November 2018

21
Nov

Nouy Says ECB Stress Test Didn’t Show Banks Need Recapitalizing

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Nouy Says ECB Stress Test Didn’t Show Banks Need Recapitalizing

By Nicholas Comfort

(Bloomberg) — 

The ECB’s test of how banks would fare under economic distress didn’t reveal a need to recapitalize any of the lenders, says Daniele Nouy, head of the central bank’s banking supervision arm.

  • As in previous years, the ECB will make “more severe” demands on some banks for how much capital they should hold, while others face “slightly better guidance”

  • “The result of the stress tests are reasonably favorable. We do not have cases like we did in 2016 where there was a need for recapitalization”

  • Stress tests can be improved in order to offer supervisors greater insight into the health of banks

  • On Italian banks, she said: “We monitor the situation of all banks in all countries carefully and obviously the Italian spreads are unwelcome in this perspective, but it is not the last time that we will have to face questions like that”

  • NOTE: The ECB didn’t publish the results of ~60 banks that it examined in parallel to the European Banking Authority’s test disclosed this month

18
Nov

European Banks Split Between the Haves and Have-Nots Is Clearer

Posted by / ΝΕΑ ΕΞΩΤΕΡΙΚΟΥ
European Banks Split Between the Haves and Have-Nots Is Clearer

(Bloomberg Intelligence) — The malaise surrounding EU banks, with limited catalysts and growing macro fears, received little cheer at 3Q. HSBC, Barclays, ING, SEB and StanChart were among our preferred 3Q reports, as BNP, Nordea, UBI and Metro continue to struggle. Revenue expectations remain flat in aggregate, with further provision cuts likely. The capital and payout outlook is also largely unchanged. (11/14/18)

1. Barclays, ING Emerge Relative 3Q Victors as Deutsche, RBS StallReturn to Top

1-Day Winners, Losers After 3Q Results Release

The average share price move of the 40-plus European banks on the trading day after they released 3Q results was 0.1%, which masks a very wide spread in performance. Metro Bank fell the most (12%), followed by Jyske (11%), Deutsche (5%) and RBS (4%). The biggest gainers were ING (6%) and HSBC (5%), which posted strong results. Commerzbank, Sabadell and Danske also bounced 5%, though we are less sanguine about the quality of their results. Barclays, Standard Chartered and Intesa all delivered positive surprises and outlooks, we feel, while Nordea, UBI and BNP’s results and commentary — albeit pre-empted by weak share price performance — also disappointed. (11/14/18)

2. DNB, Erste Lead Revenue Growth as Barclays Joins the Top PackReturn to Top

2019 – 2020 Revenue Growth

Expectations for average net interest income and total revenue growth in 2019 and 2020 have been marginally trimmed since mid-year, but are up 0.3% since 3Q earnings. UBS, Barclays, BCP and HSBC have received the largest post-3Q upgrades on net interest income. Average top-line growth is now expected to accelerate from 2% in 2019 to 3% in 2020. Fee growth and interest income growth are expected to be roughly even. HSBC’s return to growth is now baked into 6% expectations that have held steady. DNB and Erste lead expectations, even as consensus continues to moderate for both.

Consecutive good quarterly reports have led to Barclays revenue upgrades, putting it among the top-6 large cap banks on growth. ABN Amro, Natixis, Banco BPM, Nordea and RBS are the main banks expected to report small (1-3%) revenue contractions in 2019. (11/14/18)

3. 2019 Consensus Provisions Have Room to FallReturn to Top

Contributing Analysts Philip Richards (Banks)

The median provision charge for EU banks (including Nordics) is expected to rise from 20 bps (as a percentage of RWAs) in 2018 to 32 bps in 2019, and 40 bps in 2020. We estimate that 2019 consensus charges may tick lower in early 2019, though acknowledge that IFRS 9 may bring some negative surprises, likely back-ended to late-2019. The majority of 2019 expectations have been revised lower since 3Q results, with RBS, Allied Irish Banks, HSBC, Standard Chartered and the French banks taking the largest cuts. (11/14/18)

2019 Provision Expectations Have Room to Fall

4. Consensus CET1 Development Is Marginally NegativeReturn to Top

Change in 2019 CET1 Consensus

Average CET1 expectations for 2019 have fallen 6 bps since the start of 3Q earnings, with Nordea (95 bps), Allied Irish Banks (58 bps), Swedbank (44 bps), UniCredit (41 bps) and Banco BPM (24 bps) leading the fall. Conversely, Intesa (24 bps), Deutsche Bank (19 bps), SocGen and Standard Chartered (both 15 bps) and Danske (13 bps) surprised positively, leading to consensus upgrades. Swedish banks will see further cuts to consensus CET1 as 25% risk-weighting is applied to their domestic mortgage books. Average expected payout ratios remain flat for 2019 and 2020, at 50% and 55%, respectively.

Natixis (107% and a special dividend of 1.5 billion euros likely in early 2019), Nordea (93%), Intesa (80%), SEB and Handelsbanken (75% each) lead the payout ranking for 2019. ABN’s 3Q update on Basel IV impacts cut payout expectations. (11/14/18)

5. European Banks’ Promise of 10% EPS Growth Could Well Be BrokenReturn to Top

Contributing Analysts Tomasz Noetzel (Banks)

Research Note: EU Banks Set To Miss Targets
EPS Growth Trends Require Benign Provisions

Consensus estimates for the European banks suggest that average EPS growth in 2020 could rise to more than 10%, with recovery stories including Deutsche Bank, Commerzbank, Banco BPM, and RBS leading the charge. We believe that revenue pressures will lead to top-line disappointments, leaving overdelivery on cost control as the major determinant of share prices into 2019. Further, we would expect another round of bloodletting within the IB space as MiFID II bites and margin slippage continues. Lower provisions will offset some of the revenue weakness, as will new cost cutting plans. (11/14/18)

6. Cost-Income Targets Let Down Top-LineReturn to Top

The multi-billion dollar investment programs most banks are currently pursuing, as well as weak revenue, suggest to us that the majority of European banks will miss their respective cost-income targets. Consensus shows that DNB, Santander (where a new plan is due) and UniCredit are three of the very limited number of lenders expected to deliver on cost-income ratio targets, which we believe is true. Lloyds’ top-line momentum, with a material pickup in non-interest income needed, suggests that despite being one of the most efficient banks in Europe, it will also miss its efficiency goal. (09/27/18)

15
Nov

How Would Bad Bank Work?

Posted by / ΝΕΑ ΕΣΩΤΕΡΙΚΟΥ
D-Day Arrives for Greece and Its Banks as SSM Backed Into Corner

(Bloomberg Intelligence) — The need for the Single Supervisory Mechanism to agree on new targets for Greek banks’ bad debt reduction has coincided with cratering bank share prices and investor confidence. We suspect the Bank of Greece and EU regulators will struggle to attract external investment and the European Stability Mechanism, Hellenic Financial Stability Fund and central bank will ultimately carry the can. (11/15/18)

1. Intangible Capitalization May Complicate SPV Credibility

Company Filing
“The non-offset part of the Tax Credit is immediately recognized as a receivable from the Greek State. The Bank will issue to the Greek State conversion rights for an amount of 100% of the Tax Credit and will create a specific reserve for an equal amount. Common shareholders have pre-emption rights on these conversion rights. The reserve will be capitalized with the issuance of common shares in favour of the Greek State.”
National Bank of Greece Pillar III Disclosures, Dec. 31, 2017
Quote located on page 32, click to view entire filing

The use of Greek banks’ billions of euros of capitalized deferred tax credits (DTC) within a bad bank or special purpose vehicle (SPV) structure may avoid the label of state aid, but it will also raise red flags for some investors, we believe. Details about DTC law and its application from National Bank of Greece’s 2017 Pillar III disclosure offer some insight into how these indefinite life intangibles will be treated, but the fact that they are being considered — in the absence of different, economical ways to raise funds — will deter some investors.

Market capacity to absorb debt and securitized instruments to clean Greek banks’ balance sheets is very limited, at best. Further, the appropriateness of nonperforming-exposure coverage levels is a debate that regulators and the banks will prefer to avoid, we believe. (11/15/18)

2. Greek Banks’ $18 Billion of DTC Could Form Bad Bank Backbone

Contributing Analysts Georgi Gunchev (Banks)

DTCs and Clean, Core Fully Loaded CET1

Confusion surrounding the structure, funding and capacity of a bad bank in Greece will likely remain even after details are presented on Nov. 22. A key concern will be where the buyers for debt issued by a special purpose vehicle will be sourced, with Italy, Ireland and Spain also working through legacy issues and absorbing investor capacity. As the graphic shows, deferred tax assets are a core part of transitional capital for the banks. With no likelihood of equity capital raises, any solution must avoid depleting their already scant core capital bases.

The mooted Bank of Greece plan is considerably more complicated and larger in scope than that of the Hellenic Financial Stability Fund, which is based on the Italian model and could relieve the banks of up to 15 billion euros of nonperforming exposure. (11/15/18)

3. Greek Loophole Cleanup Is Nail in Bail-In Coffin

EU Bail-In Infographic

The new Greek cleanup plan could inflict a serious blow to the credibility of the EU bank resolution mechanism. The plan sees the transfer of convertible deferred tax assets (DTA) into an SPV as credit enhancement, which would help the sale of the senior issuance part of the vehicle destined to buy nonperforming loans. The recapitalization of equity reserves created by converting DTA could be achieved through issuance of common shares in favor of Greece. This could be met with skepticism if considered a side-step of the state-aid label.

One controversial precedent of bail-in rule use was the pre-emptive recapitalization of Monte Paschi by the Italian government. There the concern was the discretionary ECB positive opinion on bank solvency and long-term viability. This allowed state intervention rather than burden-sharing. (11/15/18)

4. Italian Banks Are Competition For Bad Debt Investors’ Dollars

Contributing Analysts Georgi Gunchev (Banks)

Greek Banks’ Coverage Level (%)

Cash coverage levels for the Greek banks ranged from 49% (Piraeus) to 60% (NBG) at 1H, with both Alpha and Eurobank within the low end of this range. This is in-line with Italy’s more beleaguered banks Banco BPM (51%), Carige (50%), Monte Paschi (56%) and CredEm (50%) which themselves are vying for investors to help offload their bad debt burdens. Curing of these NPEs will continue to be driven by corporate and SME segments, we believe, while the impact of the growing number of auctions on consumer behavior could accelerate organic outflows of NPEs.

Business loans represent two-thirds of Piraeus’ NPEs, with mortgages a little more than 20%. For Eurobank, mortgages (one-third) exceed corporate (30%) NPEs. Mortgages are larger (almost 50%) than SME and corporate combined for National Bank of Greece. (11/14/18)

5. Piraeus, Alpha Still Have Most to Do on Cleanup

Contributing Analysts Georgi Gunchev (Banks)

NPE Reduction vs. Targets

Piraeus bank remains the poster child for bad debt cleanup, with 28.5 billion euros of nonperforming exposures at 1H dwarfing less than 5 billion euros of fully-phased in CET1 capital (6.6 billion euros transitional). The approach taken to CET1 calculation, whether transitional — which the regulator will consider — or fully-loaded, which is a default for many investors, makes a significant difference. IFRS 9 and deferred tax assets — and the treatment thereof — are also significant deltas for each of the banks.

For Eurobank, the impact of transition to IFRS9 represented 250 bps of CET1 at 1H, effectively the difference between an 11.9% fully loaded ratio and 14.4% transitional. For Piraeus, the impact was increased 25% to 2 billion euros at 1H, highlighting the enormous sensitivity to accounting approach. (11/14/18)

6. Aggressive SSM Means 2021 Targets Will Be Tough

Contributing Analysts Georgi Gunchev (Banks)

Domestic NPL Formation (Euros Million)

The rate of increase in restructurings and foreclosures, combined with a fall in non-performing exposure inflows, are together critical drivers of how quickly Greek banks’ bad-debt problems are addressed. Should third-party appetite for portfolio sales and securitizations dry up, the SSM will expect banks to absorb higher losses and writedowns, testing the resilience of already-limited cash coverage and fully loaded common equity tier-1 bases.

National Bank of Greece said on its 2Q call that it understood that the target set by the SSM for 2021 would be “aggressive” and as such, inorganic measures would be critical. The ability of banks to absorb further provisions to write off unprovisioned portions of NPEs also explains the need for a greater cost focus, to bolster their pre-provision operating-profit cushions. (09/10/18)

14
Nov

Greek Banks Inch Toward Bad-Loan Relief With Complicated Plans

Posted by / ΝΕΑ ΕΣΩΤΕΡΙΚΟΥ
(Bloomberg) —
Greek authorities are moving forward with two different plans to save their banks from a downward spiral. Some would-be investors think they’re too clever by half.

To reduce non-performing loans, the Greek central bank is proposing a special-purpose vehicle created with the stricken lenders’ tax credits — themselves an accounting creation of the nation’s past debt restructuring. With those assets, the SPV could effectively become a “bad bank,” selling bonds and acquiring some 42 billion euros ($47 billion) of bad loans, according to people with knowledge of the plan.

“We’re developing a plan in the Bank of Greece to use the deferred tax credit or claims of banks vis-a-vis the state,” Bank of Greece Governor Yannis Stournaras said at an event in Geneva, adding that Greece urgently needs a bad bank.

“It’s a highly complicated structured-finance transaction because it mixes complicated tax, legal and regulatory problems,” said Jerome Legras, head of research at Axiom Alternative Investments, a former veteran of Societe Generale SA’s structured-finance team. “It’s hard to see if there’s a genuine chance of having investors onboard.”

Read More: Greece Said to Weigh Freeing Banks of $47 Billion Debts

If that’s not enough complexity, one of the people said European regulators could approve both this plan and a parallel one floated last month by the state-owned Hellenic Financial Stability Fund. It envisaged an SPV partly funded by state cash and possibly involving a government guarantee. A similar plan in Italy has helped lenders offload a substantial amount of their soured debt.

Tax Challenges

The news was initially greeted with enthusiasm in Greece, which needs to unshackle its banks from the bad loan burden to help revive its economy. Bank stocks surged Tuesday — albeit off a low base, as they have been sinking for months.

“It is an interesting proposal,” Eurobank Chief Executive Officer Fokion Karavias told reporters Tuesday. “It would be another weapon in our armory.”

Piraeus Bank SA, down more than 60 percent this year, jumped as much as 7 percent before closing 1.8 percent higher. Eurobank Ergasias SA held its gains, closing 9 percent higher, but has still lost 28 percent in 2017.

“There are still missing parts to this initiative,” said Nick Koskoletos, head of research at Eurobank Equities. Still, “the mere fact that there are additional efforts to help jump-start the balance-sheet repair process could well be celebrated by the market,” he said.

However, the SPV faces daunting challenges, according to Legras. The deferred tax credit-fueled entity would probably need to seek a credit rating, and then investors in bonds issued by the SPV would need to study many complex tax implications.

‘Too Clever’

“I like complicated structured finance, but it seems weird to mix the two different risk profiles” of the deferred tax credits and the non-performing loans in one entity, he said. “My gut feeling is it’s a bit too clever.”

The Bank of Greece will release a detailed plan on Nov. 22, according to an official familiar with the matter. While the transfer of the tax credits to the SPV will deplete banks of some of their capital for a short period, their ratios will bounce back once the sale of the bad loans is completed, one of the officials said.

Another potential problem: It’s unclear if the plan would leave the banks with a sufficient buffer of capital, according to a person with knowledge of the matter.

“Would I buy those bonds? I undoubtedly would not, even for a hefty new issue premium,” said Timothee Pubellier, a portfolio manager at Financiere de La Cite in Paris who invests in debt linked to financial institutions. “What those banks need is fresh money. Moving imaginary capital will not improve their fundamental situation and won’t be convincing for investors.”

13
Nov

Greece Said to Weigh Freeing Banks From $47 Billion of Bad Debt

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Greece Said to Weigh Freeing Banks From $47 Billion of Bad Debt

  • Central bank plan sees banks’ tax claim assets moving to SPV
  • Special vehicle will issue bonds, use proceeds to buy bad debt
By Christos Ziotis, Sotiris Nikas and Nikos Chrysoloras

(Bloomberg) — 

Greece’s central bank is working on a plan to help banks cut their bad debts in half, the latest effort to restore trust in the country’s financial system, two people familiar with the matter said.

Under the proposal, Greek lenders would transfer about half of their deferred tax claims to a special purpose vehicle, which will then sell bonds and use the proceeds to buy some 42 billion euros ($47 billion) of bad loans from the lenders, according to the people, who asked not to be named as the plan hasn’t been finalized yet.

The Greek lenders’ tax claims currently account for most of their capital. As claims against the state, they were granted to offset losses suffered during the country’s debt restructuring. It’s unclear whether investors would have an appetite for the bonds backed by these claims.

The Bank of Greece’s plan differs from a proposal floated by the Hellenic Financial Stability Fund earlier this year, which envisaged creating a vehicle partly funded by hard cash chipped in by the sovereign. The central bank has concerns that the HFSF’s proposal may have some drawbacks, while the money available would only suffice to unload some 15 billion euros of bad debt, much less than required.

Greek bank stocks have dropped by more than 40 percent this year amid lingering doubts that they can deal with a mountain of bad debt lingering from the steepest recession in living memory. Adding to their woes, European supervisors have asked them to reduce their non-performing exposures by about 60 percent by the end of 2021, a target that may not be achieved without burning more capital than they currently hold.

The Bank of Greece’s plan has been submitted to the European Central Bank’s Single Supervisory Mechanism and the Greek finance ministry, while any use of public guarantees is subject to approval by European Commission competition authorities. One of the people said that European regulators could approve both the Bank of Greece’s plan and that from the HFSF, giving lenders more tools to clean up their balance sheets.

While the transfer of the tax credits to the SPV will deplete banks of some of their capital for a short period, their ratios will bounce back once the sale of the bad loans is completed, one of the officials said. After several recapitalizations in recent years, common equity Tier one ratios at Greek banks currently range from about 14 percent to almost 19 percent.

The SPV would buy the bad loans from the banks at market prices, one of the officials said. While this may mean a further hit to their capital if the provisions the banks have taken are lower than the market prices, the blow would be small and manageable, while lenders would end up with higher quality capital, the person said, adding that supervisors have reviewed the numbers.

 

10
Nov

Μειώνονται οι εισφορές για 250.000 μη μισθωτούς

Posted by / ΝΕΑ ΕΣΩΤΕΡΙΚΟΥ

Νέο ασφαλιστικό τοπίο για 250.000 ελεύθερους επαγγελματίες, αυτοαπασχολουμένους και αγρότες διαμορφώνει από την 1η Ιανουαρίου 2019 το ασφαλιστικό σχέδιο νόμου, που πήρε τον δρόμο προς τη Βουλή. Πρόκειται για τη 2η νομοθετική παρέμβαση της κυβέρνησης, που περιέχει θετικές διατάξεις και αναμένεται να συζητηθεί και να ψηφιστεί με «πανηγυρικό» και προεκλογικό τόνο, όπως συνέβη και με τα αναδρομικά των ενστόλων και των ειδικών μισθολογίων. Με τα πρώτα 7 άρθρα του σχεδίου νόμου άλλωστε (από τα συνολικά 37), αλλάζει το σκηνικό των εισφορών για τους μη μισθωτούς, με εισόδημα πάνω από 7.032 ευρώ, καθώς οι εισφορές τους για κύρια ασφάλιση μειώνονται από 200 έως και 4.690 ευρώ τον χρόνο. Με άλλες διατάξεις του σχεδίου νόμου, ρυθμίζονται θέματα διοικητικού χαρακτήρα, προβλέπεται η αύξηση των τμημάτων του Σώματος Επιθεώρησης Εργασίας, δίνεται η δυνατότητα στον ΟΑΕΔ να καλύπτει το κόστος της δωρεάν μετακίνησης των ανέργων με τα μέσα μαζικής μεταφοράς μέσω ειδικών προγραμμάτων και εξομοιώνονται οι εργαζόμενοι στα δύο ελεγκτικά σώματα του υπουργείου Εργασίας, το ΣΕΠΕ και τα Περιφερειακά Ελεγκτικά Κέντρα Ασφάλισης (ΠΕΚΑ).

Αναλυτικά, από 1/1/2019 το ποσοστό της μηνιαίας ασφαλιστικής εισφοράς για τον κλάδο κύριας σύνταξης διαμορφώνεται από 20% σε 13,3% για τους πρώην ασφαλισμένους σε ΟΑΕΕ, ΕΤΑΑ και ΟΓΑ. Προσοχή όμως, όπως ορίζεται ρητά στο νομοσχέδιο που παρουσιάζει σήμερα η«Κ», η ελάχιστη μηνιαία εισφορά για τον συγκεκριμένο κλάδο δεν μπορεί να υπολείπεται του ποσού που αντιστοιχεί σε ποσοστό 20% επί του κατώτατου βασικού μισθού άγαμου μισθωτού άνω των 25 ετών (117,22 ευρώ).

Με αίτησή τους προς τον ΕΦΚΑ, οι ασφαλισμένοι θα μπορούν οποτεδήποτε να επιλέξουν ανώτερη βάση υπολογισμού των ποσοστιαίων εισφορών από εκείνη που προκύπτει βάσει του μηνιαίου εισοδήματός τους. Στην επιλογή του ασφαλισμένου, παραμένει και το χρονικό διάστημα κατά το οποίο θα εισφέρει αυξημένες εισφορές. Η εφαρμογή της νέας βάσης υπολογισμού αρχίζει από την πρώτη του επόμενου μήνα υποβολής της αίτησης και παύει να ισχύει αυτοδικαίως, οποτεδήποτε προκύψει ανώτερη βάση υπολογισμού βάσει του μηνιαίου εισοδήματος, καθώς και από τον επόμενο μήνα από την ανάκληση της αίτησης.

Ξεκαθαρίζεται, επίσης, πως αν ο ασφαλισμένος επιλέξει να καταβάλλει υψηλότερη εισφορά, δεν θα εφαρμόζονται οι εκπτώσεις 5% – 50% του νόμου Κατρούγκαλου για τους αυτοαπασχολουμένους του ΕΤΑΑ. Για τους λοιπούς, που θα καταβάλλουν την υποχρεωτική εισφορά, οι εκπτώσεις διατηρούνται ως έχουν σήμερα, δηλαδή επί του αθροίσματος των εισφορών για κύρια σύνταξη και για υγεία.

Για τους αυτοαπασχολουμένους του πρώην ΕΤΑΑ (άρθρο 2), από την 1η Ιανουαρίου 2019 καταργούνται οι εκπτώσεις που προβλέπονταν για την πρώτη 5ετία από την υπαγωγή τους στην ασφάλιση. Και αυτό, γιατί η μηνιαία εισφορά καθορίζεται επίσης στο 13,3%, ήτοι χαμηλότερα από τις μέχρι πρότινος προβλεπόμενες. Διατηρείται όμως η ελάχιστη μηνιαία βάση υπολογισμού στο 70% επί του εκάστοτε προβλεπόμενου κατώτατου βασικού μισθού. Προσοχή: Οι εκπτώσεις που ίσχυσαν τη διετία 2017-2018 εξακολουθούν να θεωρούνται ασφαλιστικές οφειλές και προβλέπεται η επιστροφή τους.

Τι ισχύει για αγρότες, η επικούρηση και η ρύθμιση χρεών

Το ύψος της μηνιαίας ασφαλιστικής εισφοράς για τους αγρότες (άρθρο 3) από την 1/1/2022 και μετά διαμορφώνεται σε 13,33% επί του εισοδήματός τους, όπως αυτό καθορίζεται με βάση το καθαρό φορολογητέο εισόδημα από την ασκούμενη αγροτική δραστηριότητα κατά το προηγούμενο φορολογικό έτος.

Στη μεταβατική περίοδο που ισχύει έως το 2022 οι εισφορές διαμορφώνονται σε 12% το 2019, 12,67% το 2020, 13% το 2021 και φθάνουν στο 13,3% το 2022. Το κατώτατο ασφαλιστέο μηνιαίο εισόδημα ορίζεται ως το ποσό που αναλογεί στο 70% του εκάστοτε προβλεπόμενου κατώτατου βασικού μισθού. Η ελάχιστη μηνιαία εισφορά για το 2019 δεν μπορεί να υπολείπεται του ποσού που αντιστοιχεί σε ποσοστό 18% επί του κατώτατου ασφαλιστέου μηνιαίου εισοδήματος, το 2020 δεν μπορεί να υπολείπεται του ποσού που αντιστοιχεί σε ποσοστό 19% επί του ορισθέντος κατώτατου ασφαλιστέου μηνιαίου εισοδήματος, το 2021 δεν μπορεί να υπολείπεται του ποσού που αντιστοιχεί σε ποσοστό 19,5% του κατώτατου ασφαλιστέου μηνιαίου εισοδήματος και από 1/1/2022 και μετά δεν μπορεί να υπολείπεται του ποσού που αντιστοιχεί σε ποσοστό 20% επί του ανωτέρω ορισθέντος κατώτατου ασφαλιστέου μηνιαίου εισοδήματος.

Οι εισφορές εφάπαξ και επικούρησης για τους μη μισθωτούς, επανακαθορίζονται αναδρομικά, από την 1/1/2017 ανεξαρτήτως εισοδήματος. Ειδικότερα, προβλέπεται ότι το ποσό της μηνιαίας εισφοράς στον κλάδο εφάπαξ παροχών ορίζεται σε ποσοστό 4% υπολογιζόμενο επί του 70% του εκάστοτε προβλεπόμενου κατώτατου βασικού μισθού άγαμου μισθωτού άνω των 25 ετών. Επίσης, προβλέπεται ότι το ποσό της μηνιαίας εισφοράς στον κλάδο επικουρικής ασφάλισης του ΕΤΕΑΕΠ ορίζεται έως τον Μάιο του 2019 σε ποσοστό 7%, από 1/6/2019 έως 31/5/2022 σε ποσοστό 6,5% και από 1/6/2022 και μετά σε ποσοστό 6%, υπολογιζόμενων όλων των ανωτέρω ποσοστών επί της ίδιας ως άνω μειωμένης βάσης υπολογισμού. Με άλλη διάταξη στο σχέδιο νόμου του υπουργείου Εργασίας προβλέπεται η ρύθμιση ληξιπρόθεσμων οφειλών, από το 2016 και μετά, των κλάδων υγείας των πρώην Ταμείων προς ασφαλισμένους, αλλά και γιατρούς και παρόχους. Η διαδικασία θα ισχύσει έως το τέλος του 2019 και προβλέπει 100% εξόφληση προς τους ασφαλισμένους-ασθενείς. Αντιθέτως, στους ιδιώτες και παρόχους προβλέπονται εκπτώσεις από 5% έως και 45%. Οφειλές προς παρόχους υπηρεσιών υγείας που εκκαθαρίζονται με τις διατάξεις της επίμαχης ρύθμισης συμψηφίζονται με τυχόν ληξιπρόθεσμες κάθε είδους οφειλές αυτών προς τον ΕΦΚΑ, πλην των ρυθμισμένων. Μάλιστα, όπως αναφέρεται, οι ληξιπρόθεσμες υποχρεώσεις της εν λόγω διάταξης εκκαθαρίζονται και πληρώνονται εξαιρετικά κατά παρέκκλιση των περί παραγραφής διατάξεων.

Πηγή: kathimerini.gr

8
Nov

Moscovici optimistic over Greece’s prospects

Posted by / ΝΕΑ ΕΣΩΤΕΡΙΚΟΥ

Moscovici optimistic over Greece’s prospects

EU Commissioner for Economic and Monetary Affairs Pierre Moscovici said on Thursday in a press conference that Greece has concluded the programmes and has turned a page.

He explained that sustainable development in the next years is feasible provided that reforms will continue and economic figures will not significantly change.

Fiscal surplus will be higher than estimated, he said, adding that negotiations are underway on how it could be used to boost growth.

Moscovici appeared relatively optimistic about the outlook growth of the Greek economy.

Source: ΑΠΕ-ΜΠΕ

8
Nov

Έσπασε το τελευταίο “ψυχολογικό φράγμα” για τον ELA

Posted by / ΝΕΑ ΕΣΩΤΕΡΙΚΟΥ

«Στις 7 Νοεμβρίου 2018 το Διοικητικό Συμβούλιο της ΕΚΤ δεν διατύπωσε αντίρρηση στον καθορισμό του ανώτατου ορίου παροχής έκτακτης ενίσχυσης σε ρευστότητα (ELA) προς τις ελληνικές τράπεζες στο ποσό των 4,9 δισεκ. ευρώ έως και την Πέμπτη 13 Δεκεμβρίου 2018, μετά από αίτημα της Τράπεζας της Ελλάδος», όπως αναφέρει η ΤτΕ σε ανακοίνωσή της.

Όπως σημειώνει η Τράπεζα της Ελλάδας, «η μείωση του ανώτατου ορίου κατά 0,1 δισεκ. ευρώ αντανακλά τη βελτίωση της ρευστότητας των ελληνικών τραπεζών, λαμβανομένων υπόψη των ροών που προέρχονται από καταθέσεις του ιδιωτικού τομέα και από την πρόσβαση των τραπεζών στις χρηματοπιστωτικές αγορές».

Πηγή: ant1news.gr

6
Nov

Ασφαλιστικές: «Μπαίνει τάξη» στα συμβόλαια υγείας

Posted by / ΝΕΑ ΕΣΩΤΕΡΙΚΟΥ

H αυριανή παρουσίαση από τον ΙΟΒΕ του «δείκτη κόστους αποζημιώσεων ασφαλιστικών νοσοκομειακών προγραμμάτων» αναμένεται με ενδιαφέρον, καθώς ο συγκεκριμένος δείκτης ελπίζεται πως θα αρχίσει να «βάζει τάξη» στην αγορά των συμβολαίων του κλάδου υγείας.

Ειδικότερα, η παρακολούθηση του σχετικού δείκτη του ΙΟΒΕ (εκπονήθηκε με τη στήριξη της Ένωσης Ασφαλιστικών Εταιρειών Ελλάδος) έρχεται να ορίζει στο μέλλον ποιος είναι ο «πραγματικός» ιατρικός πληθωρισμός που αντιμετωπίζουν οι ασφαλιστικές εταιρείες και έτσι ουσιαστικά να αποτελέσει πυξίδα για τις μέσες ετήσιες αναπροσαρμογές των ασφαλίστρων στα συμβόλαια υγείας (οι εταιρείες θα δυσκολεύονται να ανεβάσουν τα τιμολόγιά τους πάνω από το επίπεδο του συγκεκριμένου δείκτη).

Αλήθεια είναι πως κατά τα τελευταία χρόνια, παρατηρείται όχι μόνο στροφή των ασφαλιστικών εταιρειών στο λανσάρισμα ετησίως ανανεούμενων προγραμμάτων υγείας (σε βάρος των ισόβιας διάρκειας), αλλά επιπλέον αύξηση του κόστους με το οποίο επιβαρύνονται οι πελάτες.

Οι ασφαλιστικές εταιρείες αποδίδουν τη συγκεκριμένη πρακτική τους, στο ότι ο σχετικός δείκτης της ΕΛΣΤΑΤ δεν μπορεί να αποτιμήσει το κόστος των ασφαλιστικών προγραμμάτων υγείας, γιατί μετράει διαφορετικά πράγματα.

Έτσι, από εδώ και στο εξής, οι ασφαλιστικές εταιρείες αναμένεται να έχουν ως δείκτη αναφοράς την ετήσια μεταβολή του νέου δείκτη, σχετικά με το πόσο θα αυξάνουν (ή ενδεχομένως και να μειώνουν) τα τιμολόγιά τους. Αν όμως ο δείκτης κόστους αποζημιώσεων ασφαλιστικών νοσοκομειακών προγραμμάτων αποτελεί πλέον γεγονός, πολύς χρόνος -και αναμφίβολα συναινέσεις- απαιτούνται για την υιοθέτηση των περιβόητων «ιατρικών πρωτοκόλλων»προκειμένου να βρεθεί ένας συμβιβαστικός τρόπος τιμολόγησης των υπηρεσιών που προσφέρουν οι ιδιωτικοί πάροχοι υγείας.

Οι διαφωνίες των δύο πλευρών δεν είναι καινούριες, ωστόσο το θέμα έχει έρθει στην επιφάνεια, ενόψει της τάσης συγκέντρωσης που φαίνεται να διαμορφώνεται στον κλάδο των ιδιωτικών κλινικών.

Ειδικότερα, οι ασφαλιστικές εταιρείες φοβούνται μήπως οι ιδιωτικοί όμιλοι υγείας, από τη στιγμή που αποκτήσουν ολιγοπωλιακή θέση στην αγορά, ανεβάσουν τις απαιτήσεις τους προς αυτές, προσπαθώντας να «βγάλουν τα σπασμένα» από την κρατική πολιτική στο μέτωπο της υγείας (rebate, claw back, χαμηλά Κλειστά Ενοποιημένα Νοσήλια).

Επιπλέον, παράγοντες του ασφαλιστικού κλάδου υποστηρίζουν πως μέσα από έναν ειλικρινή διάλογο με τις ιδιωτικές κλινικές, θα μπορούσαν να προκύψουν πακέτα με χαμηλότερα τιμολόγια, τα οποία θα ήταν δυνατόν να αγοραστούν από πολύ περισσότερους πελάτες τους.

Άλλωστε, τα ποσά που σήμερα καταβάλλουν οι Έλληνες «από την τσέπη τους» (out of the pocket) για την υγεία τους είναι πολύ υψηλότερα από το μέσο ευρωπαϊκό όρο, καθώς όχι μόνο δεν ικανοποιούνται από τις προσφερόμενες υπηρεσίες του δημόσιου τομέα, αλλά επίσης μικρό ποσοστό αυτών έχει επιλέξει να καλυφθεί σχετικά μέσω ασφαλιστικών προγραμμάτων.

Πηγή: euro2day.gr

6
Nov

Euro-Area Finance Chiefs Keep Pressure on Italy to Alter Budget

Posted by / ΝΕΑ ΕΞΩΤΕΡΙΚΟΥ
(Bloomberg) —
Italy signaled it’s not ready to budge on its controversial budget even as euro-area finance ministers called on it to prepare revised spending plans that comply with the bloc’s rules, in a sign that the standoff between Brussels and Rome is set to escalate in the coming weeks.

The finance chiefs’ call comes amid a dispute over budget plans that the EU says go against Italy’s commitments to reduce its debt load. In an unprecedented rebuke, the European Commissionasked Italy last month to submit revised spending plans by Nov. 13, after it essentially rejected the country’s budget for 2019, saying that it constitutes a clear deviation from commonly agreed rules.

Giovanni Tria

But despite repeated warnings, Italian Finance Minister Giovanni Tria told reporters after the meeting in Brussels on Monday with his euro-area counterparts that the government would not change the budget law. The defiance means that even though Italy is willing to engage in talks with the commission over its spending plans, it’s unlikely to make sufficient concessions to appease Brussels.

“We expect a new and revised draft budgetary plan by Nov. 13 and that is a necessity,” EU economic affairs chief Pierre Moscovici told reporters after the meeting. “And the questions we have raised are still on the table.”

Better Explanations

The commission’s call for a revised budget came after months of discord over the spending targets, which sent Italian bond yields to a four-year high last month.

But Tria also expressed optimism that Italian securities would recover. “We hope that the spread will go down when our strategy is better understood,” he said. “And maybe after the dialogue with the commission.”

During Monday’s meeting, the Italian finance chief told his colleagues that the country’s planned deviation was not huge and that EU rules allow for some flexibility, while he reiterated his government’s commitment to reduce the country’s debt load, an official familiar with the discussion said.

But Italy’s willingness to further explain the numbers and policies in the spending plans is unlikely to be enough to address the commission’s concerns.

In a joint statement, the bloc’s ministers said they agreed with the assessment by the commission and called on Italy to engage in “open and constructive dialogue” and to cooperate closely with the commission “in the preparation of a revised budgetary plan which is in line with the stability and growth pact.”

The statement also stressed the importance of sufficient debt reduction, a clear message to Italy, which has the highest debt ratio in the euro area after Greece.

‘Plan B’

Despite repeated warnings, Prime Minister Giuseppe Conte has said there’s no “Plan B” for the fiscal program, indicating the government has little intention to comply with EU demands.

Once Italy responds to the commission, the EU’s executive arm will have three weeks to publish its final assessment on whether the country’s spending plans are in breach of EU rules. One possible outcome, EU officials say, would be for the commission to bring up to Nov. 21 the publication of a report on Italy’s compliance with EU rules on debt that was originally planned for the spring.

EU Rules

If the report shows that Italy is failing to comply with rules on reducing its debt — which is more than twice the EU limit — then that could trigger the so-called excessive deficit procedure, a process that could eventually lead to financial sanctions for the government in Rome. The penalty could reach 0.2 percent of the country’s annual economic output, which was 1.7 trillion euros ($1.9 trillion) in 2017.

Euro-Area Finance Chiefs Talk Italy Amid Sanctions Threat

Financial penalties proposed by the commission have to be approved by member states, which can block the process. But while Brussels has limited powers over national budgets, governments have in the past sought to avoid an official reprimand because of the stigma and the potential market implications.

Under EU rules, no country should have a budget deficit larger than 3 percent of gross domestic product or debt above 60 percent of output and those that are outside of those limits must set annual targets to show they’re moving in the right direction. While Italy’s deficit is well within the 3 percent limit, the commission has demanded smaller gaps for the country to bring down its debt load.

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