RESUMEN DE PRENSA 05/10/2012

BANKIA

Un alcalde en huelga de hambre El regidor de San Fernando de Henares, de IU, exige que una constructora entregue varias viviendas rehabilitadas a sus dueños Tono Calleja / El País 4 OCT 2012 -

Julio Setién, con el cartel que denuncia la situación. / T. CALLEJA

El alcalde de San Fernando de Henares, Julio Setién (IU), apenas pegó ojo la noche del miércoles al jueves. Su cabeza no encontraba una solución al problema de 200 de sus vecinos que no pueden acceder a sus casas porque la constructora que ha remodelado las mismas no las entrega. “Nos están toreando desde hace meses y entre unos y otros están jugando una partida de póquer en el que los vecinos son los rehenes de un conflicto, en el que los intereses de unos y otros mantienen paralizadas las posible soluciones”, sostiene Setién, que como única solución al “inmovilismo” de unos y otros, ha iniciado una huelga de hambre, con la intención de que las partes lleguen a un acuerdo para evitar un embargo de las viviendas. El próximo lunes, Setién mantendrá una nueva reunión con responsables del departamento financiero de Bankia. Entonces se sabrá si el alcalde de San Fernando va de “farol” o por el contrario se guarda un as en la manga en la partida de póquer que juegan las constructoras Ortiz y Corsán Corvián; el departamento financiero de Bankia; y la promotora Plaza de España S. L., cuyo capital pertenece en un 51% a los vecinos, y un 49% al Ayuntamiento de San Fernando. La rehabilitación de la Plaza de España de este municipio se inició hace más de 30 años cuando el Consistorio decidió proteger en entorno. Pero no fue hasta hace dos años que los vecinos abandonaron sus casas a cambio de unas nuevas. Lo hacían cediendo sus derechos a una sociedad participada al 49% por el Consistorio. Pero según la versión municipal, desde hace más de un año Bankia cortó el grifo, negándose a abonar los últimos 11 millones de euros del crédito de 54 millones que se había acordado inicialmente. Esta negativa por parte de Bankia, según el Consistorio, impide que Plaza de España, es decir, los vecinos, puedan pagar los trabajos realizados por las constructoras, que han recurrido a los tribunales para recuperar su dinero. Para complicar todavía más el caso, un tribunal ha decretado el embargo cautelar del resto de propiedades de Plaza de España S. L., por lo que tampoco puede vender unos locales que ya tenían dueño: la Tesorería de la Seguridad Social, que iba a pagar unos 4 millones de euros. La pescadilla que se muerde la cola: Bankia no paga, los promotores tampoco, y los constructores no entregan las viviendas. Mientras tanto los vecinos viven de alquiler, cuando sus casas están finalizadas y listas para entrar a vivir. Un portavoz de Bankia ha negado este jueves que la entrega de las viviendas no se haya producido por su culpa, asegurando que Plaza de España S. L. se ha dedicado a hacer cosas distintas al proyecto inicial. Fuentes cercanas a la operación explican, además, que el problema radica en que los vecinos necesitan más dinero de Bankia al haber hecho más cosas de las previstas. La negativa de Bankia a ampliar el crédito de 54 millones se debe a que el Ayuntamiento no está dispuesto a poner nuevos avales y garantías: “Y sin garantías es muy difícil volver a prestar dinero”, explican las mismas fuentes. Según los portavoces de la entidad financiera, Bankia ha cumplido con todas sus obligaciones. "Cuando en un proyecto surgen necesidades adicionales y hacen falta más fondos, las operaciones se valoran y se estudian. Y en este caso es necesario un esfuerzo compartido, en el que unos sean más flexibles con los plazos de cobro y otros puedan aportar los fondos que hacen falta para finalizar las obras". Además, explican los portavoces, Bankia va a intentar que cada vecino pueda tener su vivienda. Mientras tanto Julio Setién, acompañado de varios miembros de su Equipo de Gobierno, permanecerá en la calle, frente a una oficina de Bankia, en espera de la reunión del lunes. Hasta esta fecha, cinco días después de iniciar la huelga de hambre, el regidor de San Fernando de Henares se alimentará solo de agua. “Los médicos dirán si al final tiene que tomar azúcar o cualquier otra cosa”, explica un portavoz municipal, preocupado porque Setién tiene 64 años, y una huelga de hambre es muy peligrosa. “Todo para acabar con el juego”, explica el alcalde, que todavía no muestra sus cartas. No se sabe si va de farol o lo que esconde detrás de todo es un repóquer. El lunes, en la sede de Bankia, se jugará la segunda mano; en juego, las casas de 200 vecinos de San Fernando.

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ENTORNO FINANCIERO

ACTUALIDAD DEL DÍA

INTERNACIONAL THE WALL gruff JOURNAL 05 oct. 12 Pag. 6 Told Budget Limit Will Possibly Overshoot BY JONATHAN HOUSE MADRIDSpain's central bank chief Thursday warned that the country is at risk of not hitting its budget targets and urged the gov- ernment to reconsider its plan to raise pensions this year. "The most urgent problem faced by the Spanish economy is recover- ing the confidence of the markets," Bank of Spain Governor Luis -Linde said in Parliament. 'There's no other way to achieve this than by comply- ing with fiscal targets," cleaning up the country's ailing banks and push- ing through economic reforms, Mr. Linde added. Declining investor confidence forced the Spanish government to ask for a bailout of tip to 100 bil- lion ($129 billion) from the Euro- pean Union earlier this year to help shore up a banking system grappling with a housing bust. The govern- ment is widely expected to request EU aid for financing itself in the coining weeks as investors Continue to pull out of Spanish markets. At an auction Thursday, Spain sold nearly 4 billion of two- and five-year bonds with lower interest rates than at recent sales, but ana- lysts said that Spani's continued re- liance on short-dated bond sales show investor appetite for Spanish debt is limited at a time when the country has large issuance needs. As Spain grapples with a deepen- ing recession and soaring unemploy- ment, Mr. Linde said the economy needs more and cheaper financing to put it back on the path to growth. He said that budget data as of August suggest Spain could miss its 2012 deficit target of 6.3% of gross domestic product. "Given the impor- tance of meeting [the target], new measures shouM be considered," Mr. Linde said. The central banker urged the government to consider, for exam- ple,scrappingor modifying a scheme whereby pensions are ad- justed for inflation at the end of each year. He .said that if it is imple- mented this year, a recent spike in inflation as the result of higher en- ergy prices and taxes wotdd require additional compensation to pension- ers of arourid 3 billion. Reducing pension expenditure is something long recommended for Spain by the EU but which Prime Minister Mariano Rajoy has resisted. Though his government's austerity measures have included cuts in pub- lic-sector wages and unemployment benefits, Mr. Rajoy has repeatedly said that pensions are the last thing he would touch. Mr. Linde said the government's 2013 budget is based on "optimistic" assumptions. He noted that, while the government is forecasting a GDP contraction of 0.5% for next year, most independent analysts forecast a larger contraction of around L5%. Spain is targeting a 2013 budget def- icit of 4.5% of GDP. The central banlcer, however, softened his warning somewhat, saying that the more pessimistic outcome would inflate Spain's bud- get deficit by only about 0.3 per- centage points next year, which the government could offset with new measures. "I think that would be manageable...the government would have time to react," he said. THE WALL sirREgr Aura 05 oct. 12 Pag. 4 Spanish Bailout Is No Fix for Italy's Woes pushing up yields to levels that Yielding Results the government couldn't afford to Financing costs for Spain and Italy have fallen stgnifIcantly sine@ Mario Draghi on pay. The ECB's commitment to BY STEPHEN FIDLER July 26 said the KB is ready todo whatever It takes to preserve the euro' buying government bonds in that era was explicitly limited and It's a question Italy's yield curve Spain's yield curve at temporary. critical to the Now, the new ECB program futtire of the euro July 26 threatens traders with unlimited zone: Would a 7 July 26 firepower. That means traders will Spanish request be more Mcely to adapt the U.S. for a government 6 prescriptionDon't Bet Against bailout spread the flames of " " " "" "" " Oct. 4 the Fedfor Europe. financial contagion to Italy or At least for bonds maturing in provide a firebreak? three years or less, the limit of In the first phase of the euro the ECB's buying program, traders crisis, the domino theory applied. will be nauch inore reluctant to Once Greece lost access to private 3 - push bond yields higher. finance and sought a bailout, Reflecting that, short-maturity attention turned to Ireland, which bond yields have fallen, leading to 2 , ,. was forced to seek aid, and then a steepening of the yield curves, 2 5 10 A to Portugal. A bailout request where bond yields are plotted on turned out to be a signal for Years to maturity Source Tradenreb a chart against their maturities, financial markets to attack the The Wall Street Journal for both Spain and Italy next target. There's a risk in this too. If Euro-zone officials hope that When it is seen to work, a further. generally leas sldttish than their Spanish bailout request will be yields are kept lower through the dynamic has been changed by the source of imcertainty will be foreign counterparts: If Italy's positive," says Jiirgen Michels, promise of ECB action, pressure European Central Bank's effort to erased and the pressure on Italy home-grown investors are euro-area economist at Citigroup. on governments is lifted. The talce the risk of a euro-zone break- will lift persuaded to roll over their "I don't think that it will last too impetus on Spain and Italy to act up off the table. From now on if a In some respects, Italy's maturing bonds, and reinvest long." is potentially reducedas it is for government asks for a bailout and position is indeed more their interest payments, Italy can The underlying issue, he says, rich countries, such as Germany, complies with the conditions comfortable than Spain's. continue to survive on private is that there virould be no final to agree on the measures attached, the ECB has pledged to Huw Pill, chief European finance. buyer of last resort for Italian necessary to fix the euro zone's buy its short-term bonds, in economist with Goldman Sacha, bonds even if the ECB were to structural flaurs. unlimited quantities if necessary. points out that the Italian start buying Spanish bonds. ECB For some observers of Italy, Mario Monti's government govermnent is rimning a primary European officials say action in Spain wouldn't erase the there are big questions about believes the ECB's pledge is a budget surplus which means its long-term questions about whether an aid request will be game-changer. Senior European receipts are greater than its that Rome is eager for whether Italy's debt burden, the avoidable in the atmosphere of officials say that Rome is eager mum' ig costs, before interest Madrid to ask for aid second highest in the euro zone at uncertairity that could be for Madrid to ask for aid because payments. Spain is running a 120% of GDP, can be financed - generated by elections next it sees Italy as suffering blowback budget deficit optimisticall3r because it sees Italy as indefinitely. spring. Even in the best case, from worries about Spain. A forecast this year at 6.3% of gross suffering blowback from "If the ECB goes into Spain, theeconomists say, the ECB's plan Spanish request for aid should domestic product, a huge gap problem remams that there is no will work only up to a point and guarantee its government's which, though slowly coming worries about Spain. final buyer for Italian paper." what matters now is what finances for years to come, down, means the government's Yet, analysts also concede that governments do now to resolve removing one huge source of debt is still expanding. the path to a bailout request in the weaknesses in their uncertairity now plaaning Italy. The other factor in Italrs Mr. Pill says, however, Tice idea both countries will be slowed by econonaies. Once bailout terrris are agreed, favor, says Mr. Pill, is that Italy that these factors will save Italy the ECB's stance. In the Greek, "The new program is designed the euro zone's newfangled crisis- has a significantly higher from a bailout suggests a rose- /rish and Portuguese cases, to buy time for the muddle- fightfrkg apparatusthe newly proportion of its soon-to-mature tinted view of the world, a traders and investors were able to through," says Mr. Pill of Goldman operational European Stability bonds in the hands of domestic position shared by other bring the crises to a head by Sacha. "The question is whether Mechanism twinned with the investors than Spain does.. economists. selling bondsin some cases the time that is bought is well ECB--will be put to the test Domestic bond investors are "The impact on Italy of a without owning themand used." - 05 oct. 12 Pag. 25 FINANCIAL TIMES

Share price rise sisee Jul 24 2012 Fkii Investors turn Société Générale Santander BNP Paribas wary over strong eurobanks rally

and those with more localer-term refinancing opera- News analysis operations. "We're seeing ations and then last month's two-tierbankingsectorpledge to engage in outright Traders who rode emerging," says Joe Run-monetarypolicytransac- the summer wave dle, head of trading at ETXtions to address distortions Capital. in the government bond are cashing out, say "People havedefinitelymarkets - have done much Mary Watkins been buying global playersto remove the riskof a for the last month and a"Lehman Brothers-style and Alexandra half and neo we're seeingheart attack". Stevenson some profit-taking. Yet most fund managers "On the other side, we'reare wary of embracing the TrackIntesa Sanpaolo,seeing complete 'risk off onsector with any sense of Santander or BNP Paribasperipheralsmallerbanksconviction. shares in the weeks sinceand people buying credit Aberdeen has been under- Mario Draghi declared thatinstead and selling equity,"weight on the European he would do "whatever itMr Bundle says. bankingsectorfor some takes" to save the euro and Neil Wilkinson,fundtime and Mr Thomson says theperformance looksmanager at Hayal Londonfor long-term investors the impressive. AssetManagement,saysmacro situation still looks The summerequitiesthat the pronounced under-very grim. Price-to-book ratio of banks in MSCI Europe index European bank stocks rally gained extra in uncevaluation seen in the mid- "Do youwanttobe FOSE Eurofirst 300 basto index FOSE Eurofirst 300 index from Mr Draghi's Septem-dle of the year has dissi-exposed to a sector that has ber announcement of an reached maturity, isover- 2.5 450 1200 expansion of the European saturated, is seeing demand Central Bank's bond buying'The majority of thediminishing and is subject programme to help ailingsector still looks to draconian regulations?"2.0 economies such as Spain Mr Thomson asks. and Italy. hideously complex "From an investorper- 400 1100 The gesture has gone aand we'd rather spective, the majority of the 1.5 long way toineffect sector still looks hideously remove the tail risk of ainvest in companiescomplex and we'd rather eurozone break-up. investin companies we 1.0 Mr Draghi's words andwe understand' understand." 350 1000 pledge of action helped the Other long-term investors FTSE Eurofirst 300 to reachpated and the sector as aare similarly cautious. 0.5 itshighest level in morewhole now looks broadly "For an investor. Euro- than a year in Septemberfair value. But we are stillpean bank stocks are just and banking sharesfol-in a tough economic envi-not cheap enough," says 300 900 0 I I I i lowed closely behind. ronment," says Mr Wilkin-Mark Tinker, global portfo- 2002 04 06 I I 08 10 I 12 Jan 2012 Oct Europeanbankshaveson, who recently cut hislio manager at Axa Invest- gained nearly a quarter ofholdinginoneItalianment Management. Source: Thomson Reuters Datastr cam their market capitalisationlender by half. "You still have the regal- since Mr Draghi's Jttly 26 Equitystrategistsecholatorsin the backgroundPrivate Banking, is one ofnormal growth cycle nowhold. Mr Moore says that Indeed, as banks across speech. this sentiment, arguing thattrying to prove that theythe few fund managers tomight be the time tu buythe push is driven by theEttrope look to shrink and But as the rally has faded,while valuations huye comearen't going to make thehave moved to overweightshares in UK banks such asBoE's sieso that the cum-offload assets in response to long-terminvestorshavedown - the price to booksame mistakes again andEuropean equities. MrBarclays, Royal Bankofzone isunstable and UKthe eurozone crisis and the grown increasingly scepti-ratio is 0.8 times - sharesthewholeenvironmentDuret isunwilling, how-Scotland and Lloyds. But hebanks need to protect them-shifting regulatory environ- calabouttheEuropeanare not cheap enough givenmakesmost Europeanever, ta change his neutralpoints to a ntunber of issuesselves. ment,itislittle wonder banking sector. Day tradersthe risks looming over thebanks unattractive invest-position on banks. overhanging the sector. lt aloe means that banksinvestors are wary. who managed to ride thesector. ments. Outside the eurozone, UK The economic situation issuch as Lloyds and RBS are "I want to own a bank summer soase are already Bertic Thomson, senior "Bankswill struggle tolendersarebeginningto difficult and low interesteven less likely tu pay a div-servicing a market where cashing out. fund manager at Aberdeengenerate excess returns andlook more appealing butrates are unhelpful for netidend in the near term. the balance sheet is expand- Traders say those inves-AssetManagement,saysmany are also being forcedthere are headwinds. interest rate margins. More '"f he shifting sands froming," says Mr Tinker. tors still buying equities arethatthe ECB's interven-to divest either for regula- 'ChamasMoore,invest-significant, however, is theregulators is unhelpful not "Europe is stillan making a clear distinctiontions - first offering cheap,tory or capital reasons." ment director and bankingBank of England's desire tojust for equity investors butalmighty mess and it will betweenbig bankswiththree-year funding to euro- Didier Duret, chief invest-analystatStandard Lifeincrease further the amountfor the UK economy as abe difficult to unpick," he exposureoutsideEuropezone banks under its long-ment officer at ABN AmroInvestments, says that in aof capital UK banks mustwhole," says Mr Moore. adds. 05 oct. 12 Pag. 12 FINANCIAL TIMES

I'm losing you

Morgan Stanley EN en mahana ai i is csC-%entually Downwardly mobile As Spain prepares to purge its GiN,en the hefty debt pile at Motale erince revenues al Europe s biggest Mobile service revenues inGermany banking woes, it could use elements A recurring refrain, since 2008 or so, Telefomca - a net58bn at the end mat kets (annual ochange) (annual change) of both models. But good execution is that boring is better in financial of June compaied with its cm lent 02 will require honest pricing on services. Morgan Stanley boss James mallet capitalisation of 47bn - 4 10 E Plus transfer. and more patience on exits. Gorman is leading the choir. By long awaited cm-it/matron that the 2 Vodafone buying full control of the Smith Spanish tele oms gi oup will floatd T Mobile 5 Aviation leasing Barney retail brokerage businesses minolity interest in its German from Citigroup, Morgan Stanley has subsiditu y tlus o eat comes not a 2 "If it flies, floats or fornicates it is diversified away from the high-flying, moment too soon better to rent it," goes the adage. It high capital intensity, highly Timing, lancing and size of the 4 also helps to explain the growth in scrutinised trading business toward float which was fuel mooted in the 6 the global aviation leasing market. the stable, capital-light business of sluing has e not been detailed More of that industry is now selling investments to rich people. Using an indUsti y-as erage six times 8 5 concentrated in Japan, after But just how ho-hum is the retail opetating income multiple to 10 yesterday's purchase by Mitsubishi brokerage industry these days? calculate the Gelman offshoot s UFJ Lease of Jackson Square Combining Smith Barney with vaMe (and ad-lusting foi its 1bn of 12 -10 Aviation for about 51.3bn from Morgan Stanley's own brokerage net debt) a 20 per cent stake might Germany UK Italy FianceSpain 2009 2010 20112012 Oaktree Capital. It follows the operation has proved a challenge. mse about 1 5bii lin estoi s 02_U12 purchase of RBS Aviation in January The integrated trading platform has appaite tot thc business tiading S,ur, DaltN Pdol, Valik h by Sumitomo Mitsui Financial. reportedly infuriated brokers. This under thc 03 banner is mom it is easy to see why Japanese happens at a time when traditional questionable Unlike muelo of But even a successful float of the offering pioceeds and some fiee buyers would like aircraft leasing full-service brokers or "wire houses" southern Etuope the foui plavei Gelman business will haidly soler cash flow the SUMS will be tight now. Dollar-priced assets such as are losing share, especially to German mobile mat ketIsstill Teleforma's pi oblems as it tries to Ni, wondei thereVvdstalk sesterday aircraft are attractive to Japanese independent advisers. Wire houses' gi owing But02VleS with KPN s E cling lo investment grade tatings that some corpoiate tete are up tot companies grappling with a strong share of retail adviser assets fell to Plus tor thud place triple alongside The company has targeted a 24 sale investois enioNed a bilef yen. Aircraft arc a good inflation 41 per cent in 2011, from 48 per cent latget rivals Deutsche Telehom and times levetage ratio (net debt to iespite this summet when hedge, since prices generally track four years before, according to Vodabuic The idea of a synein opeiating income bcfm Telefonica shams iallicd on hopes US inflation. Japanese banks need to research firm Centlli Associates. tie-up with E-Plus circulated ember demeciation and amortisation) lot that Spain's CrisisVvdSeasing but diversify their assets abroad and Also, while broking does not this yea/ but now seems unlikely in2012 - which suggests that net at 01.0 30 thet are still down 26 pei they are flush with deposits. But require much capital, returns are the .neat term Still Telefonica borrowings need tu be below 50bn tent ovet the past ,ecti compared their returns are miserly: MUFJ always in danger of being eaten up Dents, bland is promising,51)0m The tam has alreadytut with a flat European telecOMS Lease made a pre-tax return on by the staff. Brokers who are not cash duo idcnds to/ 2012 a helpful dividends tempoianit foi 2012 But sector That looks high enough assets of less than 2 per cent last paid what they think they are worth yield SVeottanor even with the German initial publicuntil balance sheet concerns recede year. Jackson Square, with its decamp to the competition, taking relatively low-risk, midsized new their clients with them. Pay fleet of popular Boeing models, can packages were 60 per cent of net deliver pre-tax returns of 3 per cent. revenues in Morgan Stanley's wealth But it is not just the government dispute over toll pricing. German The test for Mr de Guindos is to Leased aircraft are forming an ever management business during the and the rail companies that should power generators suffered in 2011 ensure that bad loans are transferredlarger chunk of the global fleet. most recent quarter, compared with consider the implications of the when the government decided to pullat the right price. All property loans Many airlines are short of cash for 44 per cent of net revenues in botched decision. The consequences out of nuclear power. good and badincluding property fleet renewals and expansion, and and sales and for investors stretch well beyond a The result is that, despite the developer exposure with a face value they struggle to borroso' cheaply. trading. Morgan Stanley will need to one-day share price fall. Outsourcing opporttunties, ratings for companies of 130bn-140bn could end up in theLeasing aircraft gives them more make good on pledges to cut of public sector services, from rail involved have fallen. UK rail and vehicle. A brutal haircut will be fleet flexibility. And leasing capacity and compensation for lines to prison management, has outsourcing companies were valued required, but not so harsh as to add companies can ease the weight of profitability to rise. been rising. in OECD countries, the at between 14 and 24 times earnings to the 60bn capital need revealed bydepreciation on airline accounts. Market rallies help brokers, and outsourcing's share of GDP rose by five years ago. That range has now the stress tests. Capital released Leased aircraft are forecast to the entire industry is set to benefit 1.5 percentage points ta 10 per cent fallen to 7 to 14. After this week's would in any case offset further account for up to half of fleets in the as baby-boomers seek advice on the between 2000 and 2009. The work debacle, that discount looks justified.losses triggered. But do bad banks next decade, from 40 per cent today. transition ta retirement and passing offers companies long-term contracts really work? Two other trends will help. Abcnit wealth to the next generation. But from customers who rarely go bust. Bad banks Their main aim is to preserve good8,000 aircraft are due to be retired in the point remains that for Morgan But the risks often get lost amid banks, allowing them to keep lendingmarkets such as the US over the Stanley to be successful, it must do corporate enthusiasm for new From bad to worse. Luis de Guindos,as markets normalise. in Ireland, thenext 10 years, which is more than more than shift its business mix. It business. First, the work is not as Spain's finance minister, began 2012 National Asset Management Agency, the total retired since commercial must transform a brokerage businesseasy as it used to be. Competition is by saying he would not create a hadwhich initially took in loans at a 06 aviation took off in the 19605, that is facing multiple challenges. growing and governments are bank to house lenders' lousy per cent discounteven as property according to Avalon, the leasing demanding better temimos. That is property loans. Instead, he forced prices slid - came too late to save g,roup. And air traffic should grow at pushing the companies to offer pricesthem to make hefty provisions on Irish taxpayers from bailing out the an average 5 per cent annually for Outsourcing or services that they might have their exposure. Now, following the banks. Nomas backlog could take the next 20 years, led by demand in Talk about a hangover. Seven weeks shied away from before. The UK's Oliver Wyman stress tests of Spanishdecades to clear. Sweden's response emerging markets. Larger fleets give ago shareholders in UK rail operator Serco, for example, runs Doncaster banks, Mr de Guindos is poised to to its crisis is more instructive. In leasing companies the benefits of FirstGroup were celebrating after theprison but 10 per cent of the contractset up a banco malo. Trouble is, one case, it foreclosed loans, took on scale. Expect more deals to come. company won the contract to run value in the first four years depends confidence in Spain and its banks the assets, and repackaged them into the West Coast line. This week, the on reconviction rates. has been shaken by Madrid's portfolios, such as hotels. It brought LEX ON THE WEB shares fell 20 per cent after the Second, governments are not procrastination on banking and fiscalin experts to manage these, then sold government said the bidding process reliable customers, pulled around as reform. Investors still question or listed them in five years. It also For Leo notes on today's breaking stories was flawed and cancelled its they are by political priorities. banks' asset valuations. Banco set up a bank support entity with go to www.ft.com/lex decision. Cue several months of Macquarie's investment in Highway Popular's forthcoming 2.5bn rights external funding to house problem For email, go to www.ft.com/nbe debate over what happens next. 407 in Canada was bedevilled by a issue will test their appetite. loans. resulting in today's . IN TERNATIONAL 05 oct. 12 Pag. 1 ,Zribrane

Progress has been 'significant' in euro zone, E.C.B. chief says

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E.C.B. chief citesprogress in euro zone

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THE WALL sirREgr Aura 05 oct. 12 Pag. 35 Shakes Up Its Investment Bank BY 1V1ax COLCHESTER clays's chief operating officer. Mr. Del Missier later quit after the bank LONDONBarclays PLCsaid was found by several regulators to Thursday that it is reorganizing its have tried to rig interbank lending investment-banking operations to rates. try and boost returns at the U.K. Barclays's new chief executive, bank's main revenue generator, in a Anthony Jenkins, has stated his at- move that comes amid increasing tachment to the group's investment- regulatory pressure. banking operations, but he has sig- In an internal memo, Rich Ricci, naledthatthegroup'sretail the head of Barclays's investment business will play a bigger role at bank, said the group will create re- the bank. gional heads to help drum up busi- On Tuesday the bank armounced ness around the globe. Mr. Ricci also that the heads of its credit-card and announced a single executive com- retail banking business will join the mittee for the corporate and invest- group's executive committee. ment bank. The group's fixed-income, Like many of its, peers, Barclays's commodities and currencies division, investment-banking divisionhas or F1CC, will merge with Barclays's suffered of late as the European cri- equities business into a single mar- sis kept clients on the sidelines. In kets division in an effort to increase .45i3ntk the first six months of the year, Bar- cost savings, Mr. Ricci wrote. Rich Ricci, chief executive of Barclays's investment bank, in November 2011. clays's corporate and investment- "With markets remaining chal- banking division saw revenues slip lenging we must continue to controlequities business, will become chief 2012. Ivan Ritossa and Guglielmo6% to £2.16 billion ($3.48 billion) our own destiny," Mr. Ricci wrote in operating officer for corporate' and Sartori di Borgoricco will also depart compared with the same period a the memo. "These changes evolve investment banking, the memo said. at the end of the year and will stepyear earlier. our operating model to ensure we Skip McGee, who leads the bank's down from the executive committee. The division also faces increas- do that with a dear focus on clients,advisory businesses, now also be- The management shake-up is the ingly tough regulatory hurdles. Like strong controls and an efficient Ex- comes the chief executive of corpo- latest move by Barclays to bolsterseveral U.K banks Barclays will ecutive Conunittee." rate and investment banldng in theits businesses in the walce of an in- likely have to segregate its invest- Several members of the bank Americas. terbank lending scandal that rippedment-banking operations from its have been moved to new roles. Eric The shake-up will also see sev-through its management ranks thisretail activities in the coming years Bommensath, who ran FICC anderal staff leave the organization. kin summer. In July, Mr. Ricci becameunder new laws. trading in Europe, will head the Abrahams, who became an executivethe sole head of the group's invest- Bardays declined to comment on newly formed markets division.vice chairman of Barclays last year, ment bank after co-chief executivethe matter beyond what was in the Jetty Donini, who previously ran the will leave the bank at the end, ofJerry Del Missier was named Bar- memo. THE WALL sirREgr Aura 05 oct. 12 Pag. 35 ING Nears Sale of Asian Assets

BY ALISON TUDOR Insurers' Sweet Spot HONG KONGING Groep NI/ is Forecast growth of life insurance Insurance penetration and density across selected markets in 2011 dose to selling its fast-growing Ma- premiums in Southeast Asia versus in laysian life insurer to Asian insurer fo;Density (per capita premiums in US. dollars) Penetration (premiums U.S. andCanada AM Group Ltd., according to people as a percentage of GDP) with knowledge of the talks, the first fruits in a broad dismantling of 6% $4,000 12% its Asian insurance operations. The sale, and accompanying auc- 4 -i- Canaria 3,000 9 tions for other Asian insurance op- S, erations, represents yet another Eu- 2,000 6 ropean firm selling once-prized Asian assets in the walce of the o 1,000 global financial crisis. These dispos- als have often been tied to repay- ments of taxpayer bailouts or de- '12 '13 14 '15 I>46 1.)Cr 41" 'ó 42. e 4:i 6k 41 o manded by regulators to make "Real growth ratas after adjustment for inflation es.1) Source: Swiss Re ss% financial institutions simpler and c5.. more focused on their home mar- The VVall Street Journal (1.çs' kets. In the case of ING. European reg- ulators made asset sales a condition An announcement on the deals isAIA, the ING sale represents a rare mates from reinsurer Swiss Re. of winning retroactive approval forexpected in the coming weeks. opportunity to bulk up in a fast- Overall, however, the size of the re- its 10 billion ($12.9 billion) bailout ING, whose presence in Asiagrowing region and acquire valuable gion's life-insurance market is still by the Dutch state in 2008. It will be dates back to 1857, had built itselfbanking partnerships through which dwarfed by the mature U.S. market. left with its commercial and retailinto one of the largest foreign lifeinsurers can distribute their prod- Apart from ING's large Malaysiari banking business in the Asian-Pa- insurers in Asia by annual premiumucts, a process that otherwise caninsurer, AJA, the pan-Asian insur- cific region, which fits with its new, equivalent, a common sales measuretalce years to do organically. ance business spun out from Ameri- banking-focused strategy. among insurers, analysts say. The The biggest attraction among thecan International Group Inc., could It is unclear what price ING, the Dutch firm has been selling life-in- ING assets that are being sold hasalso pick up the smaller Thai busi- Netherlands' largest bank by assets, surance policies in Asia since thebeenSoutheastAsia.Insurersness, or it could go to another of the will get for its Malaysian assets, orearly 1980s and has insurers inaround the world have called it abidders such as Canada's Manulife for all of the Asian assets it is sell- South Korea, Japan, Malaysia, Hongsweetspot, given the regions'Financial Corp., some of the people ing. The Dutch insurer has said thatKong and Thailand. lit also has joint growth prospects. As an expanding said. its Japanese, Korean and Southeastventures in mainland China and In-middle class seelcs to protect rising ING is ranked fourth in Malaysia Asian insurance operations had adia and an investment-management living standards, life-insurance pre- by gross written premiums and combined book value under interna-business in Asia, all of which it miums are expected to increase 6.6% ninth in Thailand, according to ana- tional financial accounting rules ofplans to -sell. next year, compared with 2.3% lysts. AJA already has a presence in 6.1 billion, or about $7.9 billion. For buyers like Hong Kong-basedgrowth in the U.S., according to esti- Please tom to page 26 THE WALL gruff JOURNAL 05 oct. 12 Pag. 42 ING Nears Sale of Asia Insurance Assets Continued from page 19 ING's bigger but more mature ther IVIanulife or to Mr. Li, a son of both countries. South Korean business likely will be Li Ka-shing, Asia's richest man, Toronto-based Manulife found it sold to KB Frmancial Group Inc., one some of the people said. hard to compete with AJA for ING's of the country's largest financial There was little interest in the Southeast Asian assets. The Cana-conglomerates, but the two sidesvariable-annuity business because dian company, which initially bid forcontinue to negotiate over the price, many of the policies guaranteed all of ING's life-insurance opera- some of the people said. ING is look- payouts to holders. ING stopped tions, also faced opposition froming to raise over US$2.5 billion to selling variable annuities in Japan in shareholders, who would be askedUS$3 billion from this part of the 2009 but is still obligated to senrice to buy new shares to finance thebusiness. existing accounts. deal. ING's assets in the more mature As of June 30, the variable annu- Manulife has targeted Asia as aJapanese market, however, have ity portfolio consisted of 384,000 key growth market and is in 11 Asian proved harder to unload. The Dutch policies with a total account value of countries. company is exploring options for itsabout 17.9 billion, an ING spokes- ING also is in late-stage negotia- Japanese variable-annuity portfoliowoman said. tions with Hong Kong businessmanafter separate talks with private-eq- It may offer to buy back the poli- Richard Li over its Hong Kong life uity investors J.C. Flowers & Co.cies from holders or set aside capi- insurer, but is keeping talks aliveand Apollo Global Managementtal to back-up reinsurance contracts with AJA as a back-up, people with LLC broke down, some of the people in order to make a purchase of the lcnowledge of those talks said. The said. portfolio less risky, some people Hong Kong business could fetch well Talks continue over the sale ofwith lcnowledge of the talks said. over US$1 billion, some of the peo- its relatively successful Japanese Kanga Kong in Seoul contributed ple said. corporate-owned life insurer to ei- to this article. 05 oct. 12 Pag. 1 FINANCIAL TIMES

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CEO Gorman says bankers still 'overpaid'

By Tracy Alloway and down because the amount of Tom Braithwaite in New York people in the business comes down," said Mr Gorman. Morgan Stanley is preparing to "What the Street has histori- wield its axe again with morecally done is when revenues job cuts and smaller bonuseswent up, they kept the comp-to- planned for next year as therevenue ratioflat. They rank investment bank attempts tocomp by ratio. When revenues boost shareholder returns. went down, they increased the In the latest sign of the pres-comp-to-revenue ratio because sure Wall Street is under to cutthey said, 'We might lose all our costs and address high pay lev-people. We have to increase it.' els, James Gorman, chief execu- "That's a classic Wall Street tive, said that staff and remu-case of heads I win; tails, you neration would have to be sacri-lose." ficed as banks adapt to lower Evenwiththeadditional profits. "There's way too muchcost-cutting,MorganStanley capacity and compensation isis targeting a much more mod- way too high," Mr Gorman saidest return on equity than pre- in an interview with the Finan-crisis levels of as much as 23 per cial Times. "As a shareholdercent. I'm sort of sympathetic to the The chiefexecutiveis shareholder view that the indus-attempting a dramatic trans- try is still overpaid." formation of his company by In common with other largeweaning it off volatile trading investment banks, Morganincome in favour of more stable Stanley is responding to pres-revenues from retail brokerage suresfrom newregulation,and wealth management, where lowertradingvolumesandit invests on behalf of well-off increased competition from non-clients. bank financial companies, such News of further pay cuts, as hedge funds and privateincluding potentiallyfor new equity firms. entrantsattheinvestment plans to losebank, comes just weeks after atleast1,900 bankers, whileGoldman Sachs confirmedit Citigroup has said it is sheddingwas overhauling its entry-level an extra 350 staff, mostly trad-programme for analysts. Gold- ers. Credit Suisse and UBS areman is said to have lost faith in both pressing ahead with jobthe programme because of the cuts announced late last year. number of analysts that have Morgan Stanleyisalreadyleft the bank for hedge funds. planning to cut 4,000 jobs, 7 per Mr Gorman said that Morgan cent of its workforce, by the endStanley would probably keep its of this year. In the new year,analyst programme butpay Mr Gormansaid,thebankcould be reduced significantly. would consider its next round of cost-cutting,includinglowerLex, Page 12 pay and bonuses. Safer path, Page 17 "Comp [compensation] comeswww.ft.com/banks INTERNATIONAL 05 oct. 12 Pag. 1 Bat ,Zribrane Debatehakesup presiden,race

DENVFP DENVER Romney, buoyant, says From pdy,ivr to aq,-,eitive: the TV face-off was a Obarna gil(-'s tIll offensive contrast of 'two visions' after a wave of criticism

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Romney's effort lifts the mood for his campaign team

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EDITORIALES Y ARTÍCULOS DE OPINIÓN El Economista viernes, 05 de octubre de 2012 Pág: 3 Ocupación: 5,72% Valor: 560,60 € Tirada: 35.079 Difusión: 21.574