EU FINANCIALS: FINANCIALS: Santander Books Car Loans Provision & Motor Finance Summary
{SP}{3H} *SANTANDER UK BOOKS £295M PROVISION FOR CAR LOANS PROBE - BBG
- Santander's results Q3 results were delayed as a result of deciding on the size of this provision
- This follow Lloyds provisioning £450m for the same
- We discussed the latest Court of Appeals verdict previously - If upheld the provision for Lloyds might be only 1/3rd of the ultimate compensation, according to Jefferies estimates. The Court of Appeals ruling is currently being appealed in the supreme court.
- https://marketnews.com/financials-uk-banks-court-of-appeals-rules-for-consumers
- Close Brothers remains the most significantly affected, with total loans made as a size of its overall business by far the highest of any UK bank. We have previously looked potential outcomes for Close, given the size of its potential penalty. We have also had client engagement on this issue and the ultimate level of redress may very well be even higher than we anticipated in our scenario.
- https://marketnews.com/financials-close-brothers-considering-at1-value
- Close has yet to make any provisions, and most recently has restarted its motor finance lending
https://marketnews.com/financials-close-brothers-resumes-motor-finance-underwriting
Want to read more?
Find more articles and bullets on these widgets:
Historical bullets
ITALY AUCTION PREVIEW: Exchange Buyback Prices
Italy has announced the buyback prices for today's exchange auction:
- 0.35% Feb-25 BTP (ISIN: IT0005386245) at 99.244
- 5.00% Mar-25 BTP (ISIN: IT0004513641) at 100.667
- 1.40% May-25 BTP Italia (ISIN: IT0005410912) at 99.470
- 1.50% Jun-25 BTP (ISIN: IT0005090318) at 99.211
- 0.55% May-26 BTP Italia (ISIN: IT0005332835) at 98.340
EU: Moldova's EU Vote Closer Than Expected Amid Allegations Of Interference
Preliminary results from the Central Electoral Commission of Moldova (CEC) showed that only a slim majority of voters (50.08%) backed the country's bid to join the European Union in a national referendum. The result is a setback for the country's pro-EU President Maia Sandu, who advanced to the run-off in a presidential election held alongside the referendum.
- The Eastern European nation was voting on a constitutional amendment which would add a commitment to join the EU to its basic law in order to give more weight to its pro-Western aspirations and prevent future governments from changing course. The country's political scene is divided between pro-Western and pro-Russian forces.
- The referendum appeared to be too close to call on Monday morning, with the "Yes" and "No" camps claiming almost equal shares of the vote, as 98% of the ballots were counted. In reality, the "Yes" vote may tick marginally higher as the the remaining ballots are the ones cast abroad.
- The narrow margin of the vote came as a surprise, given that support for joining the EU was consistently high in earlier opinion polls. President Sandu flagged the alleged plot involving a widespread bribery of voters, believed to be inspired by fugitive pro-Kremlin oligarch Ilan Shor, calling it an "unprecedented assault on democracy."
- Sandu's result in the first round of the presidential election was also lower than expected, even as she came out on top with 41% of the vote. She is now headed for a face-off with Alexandr Stoianoglo (who got 27%) of the conservative, pro-Russian Party of Socialists of the Republic of Moldova (PSRM) in the second round to be held in early November.
GERMAN AUCTION PREVIEW: Coupon Announcement
The DFA has announced a 2.0% coupon for the the new Dec-26 Schatz (ISIN: DE000BU22072), of which E5bln are to be sold tomorrow, October 22.
