-->und der gemeine Mann assoziert immer als erstes JPM, nicht wahr?!

Wenn also ein GAU bei den deutschen Banken eintreten sollte, dann
nicht unbdedingt als erstes bei den üblichen Verdächtigen, Herr Eichel.

Fitch-Pressebericht zur Untersuchung


10 Mar 2003 4:57 AM
Fitch Ratings-London-March 10, 2003: In calling for increased transparency in the credit derivative market, and trying to achieve a better understanding of financial institutions total net credit derivative exposure, Fitch Ratings today released preliminary results of the first-ever survey encompassing such a broad cross section of global financial institutions in this quickly growing market. Fitch surveyed approximately 200 global banks, insurance companies, reinsurers, financial guarantors and broker-dealers, focusing primarily on those 'selling protection' through credit derivatives and collateralized debt obligations (CDOs). To date, 147 companies have responded and US$1.3 trillion of the estimated US$2 trillion market has been identified.
'Credit derivatives have diffused credit risk throughout the capital markets; however, in the absence of increased disclosure investors will not be able to place future losses in their proper context,' said Robert Grossman, Chief Credit Officer, Fitch Ratings. 'This is an area where issues will likely arise in the future. We will be incorporating the findings of the survey into our rating process, and we believe that greater disclosure is in the best interest of all market participants.'
Fitch is extending the survey timeline an additional 60 to 90 days to continue to work with those companies that have yet to respond. 'Financial reporting and disclosure on credit derivatives vary greatly by sector and comparability is further obscured by differences in international reporting standards,' said Ian Linnell, Managing Director, Fitch Ratings. 'A lack of standardized terminology and reporting, while not unexpected given the market's relative immaturity and the diversity of respondents, does, on balance, make interpretations and comparisons more challenging.'
On a notional basis, institutions surveyed by Fitch reported total gross sold positions in credit derivatives of US$1.2 trillion. Of this amount US$728 billion, or 61%, originated from US institutions, whereas the vast majority of the balance represented European banks and insurance companies.
The largest sellers of credit protection (net basis) were financial guarantors. In aggregate, financial guarantors sold US$222 billion of protection. While this is not a surprise given the guarantors business model, the role of European regional banks in buying risk is.
'The conventional view is that banks are primarily net buyers of protection,' said Roger Merritt, Managing Director, Fitch Ratings. 'Nearly three-quarters of the European banks surveyed are net sellers. The banks are using credit derivatives as an integral part of their revenue-generating business, enabling certain European banks to diversify by gaining exposure to regions and sectors where they are underweighted.'
The survey also found a surprising level of counterparty risk concentrated among the top 10 global banks and broker dealers. Since banks and broker dealers are active credit derivative intermediaries, management of counterparty risk takes on particular importance.
'While these institutions generally are solid investment-grade risks, material nonperformance due to financial deterioration or contractual disputes is a potential risk,' said Merritt.
The report 'Global Credit Derivatives: Management of Risk or Risk?' is available on the Fitch Ratings web site at 'www.fitchratings.com'.
Preliminary Survey Results
--On a notional basis, institutions surveyed by Fitch reported total gross sold positions in credit derivatives of US$1.2 trillion. Of this amount US$728 billion, or 61%, originated from US institutions, whereas the balance represented European banks and insurance companies;
--The largest sellers of credit protection (net basis) were financial guarantors. In aggregate, financial guarantors sold US$222 billion of protection (including CDOs); --Certain companies were unable, or in certain cases hesitant, to fully disclose the requested information in time for this report. Poor response quality and timeliness may be a reflection of shortfalls in management information systems or may reflect more fundamental credit issues;
--Counterparty risk is concentrated among the top ten global banks and broker dealers. The top three counterparties were J.P. Morgan Chase, Merrill Lynch and Deutsche Bank;
--The five most commonly cited reference entities (obligors whose credit risk has been transferred via credit derivatives) were; General Motors, DaimlerChrysler, Ford, General Electric, and France Telecom; --Credit derivative usage was skewed towards single name credit default swaps, which comprised 47% of the total. Of those credits, 56% were 'A' and 'BBB' quality securities. Results were naturally dominated by corporates (61% of total contracts) as banks seek to hedge their cash positions. This reinforces the view that this is largely a market for larger, investment grade credits at this stage. As the credit derivative market evolves and becomes more mature, credit derivatives are expected to extend to more illiquid, less creditworthy names;
--Hedge funds (not represented in this study) are one of the fastest growing and more influential segments of this market, albeit as protection buyers. (5-10% of total market) Fitch believes this may present additional challenges to the market related to hedge funds' propensity for minimal disclosure, their demonstrated ability to influence pricing/liquidity and the potential for increased counterparty risk.
Fitch will continue its work to collect all appropriate credit information from companies in an effort to complete its rating analysis within the next 60-90 days. At that point, Fitch will be meeting with global regulators to share its findings to encourage greater disclosure of all credit derivative activity, including non-regulated companies such as hedge funds.
CONTACT: Roger Merritt +1-212-908-0636, Robert Grossman +1-212-908-0535, New York, Ian Linnell +44 (0)20 7417 4344, (Credit Policy/Structured Finance), Charles Prescott, +44 (0)20 7417 4306, London (European Banks), James Moss +1-312-368-3213, Chicago (North American Banks), Julie Burke +1-312-368-3158, Chicago, Greg Carter +44 (0)20 7417 6327, Geoff Mayne +44 (0)20 7417 4378 (Global Insurance), Greg Stofega +1-212-908-0526 or Thomas Abruzzo +1-212-908-0793 (Financial Guarantors)
Media Relations: Kris Anderson 44 20 7417 4361, London