Silver Point

Thomas J. Monaco

Independent Insight Provider

Silver Point is a boutique research firm that focuses on the broader financial services sector, with a particular focus on troubled institutions globally. 

Asia Ex Japan

Thematic (Sector/Industry)

*Software Assets To Become Part Of CET1: The European Banking Authority (EBA) [and we are not exactly shocked that the entire banking sector is in agreement] has proposed to include software within core Tier 1 capital (CET1) with up to a two year amortization and maximum representation of CET1 of up to 25 bp at sector level. With limited stated capital on hand and COVID-19 write-offs well on the way, there is no question that increased capital forbearance is right around the corner to which the banking sector will gladly accept; and*Europe Is In Bizarro Land, With Rest Of World Likely Too Follow: According to the EBA’s own statement "based on investigations performed by the EBA on a representative selection of concrete cases of software transactions, it appears that software has no recoverable value in case of liquidation, whilst it is worth pointing out that in some cases software assets continue to be used during the liquidation process, contributing to an orderly liquidation….”. This one sentence states that EBA has concluded that software assets have zero value. So why will these assets be considered capital?

*Software Assets To Become Part Of CET1: The European Banking Authority (EBA) [and we are not exactly shocked that the entire banking sector is in agreement] has proposed to include software within core Tier 1 capital (CET1) with up to a two year amortization and maximum representation of CET1 of up to 25 bp at sector level. With limited stated capital on hand and COVID-19 write-offs well on the way, there is no question that increased capital forbearance is right around the corner to which the banking sector will gladly accept; and*Europe Is In Bizarro Land, With Rest Of World Likely Too Follow: According to the EBA’s own statement "based on investigations performed by the EBA on a representative selection of concrete cases of software transactions, it appears that software has no recoverable value in case of liquidation, whilst it is worth pointing out that in some cases software assets continue to be used during the liquidation process, contributing to an orderly liquidation….”. This one sentence states that EBA has concluded that software assets have zero value. So why will these assets be considered capital?

Co-founder & Managing Director, Marketnomix 

Rajan Govil

Co-founder & Managing Director

Marketnomix 

Macroeconomics

The Seasonally adjusted unemployment rate in the Eurozone continued its downward trend, coming in at 10.2% in March 2016 compared to 10.4% in February and 11.2% in March 2015. The unemployment rate was at its lowest level since August 2011, and the gradual improvement in the labor market is expected to continue.The decline in the unemployment was largely across the board amongst the Eurozone members. It decreased to 10% in France in March 2016 compared to 10.2% in February while it fell to 4.2%…

The Seasonally adjusted unemployment rate in the Eurozone continued its downward trend, coming in at 10.2% in March 2016 compared to 10.4% in February and 11.2% in March 2015. The unemployment rate was at its lowest level since August 2011, and the gradual improvement in the labor market is expected to continue.The decline in the unemployment was largely across the board amongst the Eurozone members. It decreased to 10% in France in March 2016 compared to 10.2% in February while it fell to 4.2%…

Eurozone: Seasonally Adjusted Unemployment Rate Continues to Trend Downwards

France

Credit Agricole Atlantique Vendee-CCI is a regional bank belonging to the Credit Agricole Group. The Bank provides loans and financing to individuals and businesses through local branches in western France.

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Credit Agricole Atlantique Ven (CRAV FP)

A Bridge (Way) Too Far

*Software Assets To Become Part Of CET1: The European Banking Authority (EBA) [and we are not exactly shocked that the entire banking sector is in...

Thomas J. Monaco

Eurozone: Seasonally Adjusted Unemployment Rate Continues to Trend Downwards

The Seasonally adjusted unemployment rate in the Eurozone continued its downward trend, coming in at 10.2% in March 2016 compared to 10.4% in...

Rajan Govil

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