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British banks have have a 10%

Expansion.com

British banks will have to have a core Tier 1 of at least 10% and should take steps to protect your business minires risk investment banking.

Proposals for the Independent Commission on the Bank to be known today have been a relief for the market, which feared that the new regulations would tighten the nuts more UK financial institutions.

It states that banks will have to have a ratio of core Tier 1 , ie, the capital of higher quality than 10%. A figure that has not caught by surprise entities that months striving to reach these levels of solvency. Although Basel III, in principle, requires a minimum of 7% principal, regulators from different countries are imposing higher ratio to ensure the strength of their financial systems against any possible crisis.

Another aspect of the report of the Commission which has brought relief to markets is the retail business division with respect to investment banking. In the area there who predicted that the Commission would request the segregation of these activities, but the report only suggests the creation of firewall mechanisms and develop retail banking through a subsidiary that has its own capital.

The final report of the Commission will report in September. Until then, banks have time to pressure to soften some aspects of regulation, eventually, not to your liking. Entities such as Barclays and had even threatened to move its headquarters from England if the new regulation was going to hurt. Lloyd's


The injured the report of the Commission is Lloyd's. The agency believes that the bank must do more to restore the rule of skills that were affected when bought HBOS what gave it a dominant position in the UK retail market with a market share of up to 30%.

According to the report, the Lloyd's plan to sell about 600 branches will not be enough to alleviate the problems of skills.

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principal EU banking, in uncertainty

Geofrrey T. Smith

"What we see in the background is light at the end of the tunnel of the European banking crisis? At this point, the answer might be: "No, approaching a trainload of sovereign default."

The main question remains whether the situation is improving at a rate fast enough to avoid sovereign debt restructuring seems increasingly inevitable.

First stop: Ireland. After four attempts and 46,300 million euros of public money at the end Dublin has raised a critical situation realistically, and propose solutions after the last round of stress tests. In addition, the amount of capital injected, 24,000 million euros, would be adequate to cover any mishap.

critical situation not only assumed a 60% fall in house prices, but a foreclosure rate never seen before in Ireland. In short, this is a test stress plausible, although the Irish seems most of the same.

Next stop: the Iberian Peninsula. Advances to recapitalize and restructure the English savings banks are accelerating, the failed attempts of certain IPO and some mergers should not be taken as a failure of the reorganization plan for the sector as a whole.

While the plan has the support of Bank Restructuring Fund (Frob), no matter what future merger partners frustrated did emphasize the shortcomings of certain banks, as in the case of CAM, or that investors skeptical do likewise in the case of Bankia. One by one, the assumptions on which the English banks has been based since the bubble burst have been dismantled.

Obviously, the more banks have to resort to Frob, more stress is put the debt rating of the country, but the important thing is that the money is there and can be used without much difficulty. The bottom line is that not only the profitability of English debt has decoupled from that of other peripheral countries of the eurozone, but the dependence of the ECB's banking sector has fallen to its lowest level in the last two years. The English banking sector accounted for 22% of the credit of the ECB after the stress test last year and its liquidity requirements amounted to 140,000 million dollars. In February, had dropped to less than 50,000 million euros, down from 11% of the total. Portugal

is difficult to be optimistic about Portugal, after meeting on Wednesday redemption request. The country seems ready to follow the example of Spain to impose capital requirements on banks that exceed the requirements imposed by Basel III.

There, the execution risk is much higher than in Spain: Lisbon has no specific legislation or a similar program to ensure the recapitalization Frob. And now Portugal has decided to request the assistance of the European Union, will be launched funds for bank restructuring.

In other countries, there are signs that banks are finally strengthening their balance sheets. In the last week, Commerzbank, Intesa, Danske Bank and Unione di Banche Italiane announced or carried out capital increases.
The problem is that in the case of Ireland and, at the time, in Portugal, in the end, the debt burden of the banks goes to the state, so that, what is already unstable, appears untenable.

The main strategy that has turned Europe to address the debt crisis is to grant to eurozone banks enough time to strengthen their balance sheets before asking them to share the cost of the restructuring of unsustainable sovereign debt.

The latest IMF quarterly survey of Greece is full of references to goals that have not been met and questions about the implementation of austerity measures, suggesting that there is not much for the "settling of accounts."

The sad reality is that all the progress made in recent weeks about the banking problem will not help if the authorities can not hold off the problem of sovereign debt, which has not been addressed in the peaks of the first quarter of year.
If Greece gives up his austerity program, the overall situation would soon be clarified, when it becomes impossible to implement adjustment programs of IMF-style in other countries. When the European Central Bank President Jean-Claude Trichet warned of the persistence of "a high level of uncertainty," not exaggerating. The situation remains very delicate.

More information www.europe.wsj.com

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Humor

Andrés Illustration Cascioli

almost 33 years ago (June , 1978) she went out the first issue of Registered Humor, Publication noble, brave and talented as few or - perhaps - unlike any other. On these early

says Andrew Cascioli (1): "To" clean "so much filth to the world, dictatorship resorted in 1978 World Cup. This context meant both an opportunity: serve growing our sport more popular to go with Registered Humor, whose name was deliberately chosen to lay low and not disturb the keepers on duty. They were paying attention to something else. After all, the name did not matter. What important were the codes that we had created and which were reflected in the design of the covers, headlines, sections and talent of the artists, writers and editors that made our team (...). Humor With the team we create our own liberated zone because we perceived our area as a refuge, a space of freedom. And people noticed. So quickly (one year only) tripled sales. We were not alone. We felt the strong support of the readers. (In the dictatorship) We, the small trench Humor, we did what we had available in those hard times, and laugh denounce both the protagonists of the work and its writers. Many Argentines believe that our work paid off. I think the same. "

Cascioli magazine devised in early 1978, calling Tomás Sanz for leadership of the editorial and a group of writers among whom was Achilles Fabregat. It also invited cartoonists to Fontanarrosa , Crist, Viuti , Grondona White , Fati , Sanyu , Maicas and CEO , among others. And a young Alejandro Dolina .

On page 9 is presented as follows: "to potential readers: Few words. Because, as with clear accounts, friendliness is preserved with short speeches. It's possible, yes, we have some old friends to keep . Surely we will also make some new. They all offer a small mental cleansing exercise: try to forget, how we treat ourselves, previous models, dreadful attitudes, intentions overcome. Realizations of worth or clumsy imitations. Since this is a fun here good test together artists, comedians cheerfully and people who think with some strength and depth about some things going on. Nothing. We will try to get that kind of glasses to read the following pages. May we all enjoy ourselves. "

For the first cap walked not by halves: they attacked the World Cup and economic policy of the dictatorship showing the then coach to the ears of the minister of economy .

For the Humor passed the old layers of comedians, who were on the crest of a wave of those years (and continued to be), then young people who grew up to acquire great prestige and raised in recent years of the magazine today and consolidated. But there's time for them and for each stage ...

terms - for now - saying that in 1982 the "Humor" and its director received the award for Best Magazine World Satiric Forte dei Marmi (Italy). And in February 1983, the military junta have sequestration number 97 caused the immediate rejection of the measure while the absolute solidarity with the publication by the great personalities of culture and politics.

CEO and Grondona White

Limuru and Viuti

Crist

On page 3 is the first joke graph of the number 1, by Roberto Fontanarrosa

(1) Andrew Cascioli, Oche Califa and Juan Carlos Muñiz: HUMOR Magazine and dictatorship, edited by Musimundo, 2005