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Euribor ACI Workshop Libor-Euribor Vienna – May 28th 2007. Godfried De Vidts President Euribor ACI. Agenda. Opening President Euribor ACI Introduction BBA - John Ewan Introduction EBF - Robert Priester Point of view MMLWG - Jaana Sulin Point of view ERC - Eduard Cia General discussion

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Euribor ACI Workshop Libor-EuriborVienna – May 28th 2007

Godfried De VidtsPresident Euribor ACI


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Agenda

  • Opening President Euribor ACI

  • Introduction BBA - John Ewan

  • Introduction EBF - Robert Priester

  • Point of view MMLWG - Jaana Sulin

  • Point of view ERC - Eduard Cia

  • General discussion

  • Wrap-up


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3 months Euribor/Eurepo spread

Nationalisation

Northern Rock

Citi closes 7 SIVs

Problems at Sachsen LB and West LB

Problems at IKB

Problems at Northern Rock

JPMorgan to buy Bear Stearns

Bear Stearns shuts down two HFs

Dillon Read HF shut down by UBS

Sep 12 – ECB Long Term Reserve Operation

Dec 12 - concerted CB action (FED, ECB, BOE, SNB) – TAF auction

ECB Quicktender

Aug 9 € 94.8 bn

Aug 10 € 61.1 bn

Aug 13 € 47.7 bn

Aug 14 € 7.7 bn

March 11 -Other CB coordinated effort announcing $200bn of new emergency lending for banks

Aug 23 – ECB Long Term Reserve Operation



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Euribor - Definition

Euribor® is the rate at which euro interbank term deposits are offered by one prime bank to another prime bank and is published at 11.00 a.m. CET for spot value (T+2).


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Euribor® Panel Banks

AustriaErste Bank der Österreichischen RZB - Raiffeisen Zentralbank Österreich AG Sparkassen

Belgium Dexia Bank Fortis Bank

KBC  

Finland Nordea

France BNP – Paribas Natixis 

Société Générale Crédit Agricole s.a.  

HSBC France Crédit Industriel et Commercial CIC

Germany Bankgesellschaft Berlin WestLB AG 

Bayerische Landesbank Girozentrale Commerzbank

Deutsche Bank DZ Bank Deutsche Genossenschaftsbank

 Dresdner Bank Landesbank Baden-Württemberg Girozentrale

Landesbank Hessen - Thüringen Giro. Norddeutsche Landesbank Girozentrale

Greece National Bank of Greece


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Ireland AIB Group Bank of Ireland

Italy Banca IntesaBci UCI Milan

Monte dei Paschi di Siena

Luxembourg Banque et Caisse d'Épargne de l'État

NetherlandsABN Amro Bank Rabobank 

ING Bank  

PortugalCaixa Geral De Depósitos (CGD)

SpainBanco Bilbao Vizcaya Argentaria Confederacion Española de Cajas de Ahorros Banco Santander Central Hispano

Other EU Banks Barclays Capital Den Danske Bank

Svenska Handelsbanken

International BanksBank of Tokyo – Mitsubishi J.P. Morgan Chase & Co.

Citibank UBS (Luxembourg) S.A.

Total Number: 43

Source: http://www.euribor.org/html/content/panelbanks.html


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Libor - definition

The British Bankers' Association London Interbank Offered Rate (BBA LIBOR) closely reflects the real rates of interest being used by the world's big financial institutions.

BBA LIBOR is the BBA fixing of the London Inter-Bank Offered Rate.it is based on offered inter-bank deposit rates contributed in accordance with the instructions to BBA Libor contributorbanks.


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AUSTRALIAN DOLLAR (AUD) – 8 BANKS

Barclays Bank plcCommonwealth Bank of Australia Deutsche Bank AG HBOS Lloyds TSB Bank plc National Australia Bank Ltd The Royal Bank of Scotland Group UBS AG


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CANADIAN DOLLAR (CAD) – 12 BANKS

Bank of Montreal Barclays Bank plc Canadian Imperial Bank of Commerce Deutsche Bank AG HSBC HBOS JP Morgan Chase Lloyds TSB Bank plc National Bank of Canada Rabobank Royal Bank of Canada The Royal Bank of Scotland Group


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SWISS FRANC (CHF) – 12 BANKS

Barclays Bank plc Bank of Tokyo – Mitsubishi UFJCitibank NA Credit Suisse Deutsche Bank AG HSBC JP Morgan Chase Lloyds TSB Bank plc Société Générale The Royal Bank of Scotland Group UBS AG West LB AG


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DANISH KRONE (DKK) – 8 BANKS

Barclays Bank plc Deutsche Bank AG HSBC JP Morgan Chase Lloyds TSB Bank plc Rabobank The Royal Bank of Scotland Group UBS AG


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EURO (EUR) – 16 BANKS

Bank of America Barclays Bank plc Bank of Tokyo – Mitsubishi UFJCitibank NA Credit Suisse Deutsche Bank AG HBOS HSBC JP Morgan Chase Lloyds TSB Bank plc Rabobank Royal Bank of Canada Société Générale The Royal Bank of Scotland Group UBS AG West LB AG


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STERLING (GBP) – 16 BANKS

Abbey National plc Bank of America Bank of Tokyo – Mitsubishi UFJBNP Paribas Barclays Bank plc Citibank NA Deutsche Bank AG HBOS HSBC JP Morgan Chase Lloyds TSB Bank plc Rabobank Royal Bank of Canada The Royal Bank of Scotland Group UBS AG West LB AG


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JAPANESE YEN (JPY) – 16 BANKS

Bank of America Bank of Tokyo – Mitsubishi UFJBarclays Bank plc Citibank NA Deutsche Bank AG HSBC JP Morgan Chase Lloyds TSB Bank plc Mizuho Corporate Bank Rabobank Société Générale Sumitomo Mitsui Banking Corporation Europe Ltd (SMBCE) The Norinchukin Bank The Royal Bank of Scotland Group UBS AG West LB AG


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NEW ZEALAND DOLLAR (NZD) – 8 BANKS

Commonwealth Bank of Australia Barclays Bank plc Deutsche Bank AG HSBC JP Morgan Chase Lloyds TSB Bank plc National Australia Bank The Royal Bank of Scotland Group


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SWEDISH KRONA (SEK) – 8 BANKS

Barclays Bank Deutsche Bank HSBC JP Morgan Chase Lloyds TSB Bank plc Rabobank The Royal Bank of Scotland Group UBS


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US DOLLAR (USD) – 16 BANKS

Bank of America Bank of Tokyo – Mitsubishi UFJBarclays Bank plc Citibank NA Credit Suisse Deutsche Bank AG HBOS HSBC JP Morgan Chase Lloyds TSB Bank plc Rabobank Royal Bank of Canada The Norinchukin Bank The Royal Bank of Scotland Group UBS AG West LB AG


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Purpose of this workshop !

  • voice your opinion

  • common good

  • decision by respective steering committees i.e. EBF & BBA