Industry Report Card: As Eurozone Stress Mounts, European Banks Enter A Crucial Phase Jun 12

Standard & Poors, June 2012

Abstract
Market concern over the solvency position of eurozone banks remains pronounced following the short-lived relief provided in the first quarter by the European Central Bank's (ECB) long-term refinancing operations (LTROs). Key developments in recent weeks include the electoral stalemate in Greece, the announced near-nationalization of the owner of Spain's Bankia, and the EU agreement to lend up to €100 billion to recapitalize Spanish banks. In Standard & Poor's Ratings Services' view, these events have refocused market attention on the financial health of governments and banks, the appetite of the wider eurozone to provide support, and the risk of cross-regional contagion if a country were to withdraw from the single currency. Standard & Poor's considers that the eurozone has entered a...

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.

Research Type: Commentary
Criteria articles describe the thought process and methodology Standard & Poor's analysts use in determining ratings. These commentary pieces discuss both the quantitative (economic and financial) and qualitative (business analysis and caliber of management) aspects of the analysis, as well as legal issues.

- Credit Agricole S.A.
- Deutsche Bank AG
- Cooperatieve Centrale Raiffeisen-Boerenleenbank B.A. (Rabobank Nederland)
- BNP Paribas
- Danske Bank A/S
- Landesbank Hessen-Thueringen Girozentrale
- The Royal Bank of Scotland PLC
- Skandinaviska Enskilda Banken AB (publ)
- Societe Generale
- Swedbank AB
- Portigon AG (Unsolicited Ratings)
- Barclays Bank PLC
- Bank of Ireland
- Commerzbank AG
- Pohjola Bank PLC
- Lloyds TSB Bank PLC
- Svenska Handelsbanken AB
- DNB Bank ASA
- UniCredit SpA
- Banca Monte dei Paschi di Siena SpA
- Standard Chartered Bank
- Allied Irish Banks PLC
- Banco Santander S.A.
- Credit Suisse AG
- Raiffeisen Zentralbank Oesterreich AG
- Nationwide Building Society
- ING Bank N.V.
- Banco Espirito Santo S.A.
- Caixa Geral de Depositos S.A.
- Banco Comercial Portugues S.A.
- HSBC Holdings PLC
- Caisse Centrale du Credit Mutuel
- Banco de Sabadell S.A.
- Intesa Sanpaolo SpA
- National Bank of Greece S.A.
- Banco Popular Espanol S.A.
- KBC Bank N.V.
- UBS AG
- Erste Group Bank AG
- Belfius Bank SA/NV
- Banco Bilbao Vizcaya Argentaria S.A.
- Nordea Bank AB
- Unione di Banche Italiane Scpa
- Banco Popolare Societa Cooperativa SCRL
- CaixaBank S.A.
- BPCE
- ABN AMRO Bank N.V.
- Bankia S.A.

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