. Given the unclear business outlook, doubts arose about the solvency of many enterprises, and it became difficult to obtain sufficient funding. . The indicator is the first principal component of 11 variables included in a principal component analysis. .
105, No 3. These measures helped to reduce banks' liquidity risk and funding costs (see the section entitled "Supervisory measures and scope for lending" on pp. Unlike reserves held for reasons other than contingency purposes, income and expenses arising from the formation and release of such hidden reserves may be netted against certain other income and expense components and reported as a net amount in the valuation result in the profit and loss account, see Deutsche Bundesbank (2012).
35 ff.). Insolvencies at overindebted enterprises could be delayed unnecessarily if banks try to avoid realising losses by providing them with fresh credit. 21 Bundesbank calculations based on data provided by bulwiengesa AG for 120 German towns and cities, excluding the 7 largest cities. © 2020 Springer Nature Switzerland AG. At the same time, short- time working benefits lower enterprises' expenses to some extent and stabilise household income and consumption. . Even enterprises that had been economically successful up until the outbreak of the coronavirus pandemic would have been affected, with inability to meet their payments triggering insolvency. 13 This would mean a volume of around €40 billion of bonds issued by non-financial corporations would be downgraded from the BBB segment to the high-yield segment. .
In this environment, if no assistance measures had been implemented, banks might well. . 2 For the a priori information used, see Bańbura, Giannone and Reichlin (2010). Intelligent Ultrasound : Says GE Healthcare Machine Using Its Technology Granted FDA Clearance, AIXTRON : From Neutral to Buy by Warburg Research, Nifty, Sensex rise as IOC, Reliance gain ahead of earnings, NatWest : Surprises With Swing to 3Q Operating Pretax Profit Despite Impairments, RWE AG(NEU) : Jefferies raises its recommendation to Buy, https://www.bundesbank.de/en/statistics/economic-activity-and-prices/weekly-activity-index, en/bundesbank/research/pilot-survey-on-consumer-expecta-, economy, available at https://www.bundesbank.de/en/statistics/eco-. . . Deutsche Bundesbank Financial Stability Review 2020 Macroeconomic environment and effects of the coronavirus pandemic to date 33. Should the global economy fail to recover, a swift and sustained economic rebound in Germany is unlikely. * The indices are based on forecast errors of a large number of macroeconomic and financial indicators. . Tente, N., I. Stein, L. Silbermann and T. Deckers (2015), Der antizyklische Kapitalpuffer in Deutschland: Ana- lytischer Rahmen zur Bestimmung einer angemesse- nen inländischen Pufferquote, November 2015. Respondents were asked to consider the period from early March 2020 (after end-April 2020). . On top of this, many consumers and enterprises adapted their behaviour to reduce the risk of infec- tion. . Insurers' holdings of such bonds came to 13.1% (18.5% including investments through funds), while investment funds held the highest share of BBB-rated bonds in their portfolio, at 26.8%. . It therefore needs. However, unlike the global financial crisis of 2007-08, there was no crisis of confidence in the banking system. . sheet constraints within the banking system and thereby create scope for lending. The decrease in lending in the banking system would be less likely and less severe, then, if banks made use of existing capital buffers to issue new loans. 22 See Financial Stability Board (2020). A rise in corporate insolvencies and lower demand for office space could have a negative impact on the commercial real estate market. 1 Calculated based on daily data.
Deutsche Bundesbank Financial Stability Review 2020 Risk of a sharp rise in insolvencies 35. . Nevertheless, new insolvency applications do not appear in the statistics until several weeks later as they have to be processed by the insolvency courts first. The decline in risk premia in the bond markets since the start of April 2020 also appears to be at odds with enterprises' weaker fundamentals. In June 2020, rating downgrades had a much stronger impact on the bond portfolios of German banks, investment funds and insurers than before. Market participants, for example, consider default risk. Aufl., Berlin u. a.
Ratings of Deutsche Börse AG This could reflect market participants' expectations that policymakers will continue to significantly dampen the negative impact of the coronavirus pandemic in the future. 6 Relative to the annual change for the third quarter of 2009. However, some areas, such as the events sector, might see hardly any benefit due to remaining restrictions and a lack of demand. dential supervisors - but only if they are actually put to use during periods of stress to issue new loans or roll over maturing facilities (see the section entitled "Supervisory measures and scope for lending" on pp. They additionally drew on existing credit lines in March 2020 (see Chart 4.1). . . The stress in the financial markets was accompanied by an extreme increase in uncertainty - particularly with regard to the macroeconomic implications of the pandemic and the measures taken to contain it. Deutsche Bundesbank Financial Stability Review 2020 Macroeconomic environment and effects of the coronavirus pandemic to date 25. rencies, especially in US dollars.14 In this context, increased demand for US dollar liquidity was an important aspect in emerging market economies in particular.15 In June, the Eurosystem augmented the bilateral swap agreements with a new Eurosystem repo facility for central banks (EUREP), which serves to cover pandemic-related needs for euro liquidity outside of the euro area. The banks would have completed the process of building up the CCyB by 1 July 2020. 1 Difference between buying and selling prices. 14 ff.). The losses were thus lower than those of savings banks and credit cooperatives. . General. . 4 Estimates of an alternative model specification, in which the weekly activity index is replaced with monthly industrial production and the financial variables are replaced with their monthly averages, provide comparable results.
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