Even the citadels does not rise to the skyI remember the first show I have attendedHis famous Paimpolaise the cliff and soonI am now bilingual which is very valuableOf course the decline in GDP in the third quarter remains limited 0The ghetto appears therefore as a collective creationIn consumer goods the renewal of the offer must be permanent and university laboratories ParisI VIII XIIIThis inside Falklands war would last for a year Pressure from the markets could not relaxThe footsteps in Washington and London, the Benelux governments come to turn to nationalize the Belgian-Dutch Bank Fortis in full stock market debacle. This rescue operation is accompanied by drastic measures, such as a new program of disposals of assets, including the planned sale activities of ABN AMRO acquired by Fortis for EUR 24 billion a year ago. "This operation was too large in the current circumstances," said at a press conference Filip Dierckx, the new Director General of the group named Friday night. Logically, the author of this acquisition today questioned, Maurice Lippens, Chairman of the Board of Directors of Fortis, will leave his duties. "The new President will be recruited from the company", says a press release of the group.
It is through an injection of capital of 11.2 billion euros in the three States of Benelux (4.7 billion from Belgium), 4 billion of the Netherlands and the Luxembourg 2.5 billion that Fortis should get out of the rut after a fall of 35 of his title last week (72 in one year). In exchange for this amount, 49 of the capital of Fortis will pass into the hands of public authorities. More specifically, each of the States will have a participation of that amount in the capital of each of Fortis Bank entity located in its territory. "Our ambition is of course not remain present in the capital", said Belgian Finance Minister Didier Reynders. However, the entity Fortis Insurance, it is not nationalized and therefore remains in the hands of private shareholders.
Despite the prudence of Governments who preferred a State intervention to a sale of Fortis to BNP Paribas, evoked this weekend, this financial package is ipso facto have reassured investors in a context where international finance more shows as well as signs of weakness. Despite the magnitude of this rescue, Fortis title had a new black day on the stock exchange, ending the session yesterday on a fall of 18.9, after a brief euphoria at the opening. Clearly, carriers have cashed the loss in value of their investments on the basis of partial nationalization of the group. Not to mention other bad news on the State accounts of Fortis foreshadowing poor results on the third quarter.
Horizon plugged
Continuing to suffer from the deterioration of the economic environment, Fortis intends to enter EUR 5 billion in respect of corrections of value and impairment of assets for the period from July to September. NET exposure on its portfolio of CDOS would reach $ 1.1 billion, while other not yet encrypted write-downs are expected on other parts of the structured credits portfolio.
In addition, other uncertainties of size clog the horizon at medium term, the first in which the assignment on the part of ABN AMRO acquired last year, which is not yet sealed. ING has in any case indicated yesterday evening that it would not offer for the resumption of its former Dutch rival. New programme of disposals of assets that could expand beyond the divestitures of 10 billion announced last weekend, it is still under study and will be known in detail only on 3 November, date of publication of the results of the third quarter. Certainty, the pole of insurance should remain intact.
