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Berkshire Moves Into Spain WIth Caixa Bank Reinsurance Deal
Keywords:
Berkshire Hathaway's deal in Nov. 2012 to pay $780 million for claiming the future cash flows of life insurance portfolio of Caixabank in Spain. Caixabank will claim a pretax profit of $680 million which it will use to increase reserves.
Spain's Caixabank
04/19/2012
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Rescue of Spain's banks with a $125 billion committment from the European Financial Stability Facility (EFSF)
02/25/2010
EU finance ministers persuaded Spain to borrow from the EFSF and place the money in a special fund intended to recapitalize its banks. The IMF will provide some oversight over the banks but no conditions or oversight will be imposed on Spain only on its banking system as a compromise. Problems in the banking system arise from a housing bubble in Spain and failing cajas savings banks. Spain has already committed to adhering to fiscal deficit targets on a longer term basis with the EU. This makes it a rescue of the banks more than a bailout of the kind deisgned for Greece, Ireland and Portugal.
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Wall Street Journal 08/08/2011
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Spain's Bankia Returns to Profit
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Spain requests bailout help - The Washington Post
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Berkshire Hathaway management
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Warren Buffett and Berkshire Hathaway management.
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Warren Buffett Has a Tough Act to Follow
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After Warren Buffett: Berkshire Prepares for Life Without Legendary Leader
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Warren Buffett to Buy Duracell in $4.7 Billion Stock Deal
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3G Capital, Warren Buffett’s Favorite Partner in Deals Worth Billions
New York Times 03/25/2015
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Britain, Sweden, Spain and Basel III capital reserve requirements for banks
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Britain, Sweden and Spain oppose the dilution of capital reserve requirements for European banks through a broad definition of what constitutes Tier 1 capital. Germany, France and some other European countries favor a loose definition of Tier 1 capital. The systemic risks of lower reserve requirements and loose definitions of Tier 1 capital in a global banking crisis and the danger to taxpayers.
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Basel Rules Unlikely to Force Capital Raising
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Wall Street Journal 09/14/2010
The urgency for recapitalization of European banks in 2011-2015
07/13/2011
EU banks face potential losses of 300 billion euros from troubled EU countries. 120 billion euros from Italy, Spain and Belgium, 60 billion euros from Greece, 20 billion euros from Ireland and Portugal, and $100 billion euros from other banking exposure, accordig to the IMF. IMF managing director, Christine Lagarde, has pointed to the urgent need for recapitalization of European banks,urgently because restricted lending by EU banks in the absence of recapitalization could further damage the economies of EU countries.
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Spanish Banks More Vulnerable Than Italy's
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Bank of Italy Inspecting Top Lenders' Books
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Central Bank Details Somber State of Europe’s Banking System
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Wall Street Journal 07/04/2015
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Italy Agrees on Fund to Support Battered Lenders
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