01. ožujka 2009
Tri banke/institucije, najveći multinacionalni investitori i zajmodavci u Istočnoj Europi, EBRD, World Bank i European Investment Bank daju €24.5 za spas bankarskog sektora i kreditiranja biznisa Centralne i Istočne Europe. “Davanja” se sastoje od zajmova, kupovanja učešća i direktnog kreditiranja malih i srednjih poduzeća, kroz dvogodišnji plan. Za vidjeti je još koliko će Hrvatska dobiti od tog ne pretjerano značajnog iznosa, te koliko će si Dr. Spin pripisati zasluga za “osiguravanje sredstava” iako ga u biti spašavaju . Pod stavkom 5. antirecesijskih mjera za HBOR se traži dodatnih €400 mil. upravo ovim putem. Da li traženje tih sredstava ovisi o rebalansu i općenito koliko-si-sami-možemo-pomoći principu?
Iz communiquea tri institucije:
This initiative complements national crisis responses and will deploy rapid, large-scale and coordinated financial assistance from the International Financial Institutions to support lending to the real economy through private banking groups, in particular to small and medium-sized enterprises. The financial support will include equity and debt finance, credit lines, and political risk insurance.
The response takes into account the different macroeconomic circumstances in and financial pressures on countries in eastern Europe, acknowledging the diversity of challenges stemming from the global financial retrenchment.
EBRD President Thomas Mirow said: “The institutions are working together to find practical, efficient and timely solutions to the crisis in eastern Europe. We are acting because we have a special responsibility for the region and because it makes economic sense. For many years the growing integration of Europe has been a source of prosperity and mutual benefit and we must not allow this process to be reversed.”
Dalje članak sa MarketWatch.com
NEW YORK (MarketWatch) — The World Bank and two other multinational institutions issued a joint pledge Friday to provide up to 24.5 billion euros ($31.2 billion) to support the banking sector in Eastern Europe and fund lending to businesses.
Analysts, however, were skeptical that the size of the announced support would be enough to address the region’s vast economic woes.
The move by the World Bank, the European Bank for Reconstruction and Development, and the European Investment Bank comes as Eastern European countries struggle to meet massive, foreign-denominated debt obligations. The International Monetary Fund has already provided loans to Latvia, Hungary, Serbia, Ukraine and Belarus.
Formerly robust inflows of cash have dried up amid the global economic crisis, and the region’s currencies have come under heavy pressure — a situation some economists see as a potential repeat of the Asian financial crisis of the 1990s.
Investors have grown increasingly concerned in recent days about the exposure of Western European corporations, including banks, to fragile Eastern European economies. The vulnerability of Western banks, particularly those based in Austria and Sweden, was spotlighted by ratings agency Moody’s Investors Service last week.
‘Time to come together’
The three organizations, the largest multilateral investors and lenders in Eastern Europe, said the package is designed to support lending to the real economy through private banking groups. Support will include equity and debt finance, credit lines and political-risk insurance.
“This is a time for Europe to come together to ensure that the achievements of the last 20 years are not lost because of an economic crisis that is rapidly turning into a human crisis,” said World Bank President Robert Zoellick, according to a statement from that institution.
Under the plan, the European Investment Bank is to provide about 11 billion euros in lending to small and midsize businesses in the central, eastern and southern parts of Europe. Some 5.7 billion euros are available for “rapid disbursement,” with an additional 2.8 billion euros set for approval by the end of April and further funds expected to follow, the bank said.
Meanwhile, the EBRD has committed to provide up to 6 billion euros for the financial sector in 2009 and 2010 through equity and debt finance, loans to banks and directly to small and medium-size businesses and trade finance.
The World Bank is to provide about 7.5 billion euros in support.
“For many years the growing integration of Europe has been a source of prosperity and mutual benefit, and we must not allow this process to be reversed,” said EBRD President Thomas Mirow in a statement.
Most of the ex-communist countries in Central and Eastern Europe have joined the European Union, thereby deepening their political and economic integration with the west.
Dominique Strauss-Kahn, managing director of the IMF, said the joint initiative “will assist individual financial institutions and sectors, while IMF lending will continue to support countries at the macroeconomic level.”
“Both aspects are important building blocks in the broader multilateral and bilateral efforts to support the region,” Strauss-Kahn said in a statement.
‘Small change’
Analysts, however, expressed skepticism whether the announced support would be enough.
“This money is really small change,” Timothy Ash, head of CEEMEA research at Royal Bank of Scotland. Total European bank exposure to Emerging Europe runs in excess of $1.5 trillion, he said.
“Given the scale of the problems, it will take a big-ticket program — a mini-TARP for the region — to pull the current collective negative market psychosis around,” Ash said, referring to the Troubled Asset Relief Program adopted by the American government to help the banking sector.
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