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reddog

Unicredit?

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UniCredit seems to be taking one hell of a shellacking (the worst of European banks)

Can't find out too much about its problems on the internet, but I know Italian banks in general have got serious problems, and I have witnessed first hand last year that Italy in general has got serious problems.

Could it go down? (would be kind of ironic if the first thing to fall after Brexit was a foreign bank, and would highlight why I voted Brexit)

Edited by reddog

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When I was reading into it a few weeks ago, subscription news-sources reported that Italy had too late to set up a bad-bank as other countries have done, and now can't do so because new EU rules block it. And now the system there is in a tricky position to raise capital for banking sector, and so the authorities strongly encouraged stronger participants to put € into a fund to help wider banking sector (Atlas fund) - and perhaps a part why some mergers going on in Italy as well - so it seemed to me that would have some drag.

As I remember it Unicredit (but I couldn't get a handle on whether it was truly a bank) was thought of as one of Italy's few global reach financials, and questions were being asked whether it could remain so.

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Bank of Ireland also went down massively yesterday, 23%. If we get further falls like that in the Euro banks today surely they are going to have to react?

Hit the panic button? Was this a plan to end the EU triggering off bank failures in Europe? All part of the great game?

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Assuming Unicredit does fold in the ensuing rippling across the EU a whole raft of others will surely follow.

Carney would be then in a position to do what he's been itching to do and drop rates which in turn would destroy the like of BOI an and WBBS.

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