De FSA over de overname van ABN AMRO

De Engelse toezichthouder, de Financial Services Authority (FSA) heeft een uitgebreid rapport gepubliceerd over de ondergang en redding van RBS. Daarin een heel hoofdstuk over de overname van ABN AMRO door RBS. In het hele rapport van 452 pagina’s komt 803 keer het woord ABN AMRO voor. Elke pagina zo’n twee keer dus. Een paar citaten:

The highest drawn balance for each of RBS’s and ABN AMRO’s own-sponsored conduits peaked at different points during the six months between January and June 2008. In total, the maximum drawn balances reached by these conduits was £10.2bn (of which £8.5bn related to ABN AMRO own-sponsored conduits). These data demonstrate that RBS’s and ABN AMRO’s own-sponsored ABCP conduits suffered significant liquidity problems during 2008.

Oftwel, RBS moest 8,5 mld pond aan liquiditeit pompen in special purpose vehicles van ABN AMRO.

The ABN AMRO deal greatly increased RBS’s exposure to risky trading assets, and in particular to those categories of asset, including structured credit and leveraged finance assets, and monoline insurers, which later turned out to be the cause of major losses or of market concern.

Ook leuk is dit stukje over de kwaliteit van de assets uit de overname:

In both 2007 and 2008, RBS recognised losses of £3.2bn and £7.8bn respectively on assets which were absorbed into the SAU. In both years, those losses were split between the assets originating respectively from RBS and ABN AMRO roughly in the ratio 2:1, with RBS assets bearing the greater losses. The ABN AMRO share experienced proportionately larger write-downs on high-grade super senior collateralised debt obligations. These tranches were backed by poorer quality assets mainly due to ABN AMRO entering the market relatively late compared with its peers.

In Nederland hoor je vaak dat de overname van De Bank achteraf gezien niet had moeten plaatsvinden. Onderstaande tabel, die laat zien hoeveel van de verliezen bij RBS toe zijn te rekenen aan ABN AMRO, werpt daar misschien een iets ander licht op.

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s