regulatory capital ratio in % 17.2 14.8 – *following confirmation of the balance sheet Annual Report 2010 HSBC Trinkaus & Burkhardt Date of issue: April 2011 HSBC Trinkaus & Burkhardt AG Königsallee 21 / 23 40212 Düsseldorf Tel. +49 211 910-0 Fax +49 211 910-616 [email protected] www.hsbctrinkaus.de 4 Contents 06 , Letter from the Management Board 09 , Executive Bodies 10 Management Board 12 Supervisory Board 14 Advisory Board 17 , Group Management Report 18 Structure and Management 21 The Business Divisions 23 Strategic Direction 26 The 2010 Financial Year 31 Outlook for 2011 34 Risk Management 53 The ICS in the Accounting Process 58 Staff 59 Shareholders and Shares 61 , Consolidated Financial Statements 62 Consolidated Balance Sheet 63 Consolidated Statement of Comprehensive Income 65 Consolidated Statement of Changes in Equity 66 Consolidated Cash Flow Statement 67 Notes to the Consolidated Financial Statements 133 Auditor’s Report 134 Report of the Supervisory Board 137 , Report on Corporate Governance in 2010 142 , Responsibility Statement by the Management Board 144 , Locations 146 , Imprint 147 , Key Dates 5 Ladies and Gentlemen, The financial crisis continued to dominate financial All client groups were able to make a significant profit market and economic events in the year of our 225th contribution, underlining the balanced structure of the anniversary. Currently proceeding in the form of a Bank. Its collaboration with the internationally operat- government debt crisis, it will continue to occupy us ing HSBC Group puts the Bank in a unique position in in the near future as well. Under this general frame- the Corporate Banking business. Thanks to our net- work, Germany’s astonishing economic recovery ap- work of locations in 87 countries, we accompany our pears to be like a “German miracle”. According to the clients worldwide with products, services and local latest figures, the 3.5 % real growth in 2010 was the expertise. In recent years HSBC Trinkaus has proven strongest recorded since reunification. itself a reliable partner for the German Mittelstand and has thus been able to acquire new clients. The Against this backdrop, HSBC Trinkaus generated the Private Banking segment also improved its results as strongest result in the Bank’s history. Pre-tax profit well as its net inflows in asset management, benefit- was up by 28.3 % to the record figure of € 210.0 mil- ing among other things from the positive trend on the lion. Operating profit rose by 12.2 % to the historical stock markets. The Bank gave the best performance high of € 220.3 million and there was significant on average in the relevant surveys in 2010 and was growth in the Tier 1 ratio to 13.0 %following the pay- the only institution to rank consistently in the top ment of dividends . The Bank already meets the fu- quarter. The Institutional Clients segment generated ture requirements regarding the composition of core the largest earnings contribution in the Bank. Strong Tier 1 capital and the capital requirements for loan se- revenues in particular in Investment Banking and the curity very clearly. With this result, we outperformed equities business from the placement of capital in- the most successful year to date, 2007, the last year creases led to further growth. The sale of optimised before the crisis. In the light of the good results, the fixed-income investments benefited above all from Management Board and the Supervisory Board will the growing variety of products offered by the HSBC propose to the Annual General Meeting the payment Group. of an unchanged dividend of € 2.50 for 2010 on the increased share capital. The Bank not only successfully survived the financial crisis with consistently solid positive results, but even came out of it in a stronger position. The result underlines the success of our proven business model. It is characterised by its clear orientation towards the target groups of high net worth private clients, corpo- rate clients and institutional clients and is supported by risk-aware trading. The Bank’s success is guaran- teed by the unique combination in the German bank- ing landscape of the highly-personalised service ori- entation of a private bank with the international service capacity and capital strength of the HSBC Group. The AA rating, which has been unchanged since 2007, is testimony to this – HSBC Trinkaus still has the highest Fitch rating among private commer- cial banks in Germany. 6 We would like to continue along this path. With our goals are being supported among other things by the “Growing on Strength” programme launched in 2010, capital increase with a volume of around € 150 million we want to use the current year as well as the years successfully completed last summer. ahead to significantly expand our market share in all business segments. The focus is on the significantly Within the scope of our growth strategy, the number expanding the business with corporate clients in the of employees at the Bank is also to be increased fur- upper SME segment. Our aim is to position ourselves ther in 2011 to over 2,500. Our successes are based with an extended service and product offer as one of on the particular commitment and outstanding per- the three leading banks for internationally oriented formance of our employees. We want to promote corporate clients. Our particular strength is using the both of these further and are investing more strongly connections between the individual country units of in training measures this year as well. We are also in- the HSBC Group to the benefit of our clients. It is also creasingly using the global network of the HSBC our goal to be one of the most important service pro- Group here and supporting international work place- viders for high net worth private clients. We will be ments. Our staff members benefit not only from the expanding our business significantly in the years professional training, but also from the cultural diver- ahead in particular at our branch locations, of which sity which the Group offers. The Diversity & Inclusion there are now seven. We have set up a new branch in programme, which supports diversity and equal op- Cologne which is already showing the first successes portunities in the company and promotes the integra- and from which we expect additional growth impetus tion and appreciation of our employees, is expected in the business with high net worth private clients in to expand this advantage further. the months and years to come. In the Institutional Cli- ents segment we would like to actively use the mar- Finally, we would like to thank our clients and share- ket opportunities which arise for us as part of the holders for the trust they have placed in us, our busi- HSBC Group. For example, we have direct access to ness partners for their support and our employees for the Group’s global trading books which also enable their constructive cooperation and commitment. large-volume transactions and risk assumption, thus offering our clients added value. The business with Yours sincerely, warrants and certificates for independently operating private investors, where we again received significant The Management Board awards in 2010, is also to be expanded further. These 7 8 Executive Bodies 10 , Management Board 12 , Supervisory Board 14 , Advisory Board 9 Executive Bodies of HSBC Trinkaus & Burkhardt AG Management Board Andreas Schmitz, Chairman Carola Gräfin v. Schmettow Paul Hagen Dr. Olaf Huth Düsseldorf Baden-Baden Berlin Cologne Frankfurt am Main Hamburg Munich Stuttgart 10 Executive Committee Dr. Christiane Lindenschmidt (from 1 January 2011) Dr. Rudolf Apenbrink (from 1 January 2011) Florian Fautz Manfred Krause HSBC Trinkaus is in a unique position among the German The quality of our offer in the traditional banking business is banks: part of a global network as HSBC in Germany and one of our particular strengths. Furthermore, we offer our with local connections as a private bank since 1785. clients tailor-made concepts for complex tasks which we combine with innovative products and services – world- We offer our target groups – wealthy private clients, corpo- wide. The assertion of this major claim is guaranteed by rate clients and institutional clients – “The best of both our employees.
Load more

Recommended publications
  • Hsbc Trinkaus & Burkhardt Ag 2012 Dividend
    Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this document, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this document. Abc The following text is the English version of a news release issued in Germany by HSBC Trinkaus & Burkhardt AG, an 80.6% indirectly owned subsidiary of HSBC Holdings plc., which has been released to the other stock exchanges on which HSBC Holdings plc is listed. 20 February 2013 HSBC TRINKAUS & BURKHARDT AG 2012 DIVIDEND The Supervisory and Management Boards of HSBC Trinkaus & Burkhardt AG (‘HSBC Trinkaus’) propose the payment of a dividend of €2.50 per share for the 2012 financial year (2011: €2.50). Shareholders will be invited to approve the dividend at the Annual General Meeting on 4 June 2013. Estimated pre-tax profit and net profit for the 2012 financial year are in line with prior-year levels. The core capital ratio stands at over 12.9%, comfortably exceeding regulatory requirements despite the additional capital requirements for trading book positions. HSBC Trinkaus is the HSBC Group’s principal subsidiary in Germany and is rated ‘AA- (stable)’ by Fitch Ratings. Further figures and details of the 2012 financial year are scheduled to be published on 6 March 2013. ends/more Media enquiries to Steffen Pörner on +49 211 910-1664 or at [email protected] Note to editors: Trinkaus & Burkhardt AG HSBC Trinkaus is a commercial bank which draws on its more than 228-year-old tradition as a trusted advisor to its clients.
    [Show full text]
  • Supply Chain Strains Economics - Global
    26 August 2021 Free to View Supply chain strains Economics - Global Trade data and policy tracker The spread of COVID-19 in Asia has affected factory and Shanella Rajanayagam port operations in the region… Trade Economist HSBC Bank plc …while the chips shortage continues to impact auto production and trade… …and UK goods trade remains down on pre-pandemic levels It has been anything but a quiet summer for exporters and importers. Earlier this month, the world’s third largest container shipping port – Ningbo, in mainland China – suspended operations for two weeks after a worker tested positive for COVID-19. Although berthing operations restarted this week, over 47 container shipping vessels were waiting to dock at the outer Zhoushan anchorage as at 25 August 2021, up from 12 a year prior. Nearby ports have also seen waiting times lengthen as vessels were rerouted following the recent disruption. And it is not just ports that have been disrupted. Factories across many Asian economies have been impacted by the spread of COVID-19, which could have implications for Asian trade flows of autos and textiles, as well as ripple effects for producers in other parts of the world reliant on inputs from Asia. For example, Ford Motor Co recently announced it would temporarily suspend production at a US plant because of a chips-related part shortage due to the COVID-19 pandemic in Malaysia, while more than 30% of Vietnamese textile and garment factories were closed at the beginning of this month due to the pandemic, according to the Vietnam Textile and Apparel Association.
    [Show full text]
  • Our Board: Promoting Your Interests
    Our Board: Promoting Your Interests 1 4 7 10 2 5 8 11 3 6 9 12 Directors 5. The Rt Hon the Lord Butler of Brockwell, 9. José Luis Durán † 1. Stephen Green, Group Chairman KG, GCB, CVO (Retiring 30 May 2008) Age 43. Chief Executive of Carrefour SA and Age 59. An executive Director since 1998; Group Age 70. Master, University College, Oxford. Chairman of its Management Board of Directors. Chief Executive from 2003 to May 2006. Joined A non-executive Director since 1998. Chairman A non-executive Director since 1 January 2008. HSBC in 1982. Chairman of HSBC Bank plc and of the Corporate Sustainability Committee and the Joined Carrefour SA in 1991. Chief Financial Officer HSBC North America Holdings Inc. and HSBC HSBC Global Education Trust. A member of the and Managing Director, Organisation and Systems Private Banking Holdings (Suisse) SA. A Director International Advisory Board of Marsh McLennan of Carrefour SA from 2001 to 2005. of HSBC France and The Hongkong and Shanghai Inc. Chaired the UK Government Review of Banking Corporation Limited. Group Treasurer from Intelligence on Weapons of Mass Destruction in 10. Rona Fairhead † 1992 to 1998. Executive Director, Global Banking 2004. Secretary of the Cabinet and Head of the Age 46. Chief Executive Officer and Director of and Markets from 1998 to 2003. Chairman of Home Civil Service in the United Kingdom from the Financial Times Group Limited and a Director The British Bankers’ Association. 1988 to 1998. A non-executive Director of Imperial of Pearson plc. Chairman of Interactive Data Chemical Industries plc from 1998 to 2 January 2008.
    [Show full text]
  • Annual Report 2013 Financial Highlights of the HSBC Trinkaus Group
    Geschäftsbericht 2013 Annual Report 2013 Annual Report Financial Highlights of the HSBC Trinkaus Group 2013 2012* change in % Results in € m Operating revenues 703.0 705.4 – 0.3 Net loan impairment and other credit risk provisions 10.9 0.9 > 100 Administrative expenses 486.2 495.0 – 1.8 Pre-tax profit 219.1 217.9 0.6 Tax expenses 63.8 85.9 – 25.7 Net profit 155.3 132.0 1 7. 7 Balance sheet figures in € m Total assets 19,809.7 20,047.8 – 1.2 Shareholders’ equity 1,453.7 1,385.2 4.9 Ratios Cost efficiency ratio of usual business activity in % 67.9 69.4 – Return on equity before tax in % 16.5 1 7. 1 – Net fee income in % of operating revenues 57.0 54.4 – Funds under management and administration in € bn 149.2 150.3 – 0.7 Employees 2,527 2,528 0.0 Share information Number of shares issued in million 28.1 28.1 0.0 Dividend per share in € 2.50 2.50 0.0 Earnings per share in € 5.53 4.70 1 7. 7 Share price as at 31.12. in € 84.80 87.19 – 2.8 Market capitalisation in € m 2,383.5 2,450.7 – 2.8 Regulatory ratios** Tier 1 in € m 1,303.9 1,192.6 9.3 Regulatory capital in € m 1,638.5 1,534.6 6.8 Risk-weighted assets in € m 11,125.0 9,238.1 20.4 Tier 1 ratio in % 11.
    [Show full text]
  • SSA Sector and ESG Fixed Income - Rates
    26 May 2021 Free to View SSA sector and ESG Fixed Income - Rates More social, more green Global Social, green and sustainability issuance is the fastest growing Frank Will Global Head of Covered Bond Research segment in the SSA sector HSBC Trinkaus & Burkhardt AG Chris Attfield EUR remains the dominant currency but USD volumes are Strategist rising HSBC Bank plc Dominic Kini S&A supply in social bond format currently dominates but Credit and Green Bond Strategist HSBC Bank plc green issuance to rise in light of EU recovery fund volumes Fighting climate change and tackling the COVID-19 pandemic are currently two of the biggest challenges facing governments around the world. But thanks to growing investor interest in the ESG space, the huge financing required for both battles is proving easier to access than might otherwise be the case. Few parts of the financial markets are being left untouched by these developments, and that includes the Sovereigns, Supranationals and Agencies section of the bond market. Indeed, issuance of green, social and sustainability (GSS) bonds is currently the fastest growing part of the SSA market. Issuers are finding strong demand for their bonds, but also ways to broaden their investor bases. KfW, the German state-owned development bank, recently noted that its green bonds have attracted 100 new investors since 2014 ie buyers who had not previously subscribed to its new issues. The GSS sovereign market is growing very fast. According to Bloomberg, since 2018 the size of the sovereign GSS bond market has almost doubled each year to reach a total outstanding amount equivalent to USD142bn.
    [Show full text]
  • HSBC Registration Document 2008
    REGISTRATION DOCUMENT 4 August 2008 This document (this "Registration Document") has been prepared for the purposes of providing the information disclosure on HSBC Trinkaus & Burkhardt AG, Düsseldorf, Federal Republic of Germany (the "Issuer") required by Directive 2003/71/EC (the "Prospectus Directive") to be included (whether pursuant to § 11 or § 12 of the German Securities Prospectus Act (Wertpapierprospektgesetz, "WpPG") in connection with § 9 German Securities Prospectus Act, as applicable), in the registration document component of any prospectus of which this Registration Document forms part, submitted to the Bundesanstalt für Finanzdienstleistungsaufsicht ("BaFin") in connection with the issuance by the Issuer of bonds, notes, warrants, certificates and other securities of any description, which are non-equity securities (as defined in the Prospectus Directive) and in respect of which a prospectus is required to be published for the purposes of the Prospectus Directive as implemented in any jurisdiction. TABLE OF CONTENTS Risk Factors................................................................................................................................... 4 Responsibility Statement............................................................................................................... 5 General .......................................................................................................................................... 6 Information relating to the Issuer.................................................................................................
    [Show full text]
  • Digital Currencies Economics & Currencies - Global
    17 March 2021 Free to View Digital currencies Economics & Currencies - Global What are they and why do they matter? As cash usage declines, new forms of digital money are James Pomeroy emerging Global Economist HSBC Bank plc We look at cryptocurrencies and Central Bank Digital Paul Mackel Currencies… Global Head of FX Research The Hongkong and Shanghai Banking Corporation Limited …and outline the impact they could have on the economy and policy decisions As cash usage plummets in many parts of the world, the role played by new forms of digital currencies in the payments chain is only going to grow. But what sort of currencies? Cryptocurrencies? Central Bank Digital Currencies (CBDCs)? Stablecoins? Perhaps a mix of them all? These forms of money are all solely digital – and are either issued via the central bank or privately. Cryptocurrencies, in particular, have been getting a lot of attention recently because of Bitcoin’s spectacular price rise and the responses to it – with an increasing number of institutional investors showing an interest. Stablecoins, such as Diem, led by Facebook, have also gathered much more attention in recent years. There is no doubt that the rise of cryptocurrencies and stablecoins has alerted governments and policymakers, and is one reason why a number of central banks are drawing up plans for their own digital currencies. Sweden and China are leading the way, but these central banks have other motives too, based on the rapid developments of digital payments in their economies. This report will look at the differences between these forms of digital payments and the potential economic and monetary impacts.
    [Show full text]
  • Unterverwahrung Die Informationen Dieser Anlage Hat Die Gesellschaft Von Der Verwahrstelle Mitgeteilt Bekommen
    Unterverwahrung Die Informationen dieser Anlage hat die Gesellschaft von der Verwahrstelle mitgeteilt bekommen. Die Gesellschaft hat diese Informationen nur auf Plausibilität geprüft. Sie ist auf die Zulieferung der Information durch die Verwahrstelle angewiesen und kann die Richtigkeit und Vollständigkeit im Einzelnen nicht überprüfen. Die Verwahrstelle hat verschiedene Zwischen-Unterverwahrer mit der Verwahrung der Vermögensgegenstände beauftragt. Die Zwischen-Unterverwahrer wiederum haben die Verwahraufgaben auf verschiedene weitere Unterverwahrer übertragen, die in den in der Unterverwahrliste jeweils aufgeführten Ländern ansässig sind, um die jeweiligen Vermögensgegenstände in den jeweiligen Ländern zu verwahren. Folgende Interessenkonflikte könnten sich aus der Unterverwahrung ergeben: Fallgruppe 1 Sofern in der von der Verwahrstelle zur Verfügung gestellten Unterverwahrliste Gesellschaften mit der Bezeichnung „Deutsche Bank …“ genannt sind, handelt es sich um Niederlassungen oder Tochtergesellschaften der Deutsche Bank Gruppe und um ein mit der Verwaltungsgesellschaft verbundenes Unternehmen. Fallgruppe 2 Mit Unterverwahrern, die nicht unter die Fallgruppe 1 fallen, werden keine Interessenskonflikte gesehen. Potentielle Interessenkonflikte würden durch die Gestaltung des Verwahrstellen-/ Unterverwahrervertrags gesteuert werden. Die Verwahrstelle geht nach eigenen Angaben mit den Interessenkonflikten wie folgt um: Die Verwahrstelle hat angemessene und wirksame interne Regelwerke eingeführt, um eigene potentielle Interessenkonflikte
    [Show full text]
  • European Growth Economics - Eurozone
    8 February 2021 Free to View European Growth Economics - Eurozone Up, down, up Eurozone Q4 GDP growth surprised to the upside, as Simon Wells Chief European Economist investment showed remarkable resilience HSBC Bank plc This brightens the medium term outlook slightly, even though Elizabeth Martins the consumption recovery may be delayed further Senior Economist HSBC Bank plc We revise eurozone growth down for 2021 and up for 2022 Fabio Balboni Senior Economist HSBC Bank plc Q4 GDP growth surprised to the upside in the eurozone Eurozone GDP contracted 0.7% q-o-q in Q4 2020 according to the preliminary release. Chantana Sam Economist But the consensus in December was for a much larger 2.7% quarterly fall. So relative HSBC Continental Europe to expectations just a month or so ago, Q4 GDP surprised massively to the upside. France and Spain posted the biggest upside surprises, while a small Q4 expansion in Stefan Schilbe Chief Economist, Germany Germany means it should now avoid a technical double-dip recession. HSBC Trinkaus & Burkhardt AG Initial data from France suggest investment accounted for much of the unexpected Chris Hare resilience. There was a sizable fall in household consumption, in line with our Senior Economist expectations, whereas investment actually grew. Housing investment, related to a HSBC Bank plc buoyant residential property market, seems to be accounting for part of this resilience. And IT investment has been robust, most likely related to firms adapting to new working practices and expanding on-line offerings.
    [Show full text]
  • Presentation to Fixed Income Investors
    HSBC Holdings plc and HSBC Bank Canada September 2010 Presentation to Fixed Income Investors www.hsbc.com www.hsbc.ca Disclaimer and forward-looking information This presentation, including the accompanying slides and subsequent discussion, contains certain forward-looking information with respect to the financial condition, results of operations and business of HSBC Holdings plc, together with its direct and indirect subsidiaries including HSBC Bank Canada and HSBC Securities (Canada) Inc. (the "HSBC Group" or “HSBC”). This forward-looking information represents expectations or beliefs concerning future events and involves known and unknown risks and uncertainty that could cause actual results, performance or events to differ materially from those expressed or implied in such statements. Additional detailed information concerning important factors that could cause actual results to differ materially is available in the Annual Reports and Accounts of HSBC Holdings plc and HSBC Bank Canada for the year ended December 31, 2009, as well as the HSBC Bank Canada Second Quarter 2010 Report to Shareholders and the HSBC Holdings plc Interim Report 2010 for the period ended June 30, 2010. Past performance cannot be relied on as a guide to future performance. Please see www.hsbc.com and www.hsbc.ca for further information. This material is for information purposes only. HSBC Holdings plc is not a reporting issuer in Canada and is not permitted, by itself or through a nominee or agent, to engage in or carry on any business in Canada, except as permitted by the Bank Act (Canada). The material is intended for your sole use and is not for general distribution and does not constitute an offer or commitment, a solicitation of an offer or commitment to enter into or conclude any transaction or to purchase or sell any financial instrument.
    [Show full text]
  • Hsbc Trinkaus & Burkhardt Ag, Proposed 1 for 13 Rights Issue of 2,007,693 New Ordinary Shares at €75.00 Each
    Ab c The following text is the English version of an ad hoc release issued by HSBC Trinkaus & Burkhardt AG, a 78.6 per cent indirectly owned subsidiary of HSBC Holdings plc. 25 May 2010 HSBC TRINKAUS & BURKHARDT AG PROPOSED 1 FOR 13 RIGHTS ISSUE OF 2,007,693 NEW ORDINARY SHARES AT €75.00 EACH Fully underwritten rights issue to raise €150 million net of expenses Expected to add 180 basis points to capital ratios HSBC has indicated its intention to take up its rights in full The Management Board of HSBC Trinkaus & Burkhardt AG (the ‘bank’) has resolved today to increase the share capital of the bank by €150 million (net of expenses) by means of a fully underwritten rights issue on the basis of one new ordinary share (the ‘new shares’) for every thirteen ordinary shares held (the ‘offer’). The offer is fully underwritten by National-Bank Aktiengesellschaft, Essen, and existing shareholders can subscribe for a maximum of 2,007,693 new shares at a subscription price of €75.00 per new share. The proceeds of the offer will be used to support the bank’s planned growth in key customer segments and further strengthens its capital position for expected higher regulatory capital requirements. At end of the first quarter of 2010 the bank’s total capital ratio was 14.5 per cent and its tier 1 ratio was 10.0 per cent, with no hybrid capital components. As a result of the rights issue, these ratios are expected to increase on a pro forma basis to 16.3 per cent and 11.8 per cent, respectively.
    [Show full text]
  • Europe COVID-19 Tracker Free to View Economics - Europe
    11 August 2021 Europe COVID-19 tracker Free to View Economics - Europe Vaccine scepticism may hold back the recovery While new COVID-19 infections continue to rise in many Christian Fuertjes countries and remain elevated in the UK and Spain… Economist HSBC Trinkaus & Burkhardt AG …vaccination progress is clearly hitting natural boundaries Meanwhile, economic activity continues to recover but also re-enforces wage and inflation fears across Europe Convincing vaccine sceptics is seen as the key to keep the economy open New infection numbers are rising from comparably low levels in France, Italy and Germany while they are stabilising at elevated levels in Spain and the UK (charts 1, 2). With the Delta variant spreading predominantly among the younger population in contrast to the previous infection waves (charts 3, 4), ICU admissions fortunately remain at comparably low levels but nevertheless show a clear upward trend (chart 5). In this respect, all hopes rest on vaccinations to at least prevent hospitalisations in case of an infection. However, progress on vaccination campaigns is obviously stalling across Europe (charts 6, 7). Data from Germany, which we view as representative for the entire EU, indicated that the gap between vaccine supply and actual shots has reached record highs as more than two-thirds of the declining vaccine administrations are now second shots (charts 8, 9). As a consequence, the share of the total population having received full vaccine protection seems likely to reach a ceiling at roughly 60% as data from the more advanced vaccination campaigns in Israel and the UK suggest (chart 10).
    [Show full text]