PRESS RELEASE
7 July 2011 - ECB announces change in eligibility of debt instruments issued or guaranteed by the Portuguese government
The Governing Council of the European Central Bank (ECB) has decided to suspend the application of the minimum credit rating threshold in the collateral eligibility requirements for the purposes of the Eurosystem’s credit operations in the case of marketable debt instruments issued or guaranteed by the Portuguese government. This suspension will be maintained until further notice.
The Portuguese government has approved an economic and financial adjustment programme, which has been negotiated with the European Commission, in liaison with the ECB, and the International Monetary Fund. The Governing Council has assessed the programme and considers it to be appropriate. This positive assessment and the strong commitment of the Portuguese government to fully implement the programme are the basis, also from a risk management perspective, for the suspension announced herewith.
The suspension applies to all outstanding and new marketable debt instruments issued or guaranteed by the Portuguese government.
European Central Bank
Directorate Communications
Press and Information Division
Kaiserstrasse 29, D-60311 Frankfurt am Main
Tel.: +49 69 1344 7455, Fax: +49 69 1344 7404
Internet: http://www.ecb.europa.eu
7 July 2011 - ECB announces change in eligibility of debt instruments issued or guaranteed by the Portuguese government
The Governing Council of the European Central Bank (ECB) has decided to suspend the application of the minimum credit rating threshold in the collateral eligibility requirements for the purposes of the Eurosystem’s credit operations in the case of marketable debt instruments issued or guaranteed by the Portuguese government. This suspension will be maintained until further notice.
The Portuguese government has approved an economic and financial adjustment programme, which has been negotiated with the European Commission, in liaison with the ECB, and the International Monetary Fund. The Governing Council has assessed the programme and considers it to be appropriate. This positive assessment and the strong commitment of the Portuguese government to fully implement the programme are the basis, also from a risk management perspective, for the suspension announced herewith.
The suspension applies to all outstanding and new marketable debt instruments issued or guaranteed by the Portuguese government.
European Central Bank
Directorate Communications
Press and Information Division
Kaiserstrasse 29, D-60311 Frankfurt am Main
Tel.: +49 69 1344 7455, Fax: +49 69 1344 7404
Internet: http://www.ecb.europa.eu
4 comentários:
traduz lá isso por miúdos, por favor...
Quer dizer muito simplesmente que o Banco Central Europeu vai passar a estar-se nas tintas para o rating das obrigações emitidas pela Republica Portuguesa. Ou seja, passa a dar dinheiro aos bancos a troco dessas obrigações independentemente do rating das mesmas.
Até agora, o BCE só financiava os bancos com base na garantia de obrigações do Estado se essas obrigações tivessem um rating mínimo.
A coisa funciona assim: um banco tem um título da dívida do Estado (isso não é dinheiro; pelo contrário, custou-lhe dinheiro). O dito banco vai ao BCE e propõe vender o título a troco do dinheiro de que tanto precisa, mas compromete-se a voltar a comprar o título numa data ulterior pré-definida. Chama-se a isto "repo" ou repurchase agreement. O valor da recompra é superior ao valor da venda, sendo a diferença destinada a cobrir os juros (tanto mais altos quanto o risco) e outras despesas da transação.
então borrifaram para as agências de rating? é isso?
Basicamente sim: não é por Portugal ser lixo para a Moody's que o BCE deixa de financiar os bancos portugueses... e eles precisam desses financiamentos como de ar para respirar...
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