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ECB Loans Reduce The Risk Of A Funding Crisis, But Won't Stop Banks From Reducing Loan Growth Feb 12 Product Image

ECB Loans Reduce The Risk Of A Funding Crisis, But Won't Stop Banks From Reducing Loan Growth Feb 12

  • Published: February 2012
  • Standard & Poors

FEATURED COMPANIES

  • Aachener Bank eG
  • Banque CIO
  • Cofidis S.A.
  • DZB Bank GmbH
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  • Paribas S.A.
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Abstract
As the first quarter of 2012 unfolds, the eurozone banking industry faces unfavorable funding conditions, despite a half trillion euros of three-year loans from the European Central Bank (ECB) at the end of 2011. We view the Long-Term Refinancing Operations (LTRO) as an extraordinary emergency relief measure that reduces the risk of a funding crisis. Since the operation, wholesale term debt markets have opened, and borrowing conditions have eased. While these developments are positive, we believe, the ECB action in itself illustrates weaknesses in the eurozone banking industry's funding profile. The interbank market in Europe remains cautious, and risk premiums the banks pay for term borrowings are still high. In our observation, the gap between large banking groups with market...

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- Bayerische Vereinsbank AG
- Credit Agricole S.A.
- Compagnie Bancaire
- Credit Foncier de France
- Natixis S.A.
- Deutsche Bank AG
- Dresdner Bank AG
- Cooperatieve Centrale Raiffeisen-Boerenleenbank B.A. (Rabobank Nederland)
- The Royal Bank of Scotland N.V.
- BNP Paribas
- Bayerische Hypotheken- und Wechsel-Bank AG
- Credit Lyonnais
- Leonia Corporate Bank PLC
- Landesbank Hessen-Thueringen Girozentrale
- Landesbank Schleswig-Holstein Girozentrale
- Norddeutsche Landesbank Girozentrale (Unsolicited Ratings)
- Danske Bank PLC
- Societe Generale
- Nordea Bank Finland PLC
- Portigon AG (Unsolicited Ratings)
- Bayerische Landesbank
- Mizuho Finance (Curacao) N.V.
- Credit Agricole Corporate and Investment Bank
- HSBC France
- Caisse des Depots et Consignations
- Bank of Ireland
- Commerzbank AG
- ING Belgium S.A./N.V.
- Banque Internationale a Luxembourg
- Credit Industriel et Commercial
- Pohjola Bank PLC
- KfW
- BNP Paribas Fortis SA/NV
- SGA Societe Generale Acceptance N.V.
- Kredietbank N.V.
- Dexia Banque Belgique
- Belfius Funding
- Rabohypotheekbank N.V.
- Dexia Credit Local
- Rheinland-Pfalz Bank
- Societe Generale Bank Nederland N.V.
- Allied Irish Banks PLC
- UniCredit Bank Austria AG
- Sogen Finance Luxembourg S.A.
- Banco Bilbao Vizcaya S.A.
- Commerzbank International S.A.
- DIAC S.A.
- CERA Bank
- Interfinance Natexis N.V.
- Societe Generale Luxembourg S.A.
- Suedwestdeutsche Landesbank Girozentrale
- Banco Santander S.A.
- Credit Logement
- Bayerische Landesbank Girozentrale (NY Branch)
- Raiffeisen Zentralbank Oesterreich AG
- Caja de Ahorros y Monte de Piedad de Madrid
- Banque Federative du Credit Mutuel
- Banco Exterior de Espana S.A.
- Banco Portugues do Atlantico S.A.
- Banque de Neuflize
- BBVA Commercial Paper Ltd.
- FINDIM
- Yasuda Trust & Banking (Luxembourg) S.A.
- ING Bank N.V.
- Luebecker Hypothekenbank AG
- Banque et Caisse d'Epargne de l'Etat, Luxembourg
- Banco Espanol de Credito S.A.
- Demachy Worms & Cie
- RCI Banque
- L-BANK Landeskreditbank Baden-Wuerttemberg
- Societe de Banque Occidentale
- Banco Totta & Acores, S.A.
- Banco Espirito Santo S.A.
- Unicredit
- Caixa Geral de Depositos S.A.
- Banque Transatlantique
- Banco Central HispanoAmericano S.A.
- Banque PSA Finance
- Banco Comercial Portugues S.A.
- Bankinter S.A.
- Natiocredibail
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- Pfizer International Bank Europe
- Barclays Bank S.A.
- WestLB Finance Nederland B.V.
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- Caisses d'Epargne Participations
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- DekaBank Deutsche Girozentrale
- Caja de Ahorros y Pensiones de Barcelona (Unsolicited Ratings)
- Credit Municipal de Paris
- Banque de Financement et de Tresorerie
- BNP Paribas Personal Finance
- NIBC Bank N.V.
- CA Consumer Finance
- La Henin Epargne-Credit
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- Banque Martin Maurel
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- Bank Austria Finance Inc.
- Caisse Centrale du Credit Mutuel
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- Compagnie Financiere du Credit Mutuel
- Banque de l'Economie du Commerce et de la Monetique
- Nomura Europe Finance N.V.
- Franfinance
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- Caisse Centrale de Reescompte
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- Rabobank USA Financial Corp.
- Banque Internationale de Commerce - BRED
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- Banque Espirito Santo et de la Venetie
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- Argentaria, Caja Postal y Banco Hipotecario, S.A.
- Landwirtschaftliche Rentenbank
- Depfa Deutsche Pfandbriefbank AG
- Locindus S.A.
- Bank Nederlandse Gemeenten N.V.
- Union Industrielle de Credit
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- CSI-CAPI S.A.
- HSBC Republic Bank (France) S.A.
- HSBC Private Bank (Luxembourg) S.A.
- Helaba Dublin Landesbank Hessen-Thueringen International
- Clearstream Banking S.A.
- Morgan Stanley Bank AG
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- Credit Universel
- Credit Foncier et Communal d'Alsace et de Lorraine-Banque
- Dresdner Finance B.V.
- Deutsche Ausgleichsbank
- BRED - Banque Populaire
- Labouchere N.V.
- Banque Financiere Groupama
- Agricultural Bank of Greece S.A.
- Alpha Bank A.E.
- National Bank of Greece S.A.
- Ionian & Popular Bank of Greece S.A.
- Ergobank S.A.
- Credit Francais International
- Nederlandse Waterschapsbank N.V.
- Central Bank of Ireland
- Banco de Portugal
- Banco de Espana
- Tatra Banka
- BGL BNP Paribas S.A.
- Banco Popular Espanol S.A.
- Suomen Pankki
- Bank of Greece
- De Nederlandsche Bank
- Banque Centrale du Luxembourg
- Banque Nationale de Belgique
- Bank of Slovenia
- IXIS Corporate & Investment Bank
- DZ BANK AG Deutsche Zentral-Genossenschaftsbank
- Millennium bcp Investimento - Banco Comercial de Investimento S.A.
- Banque Cooperative Mutuelle Nord
- Vseobecna Uverova Banka, a.s.
- Investicna a Rozvojova Banka (IRB)
- Polnobanka
- Slovenska Sporitelna A.S. (Unsolicited Ratings)
- Banco BPI S.A.
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- KBC Bank Ireland PLC
- Nova Ljubljanska banka
- LeasePlan Corporation N.V.
- Hypothekenbank in Essen AG
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- Banque CPR S.A.
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- Wuestenrot Bank AG Pfandbriefbank
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- COREALCREDIT BANK AG
- Westfaelische Hypothekenbank AG
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- monabanq.
- EUROHYPO European Mortgage Bank Plc
- Dexia Public Bank S.A.
- GarantiBank International N.V.
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- DZ PRIVATBANK S.A.
- BNP Lease S.A.
- KBC Bank N.V.
- Investcorp S.A.
- Permanent TSB PLC
- SEB AG
- Erste Group Bank AG
- Deutsche Pfandbriefbank AG
- Nuernberger Hypothekenbank AG
- Sueddeutsche Bodencreditbank AG
- Eurobank Ergasias S.A
- UniCredit Bank AG
- BHW Bausparkasse AG Hameln
- Deutsche Genossenschafts-Hypothekenbank AG
- Eurohypo AG-Europaeische Hypothekenbank der Deutschen Bank
- Landeskreditbank Baden-Wuerttemberg - Foerderbank (L-Bank)
- Deutsche Apotheker- und Aerztebank eG
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- HYPO NOE Gruppe Bank AG
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- Belfius Bank SA/NV
- Credit Industriel de L'Ouest
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- Banque SNVB
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- Banka Celje d.d
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- Abanka d.d.
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- La Banque Postale
- Institut Catala de Finances
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- Achmea Hypotheekbank N.V.
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- Norddeutsche Landesbank Luxembourg S.A. (Unsolicited Ratings)
- The Bank of New York Mellon (Luxembourg) S.A.
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- Ulster Bank Ireland Ltd.
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- Dexia Bank Nederland N.V.
- KAS BANK N.V.
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- Hypothekenbank Frankfurt AG
- NRW.BANK
- F. van Lanschot Bankiers N.V.
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- Confederacion Espanola de Cajas de Ahorros
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- Bilbao Bizkaia Kutxa (BBK)
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- Bad Waldseer Bank eG
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- CB Bank GmbH
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- DZB Bank GmbH
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- levoBank eG
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- Mainzer Volksbank eG
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- Nordthueringer Volksbank eG
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- Pommersche Volksbank eG
- Raiffeisen Spar + Kreditbank eG
- Raiffeisen- und Volksbank Dahn eG
- Kaltenkirchener Bank eG
- Raiffeisen Privatbank eG
- Rosbacher Raiffeisenbank eG
- Rostocker Volks-und Raiffeisenbank eG
- Ruesselsheimer Volksbank eG
- RV Bank Rhein-Haardt eG
- Scharnhauser Bank eG
- Stuttgarter Volksbank AG
- Sylter Bank eG
- TEBA Kreditbank-GmbH & Co.KG
- Uhlbacher Bank eG
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- Deutsche WertpapierService Bank AG
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- Schleswiger Volksbank eG Volksbank Raiffeisenbank
- Union Investment Institutional GmbH
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- Quoniam Asset Management GmbH
- Marfin Popular Bank Public Co. Ltd.
- NORD/LB COVERED FINANCE BANK S.A.
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- Allianz Banque
- CommBank Europe Ltd.
- Bayerische Landesbodenkreditanstalt
- Banque J. Safra Sarasin (Luxembourg) SA.
- KfW IPEX-Bank GmbH
- Lehman Brothers (Luxembourg) Equity Finance S.A.
- Lehman Brothers (Luxembourg) S.A.
- TxB Transaktionsbank GmbH
- AEGON Bank N.V.
- The Bank of New York Mellon (Ireland) Ltd.
- The Bank of New York Mellon S.A./N.V.
- BPCE
- Citibank Europe PLC
- KA Finanz AG
- ABN AMRO Bank N.V.
- Raiffeisen Bank International AG
- Union Investment Privatfonds GmbH
- Banco Financiero y de Ahorros S.A.
- Bankia S.A.
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- Natio Location
- CPR S.A.
- Comptoir de Banque
- Banco Hipotecario de Espana
- LB Rheinland-Pfalz Finance B.V.
- Banco Pinto & Sotto Mayor, S.A.
- Banco Atlantico S.A.
- Caja de Ahorros del Mediterraneo
- Banco Pastor, S.A.
- Commerzbank Europe (Ireland)
- Banque Demachy
- Hansabank
- Eesti Uhispank
- Bank of Cyprus
- HSBC Bank Malta PLC
- Baader Wertpapierhandelsbank AG

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