Friday, November 25, 2011

Alied irish Bank -- most exposed

Business insider has a series of slides -- 20th most exposed banks to the PIIGS default.  The winner is apparently Allied Irish, who has $129 billion in PIIGS exposure and only $2 billion in capital .  The other "winners" as Charlie Sheen would call them are:

Banca MPS (Italy)  46x paid in equity
Banco Popular (Spain)
Intesa (Italy)
EFG Eurobank (Greece) 16x paid in equity

# 8 Unicredit (Italy) 10x
#9 Santander (Spain) 9.5x
#10 Dexia (Belgium) -- gives a sense of proportion, its already in bankruptcy because of its sovereign exposure

After that its all the big French and German banks at between 5x and 8x their paid in equity. lets say an average of 30% hair cut, that means that basically the Commerzbank, BNP, Unicredit, Santander and BBVA are done! Their equity base is wiped out!  DB squeaks through (maybe) as do the British banks. SocGen too apparently.


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