Stay up the 'alarm' s exposure of banks around the world on the side of credit risk, with analysts that focus on other $ 200 billion of writedowns. Meanwhile, according to rumors of auterevoli the U.S. giant Citigroup financial services have decided to 'freeze' the repayments on his hedge fund, faced with increasing difficulties. The negative signs on the situation in the industry today have contributed to depress stock markets mainly in Europe, where UBS has come to lose about another 7.0% while Natixis - the fourth biggest French bank by market capitalization - recorded a 13.0% fall after the statement that 'good practice has halved in 2007 because of losses on subprime achieved, ie the real estate credit Use high-risk. A scare operators was first a 'report' of a UBS analyst Philip Finch, who has spoken of further write-downs of about 203 billion dollars, following on from the banking sector has had to make a 'write-down' for about 150 billion. "Risks are increasing - has taken the 'analyst - and the spreads (the spreads on credit note) and liquidity conditions are still far from normalization." Just yesterday, the rest the Federal Reserve chairman, Ben Bernanke, during his hearing in the Senate delal had said that there could be "further write-downs banks. In turn, the Citigroup analysts have cast a new shadow on the prospects of that UBS, the biggest European bank, claiming that the Swiss giant could face writedowns of up to another 20 billion francs. The stock lost up to 6.6%, to 35 francs a day after he had left on the ground a large 8.0% following the notification of results for 2007 strongly negative. Beyond the weather, then came the 'rumor - reported by The Wall Street Journal - that Citigroup would have decided to' freeze 'requests for refunds relating to its hedge, CSO Partners, specializing in Corporate funding, ie the corporate world. Requests for reimbursement amounted to over 30% of $ 500 million of assets, the same Citigroup had already refinanced the subsidiary with a hundred million dollars, after the fund had lost a little less of '11.0% of its value . The manager of the 'hedge fund, John Pickett, was practically resigned. In addition to this, always the WSJ reported the difficulties that would be another fund of Citigroup, Falcon Plus Strategies, who left the field on 52.0% of its value in just three months, due to a lost bet on 'performance of some sectors of the income fixed. Today I finally came news is not reassuring about the situation of so-called 'bond insurer', ie companies specailizzate in 'securing the bonds. Eric Dinallo, head of the department that deals with U.S. support the maintenance of such agents by the triple-A rating, in practice brought the 'stew' of the activities of one of the major subjects, ie FGIC. That would mean that the coverage of the securities issued by local government, the most firmly allocated to a company other than to gather emissions rather than at risk. The project, at least for now has been returned to the sender, for the same reasons for which it was says no to 'offer of Warren Buffett, who was willing (behind lavish compensation, however) to give security for 800 million but only on safer bonds, precisely those of municipal governments.
Source: Ansa
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