Commerzbank CEO Blessing shocked investors with a new billion loss. Source: Reuters
FRANKFURT. After the identification of a fresh billion loss for the fiscal year 2009, the question to the fore when rescued by the state Commerzbank survive again without the help of the federation can. Industry insiders believe that the issue of fresh shares nor to the current year would be needed.
In financial circles it is expected that the Commerzbank address a possible capital increase, in several small steps could. This year was expected of a capital increase, which could include a volume of up to three billion euros, said a top investment banker. Similarly, analysts commented. "We expect the end of this year or early next year with a capital increase to replace the federal commitment, at least in part," said Joachim Müller from Cheuvreux. Even with Barclays one sees little alternative.
CommerzbankS Chief Financial Officer Eric Strutz joined this path is not yesterday, but made clear: "At the moment I have nothing planned." There were similar statements in the context of the state bank rescue fund Soffin. However, the issue concerned the Berlin policy: CommerzbankAre to CEO Martin Blessing and supervisory board chairman Klaus-Peter Müller Soffin representatives of the Federal Government and the Parliament in March to give information about the economic situation of the bank, told the Handelsblatt in government circles. Here it should also include the question of whether the Commerzbank further capital injections needed.
Germany’s second largest financial house, which briefly through the purchase of Dresdner Bank before the Lehman-Bankruptcy in the fall of 2008 got into difficulties, is under pressure. The federal government had over the Soffin shares for 1.8 billion euros to draw and has since remained fourth of the bank shares. In addition, a silent came over 16.4 billion euros. In 2009, the interest rate turns out well, because the Bank said 4.5 billion euro loss. Strutz left open whether or not paid at least in the current year, interest will be. But he reiterated the result, not later than 2012, the state aid.
But the future is not yet finally adopted stringent capital rules might Commerzbank to a capital increase necessary. For example, it is questionable whether the silent contribution of the Federation into the future belongs to the shareholders’ equity. CFO Strutz said that the Commerzbank count as part of the new requirements with a melting of the core capital ratio (Tier 1) by one percentage point or two. With a current 10.5 percent, but it was "more than comfortably situated."
Other state-supported banks have already tapped the markets. To prevent the majority takeover by the state, moved around the British bank Lloyds In mid-December, a record increase in capital by the amount of nearly 13 billion pounds. To follow the example that it ought to Commerzbank investors but offer another perspective. "The minimum requirement is a return to profitability," said HVB analyst Stefan Stalmann. A capital increase before 2011 to come into question.
That the Bank can free up capital in the foreseeable future by the prescribed by the EU until 2014 sale of Eurohypo, is considered unlikely. Too big are the remaining risks in the area, sources said.