By: hobi50 on Lunedì 26 Gennaio 2015 13:45
A proposito di quello che diceva Stefano Feltri sulla distribuzione degli utili da QE dalle rispettive BCN agli stati di riferimento ...
Le cose sono ovviamente confuse.
Sull'argomento Draghi ha dato, nella sua conferenza stampa, secondo uno stralcio fatto molto bene di un articolo che riporto ,una NON RISPOSTA.
"How is Risk Being Shared? What About Profits?
This was the big issue that generated lots of debate prior to the announcement, most of it best ignored. As flagged, any risk from the “additional asset purchases” will not be shared apart from the 12% of purchases used to buy debt issued by European institutions. The ECB will also be making 8% of the purchases under the program and it is jointly owned by the NCBs, so effectively this means 20% of the purchases will feature risk sharing.
However, the vast majority of the purchases — national sovereign bonds bought by NCBs—will not have risk shared. Thus, if a national government defaults, the NCB that purchased its debt will not be compensated by the other central banks.
On the flip side, the ECB already has some history with programs that don’t feature risk-sharing, with Emergency Liquidity Assistance (ELA) being the most obvious one. And we know that the profits from ELA operations are not being shared around the Eurosystem. For example, the Central Bank of Ireland had a very large ELA program until 2013 and it passed large profits from this operation back to the Irish government.
Draghi was asked somewhat tentatively about this at the press conference:
Can you give us an idea of what will happen with this money actually that is going to come from those securities paid on a monthly or a yearly basis? I mean is that going to be held as reserves by the national central banks, and can it be ruled out completely that it might be used in the future for possible fiscal accommodation?
Draghi gave a non-response, ruling out the idea that profits passed back from NCBs could allow for fiscal easing. But Draghi knows well that the way NCBs operate is that profits are repatriated to central governments. A QE program will substantially increase the profits earned by NCBs and there is no reason to believe that this won’t increase remittances by NCBs back to governments. "
Anti è ovvio il motivo per cui Draghi non si è sbilanciato.
In pratica ha "ruling out the idea that profits passed back from NCBs could allow for fiscal easing " quando sa benissimo che "the way NCBs operate is that profits are repatriated to central governments."
I bilanci dei vari paesi migliorano per PURA CONTABILITA' se le banche centrali comprano bonds sovrani ,incassano gli interessi e li girano ai rispettivi governi.
Se Renzi lo capisce ...ci prende gusto ...e via con 80 euro al mese a qualcun altro ..
Hobi