They can't pay them enough
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Ranting into the ether about banks
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Helpful context for those who haven't been following this for years (likely everyone other than GY, perhaps Nef and me)
[URL="https://twitter.com/philipoltermann/status/1175108449522323459?s=21"]https://twitter.com/philipoltermann/status/1175108449522323459[/URL]
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This information document from the European Parliament provides a bit more detail without getting too deep into the weeds (which are extremely deep).
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Metro Bank pulled its MREL issue. Not looking good for them right now.
Edit: Crikey, I hadn't realised they were offering 7.5%. To put it in context, that's at least 1% more than other UK banks are paying for AT1, let alone senior non-preferred.Last edited by Ginger Yellow; 24-09-2019, 10:56.
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More expert public communication from the RBI. You'd think they'd have learned from the cash clusterfuck.
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Vernon Hill steps down.
Some quality spin:
Mr Hill believes that the Bank has now reached a size and scale where it is appropriate to appoint an independent Chairperson.
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Two years of investigation concludes that it was greed and incompetence more than genuine evil that saw Deutsche go all in on Trump
https://twitter.com/davidenrich/status/1224680396832616451
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Karlsruhe sets up a fight with the EU. Though I actually think the dissing and overriding of the ECJ judgment is going to be a bigger deal in the long run than the headline about three months before the Bundesbank has to stop participating in the PSPP. I don't know enough of the legal context to really be sure though - has the Federal Consitiutional Court ever declared an ECJ ruling arbitrary before?
The other big, underreported aspect is how much weight the judges put on the 33% issue limit and the capital key. Which suggests they might well find the PEPP unconstitutional even if there were a proportionality assessment in the form it wants.
Edit: English language link inserted. Also, early commentary seems to support my hunch that the overriding of the ECJ is a BFD, politically, far more so that the order itself.Last edited by Ginger Yellow; 05-05-2020, 12:52.
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