http___www.tportal.hr_vijesti_svijet_162774_Hoce-li-sredisnje-banke-spasiti-eurozonu.html_1.xml
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Major central banks around the globe took coordinated action today to ease the strains on the world's financial system, saying they would make it easier for banks to get dollars if they need them. Stock markets and the euro rose sharply on the move. The Bank of England, US Federal Reserve, European Central Bank and the central banks of Canada, Japan and Switzerland were all taking part. "The purpose of these actions is to ease strains in financial markets and thereby mitigate the effects of such strains on the supply of credit to households and businesses and so help foster economic activity," the central banks said in a joint statement. The announcement came just hours after China reduced bank reserve levels today to release money for lending and help shore up slowing growth. It was the first easing of Chinese monetary policy in three years — and higher growth in China could be crucial for a suffering global economy. Stocks surged following the news. The Dow Jones industrial average jumped more than 400 points in early trading and was up 392 an hour after the opening bell. Germany's DAX was trading 4.7 per cent higher, France's CAC was up 4.1 per cent, the euro rose 1.1 per cent to $1.3463 and oil was up $1.45 to $101.25. As Europe's debt crisis has spread, the global financial system is showing signs of entering another credit crunch like the one that followed the 2008 collapse of US investment bank Lehman Brothers. Banks are afraid to lend to each other, since no one is really sure what institutions are holding how much bad government debt. Greece, Ireland and Portugal have all been forced to take international bailouts, and Italy, Spain and Belgium are seeing their borrowing costs rise sharply. Banks already had to agree to forgive 50 per cent of the value of their Greek debt holdings — and many fear that other struggling European countries might also demand a so-called "haircut" on bonds. A ratings downgrade by Standard & Poors for six major US banks yesterday added to fears that Europe's woes would hurt the entire financial system. If one or more European governments default, that would unleash a shock to the world's financial system that at the very least would lead to recessions in the United States and Europe, severe losses for banks and a global stranglehold on lending. The central banks agreed to reduce the cost of temporary dollar loans they offer to banks — called liquidity swaps — by a half percentage point. The new, lower rate will be applied to all central bank operations starting on Monday. The cut means that the charge will fall to 50 basis points — or one-half percentage point — over an international benchmark, the overnight index swap rate, which is averaging around seven to 10 basis points currently. Non-US banks need dollars to fund their US operations and to make dollar loans to companies that need the US currency. The dollar is the world's leading currency for central bank reserves and is widely used in international trade. The announcement also extended the length of time the temporary dollar lines will be available by six months to February 1, 2013. The swap line programme had been scheduled to end August 1, 2013. According to Federal Reserve figures, $2.4 billion in swap lines were being used as of last week. By comparison, at the height of the 2008 financial crisis, $580 billion was provided in temporary swap lines in December of that year. The central banks are also taking steps to ensure that banks can get ready money in any of their currencies if market conditions warrant by establishing a temporary network of reciprocal swap lines. Right now there is no need to offer non-domestic credits in currencies other than the dollar, the central banks said, but they "judge it prudent" to get such an arrangement in place ahead of time. Fears of more financial turmoil in Europe have already left some European banks dependent on central bank loans to fund their daily operations. Other banks are wary of lending to them for fear of not getting paid back. Such constraints on interbank lending can hurt the wider economy by making less money available to lend to businesses. - More about: - Banking - Bank Of England - China - European Central Bank - Investment Banks - Loans And Lending Market
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Glavne središnje banke diljem svijeta u srijedu su najavile program koordinirane akcije osmišljene kao podrška globalnom financijskom sustavu. Europska središnja banka, američka središnja banka Fed, britanska središnja banka Bank of England i središnje banke Kanade, Japana i Švicarske sudjeluju u inicijativi. No što to točno znači? Hoće li to riješiti financijsku krizu u eurozoni? Pojednostavljenim rječnikom rečeno, ta inicijativa središnjih banaka ključnih svjetskih gospodarstava znači da će banke sada moći jeftinije kupovati američke dolare, što će u konačnici poduzećima i kućanstvima olakšati pristup financijama, piše Al Jazeera. Tržišta dionica naglo su porasla u srijedu nakon objave plana koji će stupiti na snagu 5. prosinca. Mogućnost da bi jedna ili više europskih država mogle zatražiti isplatu kredita izazvala je strah od šoka za globalni financijski sustav, koji bi doveo do teških gubitaka za banke, recesije u SAD-u i Europi te velikih zahtjeva za kreditiranjem. Središnje banke dogovorile su se da će privremeno smanjiti troškove kredita u dolarima koje nude bankama. U zajedničkoj izjavi banke su rekle sljedeće: 'Cilj ove akcije je da se olakša napor financijskih tržišta i da se time ublaže učinci pritiska na kredite stanovništva i poduzeća te da se na taj način potakne gospodarska aktivnost.' Ovo je brzi način za popravak štete, ali to neće riješiti krizu eurozone dugoročno gledajući, tvrdi Al Jazeera. Dolar je vodeća svjetska valuta za rezerve središnje banke i široko se koristi u međunarodnoj trgovini. Neameričke banke trebaju dolare da bi financirale svoje poslovanje u SAD-u i da bi davale kredite poduzećima koja trebaju američku valutu. Nakon ove vijesti dionički indeksi su redom skočili: njemački DAX za 4,7 posto, francuski CAC bilježi rast za 4,1 posto, a Dow futures u New Yorku je porastao za 2,2 posto. Banke su posebni korisnici. U Velikoj Britaniji je dionica Barclaysa skočila za više od sedam posto, a Lloyds se popeo nešto više od šest posto. U Francuskoj su BNP, Societe Generale i Credit Agricole porasli za oko šest posto, a jednako toliko porasla je dionica Deutsche Bank u Njemačkoj. Strah od financijskih previranja u Europi već je učinio neke europske banke ovisnima o kreditima središnjih banaka da bi mogle financirati svoje svakodnevne operacije. U utorak je Standard & Poors snizio kreditni rejting šest velikih američkih banaka, što je pojačalo strah da bi europska kriza mogla nauditi globalnom financijskom sustavu. No ništa od toga neće smanjiti troškove zaduživanja Italije, Španjolske ili drugih dugom natovarenih vlada eurozone, piše The Globe and Mail. Centar za ekonomska i politička istraživanja u Washingtonu je dodao da 'sve dok postoji intervencija središnjih banaka kojom se snižavaju kamatne stope, aktualna financijska kriza u Europi neće biti riješena'. The Globe and Mail dodaje da još uvijek nije jasno planiraju li čelnici eurozone donijeti rješenje kojim bi se postigla dugoročna stabilnost. Europski ministri financija otkrili su tek nejasne planove u utorak kojima namjeravaju ojačati Europski fond za financijsku stabilnost, koji je namijenjen za pomoć zemljama koje je zahvatila kriza u najgorem obliku. No nisu uspjeli pokazati da imaju dovoljno novca. Koordinirana akcija središnjih banaka malo će promijeniti tu stvarnost, zaključuje The Globe and Mail. Financijski odbor Bank of England kaže da banke moraju povećati kapital da bi izdržale krize, posebice zbog problema duga u eurozoni, piše BBC. Guverner britanske središnje banke Mervyn King je rekao da je potrebno da banke izgrade svoj kapitalni štit i da se tako dodatno zaštite od 'iznimno opasnog' okoliša. Također je rekao da bi to moglo uključivati prikupljanje kapitala izdavanjem novih dionica. On je također rekao da banke i dalje mogu izdavati kredite, ali da bi trebale smanjiti dividende i bonuse. Odbor je dodao da je kriza eurozone najveća prijetnja inače stabilnom britanskom bankarskom sustavu, a iz britanskih medija je vidljivo da nemaju puno povjerenja u združenu akciju središnjih banaka. - Sviđa vam se članak? Preporučite ga prijateljima putem ovih servisa: Pošaljite mailom