FRANKFURT (Dow Jones) – The idea of UniCredit CEO Alessandro Profumo, a fund for European banks to set up encounters with the German financial institutions did not go down .
The German banks are already doing their part by the proposed levy bank and stood thus sufficient for duty , they said almost verbatim in the process inaugurated several people on Monday with Dow Jones Newswires. "In addition, the banks pay into the schemes , and not too tight. Each additional levy would be an unnecessary burden in an already tense situation of the banks, " said one banker.
Profumo wrote in a commentary for the Financial Times (FT – Monday edition), Europe’s top bankers would consider establishing a separate fund to bank rescue that could include 20 billion EUR . To finance the rescue fund proposed Profumo before in the " FT " voluntary contributions from the large, cross-border European banks that they should pay for several years.
"The idea of a voluntary contribution of banks sympathetic at first sight , "said a second person. "But the idea raises more questions than it answers . " Thus, no reason why should pay only the 20 largest banks , as proposed by Profumo, if it even smaller, well systemically institutions would benefit from it.
The idea of a bank fund is not entirely new. So had the CEO of Deutsche Bank , Josef Ackermann, as head of the International Banking Federation IIF this idea already thrown several times in the space. "However Profumos proposals go far beyond that and do recognize the contribution of any state, but only the banks, " said a third person.
In another point is Profumos proposal beyond the ideas of the Bank Lobby: The fund is scheduled to help if a solvent bank is threatening to fall into difficulties. Ackermann calls what is something else: He wants to avoid last-minute actions as in the rescue of Hypo Real Estate and create a stabilization fund, the basis for an orderly liquidation. This is a spread of the fire to be avoided at other banks. The uncertainty , said Ackermann , would give way to an orderly process, the rules and procedures had been established previously .
The various ideas are meanwhile debate. Thus, sources said the Italian UniCredit held talks with other banks on a rescue . The bank wanted to test the mood, after the European Aufsichtsbehöden a publication of the current stress tests have announced , "said one person privy from Italy. I also at the talks hosted by UniCredit banks there have been faced with the prospect double burden critics said the person.
On June 23 to the stress test results of 91 European banks are made public. Then have to take banks and regulators when necessary appropriate action. The ECB has called for President Jean- Claude Trichet.
-From Madeleine Nissen , Dow Jones Newswires ; +49 ( 0) 69-29725 115, madeleine.nissen @ dowjones.com (Sabrina Cohen contributed to this article.) DJG / maw / brb / adf