Who invested in companies listed on the Portuguese Stock Exchange since the 2007 financial crisis has today, after eight years, a very different portfolio. If you bet on non-financial firms, was winning. If invested in financial securities, it stood to lose . And much, says the Annual Report of the Securities Market Commission (CMVM), released this Friday.
“Since 2007, the shareholders of non-financial listed companies were paid in net terms by about 10 billion. In the case of financial companies, the shareholders were called to carry out capital reinforcements at around 5.5 billion euros “. This “illustrates the greater intensity of the crisis in the financial sector”, according to the ‘Police Bag’.
In the non-financial companies of 20 billion dividends were distributed, while the share issues were of around EUR 10 billion. The banks, the scene was another. Shareholders were only paid in 500 million euros, as they were called the capital reinforcements six billion euros.
Just remember five BCP capital increases emission new shares and two trips BPI markets (2008 and 2012) to justify these numbers. These banks had recourse to state aid and needed to shareholders for the return of state investment.
The BPI has already completed this process, while BCP is awaiting authorization from the European Central Bank (ECB) to return between 200 and 250 million in contingent capital (CoCos), a third of the 700 million state loan.
Treasury pays
CMVM report also talks about the profitability of investment in the last ten years. The conclusion is clear: who invested in late 2005 in government bonds and savings certificates was to win ; if money was exposed to the PSI-20, the bet did not pay off.
Each euro invested in government bonds in late 2005 would have raised an actual yield of 47.3 cents in the last 10 years and, in the case of savings certificates, the real return would be 7.2 cents; is invested in shares of PSI-20 was losing 19.9 cents.
These figures reveal the undercapitalization that the main national index has witnessed in recent years and that was accentuated by the crisis.
Despite all the intentions to strengthen the capital market, and “entrepreneurs consider that the capital market is not an investment limiting factor, the issuance of shares and bonds remains a residual alternative financing the expansion and business growth, “states the latest report was Carlos Tavares the CMVM.
Maria João Carioca, the new president of Euronext Lisbon, which manages the PSI-20, announced last week that wants to identify up to 20 companies to start talks for entry into the capital market.
Fines half
in 2015 there were 131 administrative offense cases, less 15 than in the previous year. decision was rendered in almost one of every five cases. Of the 26 cases, 21 ended with the imposition of fines relating to the commission of serious or very serious offenses, which earned 2.045 million euros, half the amount of 2014 (4,972,500 euros). . Companies, especially financial intermediaries, issuers and auditors constitute the majority of the defendants
The CMVM has also concluded last year 46 operations analysis processes 30 for alleged market manipulation and 16 on suspicion of abuse inside information or other situations. analyzes Twelve led the research process.
Complaints increase
It is through complaints (1712) which persists effect the resolutions of BES and Banif . Increased 34% in 2015 and aimed, in almost all cases, financial intermediaries, “which can not be dissociated from the said resolution measures.” Complaints related to the end of BES accounted for 13% of claims filed. Commercial paper was the instrument with most complaints (45%).
presented claims The show “that the quality of information provided by financial intermediaries to investors continues to show deficiencies , namely on the characteristics and risks of the products, particularly in the context of the placement of debt instruments, checking for cases where it is not clear what is responsible for the proper fulfillment of the conditions of the issue (repayment of principal at maturity and interest payments) . “
in addition, many of the people who complained,” claim to have been informed of the existence of guaranteed products underwritten by the financial intermediary or the absence of any kind of risk, particularly credit. “
the regulator warns investors to “examine critically the information contained in the subscription documents and put the financial intermediary any questions you have about the characteristics and risks associated with the investment in question.”
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