TheBramble's Random Squawk

"Liquidity risks still high". - Central Bank of Portugal. And they've promised to go in next week and check again.
 
Aurelio Izquierdo, Financial; Director of Bankia to leave with €13.8 Million package. 95% in share options and the remaining 5% in Greek 10-yr (local law).
 
EUREPO curve inverted. No sh!t. Focus on short maturities and access to liquid collateral. When you don't trust anyone, there's always - TURKEY!
 
BFA, the parent group of nationalized Spanish bank Bankia said on Monday it had restated its 2011 results to reflect a 3.3 billion euro loss, rather than a 41 million euro profit.

That's quite a revision, isn't it.
 
Greece will not join in the co-ordinated expulsion of Syrian diplomats as they're the only ones spending at the moment.
 
ECB announcement regarding Bank Recaps at 17:00 (local)











edit: ECB sack junior administrator in the department of Unofficial Leaks - a Ms. Wen Di Wong
 
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US Home Prices (Case-Shiller) fall 2.6% (YoY). Althopugh ahead of the curve, the US still has another 10% or so to come off before settling. The UK has about 25% still in store. Or not, if you see my point.
 
ECB denying they denied the rumours of a 17:00 bank recap announcement. Current position is that they're not denying the rumours that they are denying rumours.
 
IF there is an ECB announcement and IF it is about an EUR18 billion liquidity injection and IF that injection is primarily or even totally for Greek banks, well, then, that would be a good rumour not to be starting. Even if or especially if, it wasn’t true.
 
ECB minutes 3 weeks ago reported a reduction in LTRO hand-outs of €10.8 billion. Good news. Somebody paid back their virtually free cash before maturity. Things must be looking up.

This week’s minutes show a €21.4 billion drop in outstanding LTRO cash. Obviously great news, ECB is being paid back early.

Except..the LTRO amount outstanding technically should not change at all until maturity. 3 yrs in virtually all cases except for a the December and February allocations, but even these can not in theory be paid back until after 1 yr.

The only possible explanation is that one or more banks receiving LTRO have become ineligible due to failing reserve requirements or of concerns over its financial soundness or has a shortage of appropriate collateral, or the collateral has been down-graded and no suitable replacement can be found. In this event, the bank in question has to pay back immediately out of operational financing. If it has it…I wonder how much has not come back to the ECB and has not (can not ever) be paid back. I don’t think there is a line item for this category in their minutes.

Perhaps not so good after all.
 
B thanks again for the PM

we are all soaking up the wit and information you are providing here whilst you have the time

N
 
I don't know how he has the time to post on several threads ad keep up with 50 fx crosses. Same-name-multi-nic?
 
Facebook (or Fadebook as its quickly becoming known in investment circles) appears to have reasonable technical Support at 0. Personally, I can see this mutt being a sell even then.

I just feel really sorry for the unwashed who paid $45. Really, really sorry. So sorry in fact, it hurts, a lot.

Zuckerberg isn't Greek is he? His compnay chart has a topical Aegean feel to it.

Rumour has it after he got married last weekend, a couple of hours later, he wanted to get married again.
 
European Redemption Pact (EuroBonds Lite)

I mentioned earlier in this thread (post #4) the Council Of Experts and their (quite sensible in that it might work in the current circumstances) plan to repackage only a part (down to 60% of GDP) of each EZ country’s debt. Given that Germany will stand to lose more than anyone else, the council have worked the structure so that Germany has pretty much an override on control of the EU coffers if this pact were to be legislated into existence (as early as June 6th I understand)

What I have only just discovered is that each EZ country which is re-packaging its debt through this scheme will need to put 20% collateral (gold, reserves, physicals) which our Teutonic cousins will effectively have rights to drawn upon should these countries falter in the future. It doesn’t surprise me they buried that bit so deep it took a little effort to uncover it. I can sort of see the logic in principle, but in practise it won’t fly for social, cultural and nationalistic reasons. It also won’t fly arithmetically because the nations deepest in debt are least likely to actually have the 20% in any form to stump up for the necessary collateral.

Boffins – you have to love them.
 
RIMM hasn’t been doing too well and at today’s close of 11.23 you might think it’s cheap. I’m getting a sense from cross town chat that there’s more downside to come.
 
Interesting thought. If Samsung or Apple or HTC hit the kids – you’d still have your phone & your network provider.

If RIMM hits the skids, the RIMM servers which process all your traffic, are gone.

Correct?
 
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