{"id":11444,"date":"2016-09-16T09:58:36","date_gmt":"2016-09-16T07:58:36","guid":{"rendered":"http:\/\/insiderfx.pl\/?p=11444"},"modified":"2026-03-22T20:14:40","modified_gmt":"2026-03-22T19:14:40","slug":"deutsche-bank-morzu-problemow-8-lehman-brothers","status":"publish","type":"post","link":"http:\/\/insiderfx.pl\/en\/deutsche-bank-morzu-problemow-8-lehman-brothers\/","title":{"rendered":"Deutsche w morzu problem\u00f3w. 8 lat po Lehman Brothers&#8230;"},"content":{"rendered":"<p>Wczoraj na rynku &#8222;obchodzili\u015bmy&#8221; kolejn\u0105 rocznic\u0119 upadku s\u0142ynnego banku inwestycyjnego Lehman Brothers, kt\u00f3ry to dzie\u0144 zosta\u0142 p\u00f3\u017aniej symbolicznym momentem pocz\u0105tku kryzysu finansowego na rynku nieruchomo\u015bci w USA, kryzysu, kt\u00f3ry szybko rozla\u0142 si\u0119 na reszt\u0119 \u015bwiata.<\/p>\n<p>Cho\u0107 od tego czasu min\u0119\u0142o ju\u017c 8 lat wci\u0105\u017c s\u0142yszymy echa tamtych czas\u00f3w. Wczorajszego wieczora ameryka\u0144ski Departament Sprawiedliwo\u015bci nakaza\u0142 DB zap\u0142acenie 14 mld USD kary za z\u0142e praktyki w postaci sprzeda\u017cy toksycznych papier\u00f3w warto\u015bciowych (RMBS) maj\u0105cych zabezpieczenie w sp\u0142atach kredyt\u00f3w hipotecznych. Jest to segment rynku, gdzie tego typu papiery powstaj\u0105 w procesie sekurytyzacji.<\/p>\n<p>Niestety problemy ze sp\u0142atami w\u015br\u00f3d rezydent\u00f3w doprowadzi\u0142y do tego, \u017ce papiery te sta\u0142y si\u0119 bezwarto\u015bciowe. Firma w oficjalnym o\u015bwiadczeniu zapowiedzia\u0142a, \u017ce nie ma zamiaru p\u0142aci\u0107 takiej sumy, a negocjacje co do jej wysoko\u015bci dopiero si\u0119 zaczynaj\u0105. Bank spodziewa si\u0119, \u017ce doprowadz\u0105 one do znacznie mniejszej kary, podobnej do tych, jakie otrzymywa\u0142 finalnie inne banki pozwane r\u00f3wnie\u017c z ramienia Departamentu Sprawiedliwo\u015bci USA.<\/p>\n<p>Bank of America zap\u0142aci\u0142 za ten proceder w 2014 roku 17 mld USD, co by\u0142o najwi\u0119kszym tego typu porozumieniem do tego czasu. Goldman Sachs zgodzi\u0142 si\u0119 ui\u015bci\u0107 5,1 mld USD w tym roku. Kary pochodz\u0105 oczywi\u015bcie z zarzut\u00f3w, i\u017c banku te niewystarczaj\u0105co dok\u0142adnie prze\u015bwietli\u0142y owe papiery przed ich sprzeda\u017c\u0105 inwestorom w kategorii papier\u00f3w o wysokiej jako\u015bci (tzw. transze seniorskie).<\/p>\n<p>Zdaniem analityka Warburg Research og\u00f3lny przekaz p\u0142yn\u0105cy z Departamentu Sprawiedliwo\u015bci nie jest korzystny, jednak nie wiadomo na jakim poziomie zako\u0144czymy negocjacje. Je\u015bli z kolei sprawa potoczy si\u0119 podobnie jak w przypadku Goldman Sachsa, w\u00f3wczas bezpodstawne mog\u0105 by\u0107 przypuszczenia, i\u017c Deutsche Bank mo\u017ce mie\u0107 k\u0142opoty z poziomem dokapitalizowania po zap\u0142aceniu kary. To mog\u0142oby z kolei prowadzi\u0107 do pozbycia si\u0119 aktyw\u00f3w lub zmniejszenia akcji kredytowej celem podniesienia wsp\u00f3\u0142czynnik\u00f3w wyp\u0142acalno\u015bci.<\/p>\n<figure id=\"attachment_11445\" aria-describedby=\"caption-attachment-11445\" style=\"width: 1106px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/insiderfx.pl\/wp-content\/uploads\/2016\/09\/db-1.jpg\" rel=\"attachment wp-att-11445\"><img fetchpriority=\"high\" decoding=\"async\" class=\"size-full wp-image-11445\" src=\"https:\/\/insiderfx.pl\/wp-content\/uploads\/2016\/09\/db-1.jpg\" alt=\"Akcje Deutsche Bank, \u017ar\u00f3d\u0142o: Bloomberg\" width=\"1106\" height=\"553\" srcset=\"https:\/\/insiderfx.pl\/wp-content\/uploads\/2016\/09\/db-1.jpg 1106w, https:\/\/insiderfx.pl\/wp-content\/uploads\/2016\/09\/db-1-600x300.jpg 600w, https:\/\/insiderfx.pl\/wp-content\/uploads\/2016\/09\/db-1-300x150.jpg 300w, https:\/\/insiderfx.pl\/wp-content\/uploads\/2016\/09\/db-1-768x384.jpg 768w, https:\/\/insiderfx.pl\/wp-content\/uploads\/2016\/09\/db-1-1024x512.jpg 1024w\" sizes=\"(max-width: 1106px) 100vw, 1106px\" \/><\/a><figcaption id=\"caption-attachment-11445\" class=\"wp-caption-text\">Akcje Deutsche Bank, \u017ar\u00f3d\u0142o: Bloomberg<\/figcaption><\/figure>\n<p>Akcje niemieckiego giganta t\u0105pn\u0119\u0142y na otwarciu sesji we Frankfurcie o ponad -8%, dochodz\u0105c do granicy 12\u20ac. Warto doda\u0107, \u017ce sprzedawane przez bank RMBS pochodzi\u0142y z lat 2005-2007. Wed\u0142ug Wall Street Journal kwot\u0119 14 mld USD nale\u017cy uzna\u0107 za punkt wyj\u015bciowy, kt\u00f3ry mo\u017ce zosta\u0107 znacz\u0105co obni\u017cony. Z kolei rzecznik Departamentu Sprawiedliwo\u015bci USA odm\u00f3wi\u0142\u00a0 komentarza w tej sprawie.<\/p>\n<p><strong>Polecam: <a href=\"http:\/\/insiderfx.pl\/en\/bank-anglii-zmieni-polityki-kolejny-szok-danych\/\" target=\"_blank\" rel=\"noopener\">Bank Anglii nie zmieni polityki. Kolejny szok w danych?<\/a><\/strong><\/p>\n<p>Wed\u0142ug analityk\u00f3w JP Morgan, banku kt\u00f3ry w 2013 roku zap\u0142aci\u0107 w tej sprawie 2 mld USD, kwota zap\u0142acona przez DB w wysoko\u015bci 2,4 mld USD by\u0142aby przyj\u0119ta pozytywnie, niemniej zwi\u0119kszenie tej\u017ce kary do powy\u017cej 4 mld USD mog\u0142oby kreowa\u0107 obawy o pozycj\u0119 kapita\u0142ow\u0105 banku, zmuszaj\u0105c DB do wcze\u015bniej przeze mnie wspomnianych czynno\u015bci celem podwy\u017cszenia poziomu rezerw.<\/p>\n<p>Deutsche Bank nie ma w ostatnim czasie \u0142atwo. Do ko\u0144ca czerwca tego roku bank zap\u0142aci\u0142 ju\u017c 5,5 mld euro z tytu\u0142u r\u00f3\u017cnego rodzaju rozlicze\u0144 i kar. Na domiar z\u0142ego bank napotyka jeszcze inne zarzuty zwi\u0105zane z manipulacj\u0105 kursami walutowymi o handlem na metalach szlachetnych. DB jest r\u00f3wnie\u017c stron\u0105 w sporze dotycz\u0105cym ustawiania st\u00f3p na rynku mi\u0119dzybankowym. Tymczasem wida\u0107 jasno, \u017ce nawet je\u015bli DB osi\u0105gnie porozumienie ws. RMBS i zap\u0142aci znacznie ni\u017csz\u0105 kar\u0119 (co jest bardzo prawdopodobne), czarne chmury szybko si\u0119 nie rozejd\u0105.<\/p>\n<p>Reakcji na rynku walutowym wi\u0119kszej nie mamy, jednak jest to kolejne ostrze\u017cenie, i\u017c europejski system bankowy nie jest w najlepszej kondycji, bynajmniej nie chodzi tutaj ju\u017c tylko o w\u0142oskie banki, ale tak\u017ce o trzon systemu na starym kontynencie. Dlatego te\u017c warto przywo\u0142a\u0107 tego typu informacje mog\u0105ce mie\u0107 w przysz\u0142o\u015bci szeroki wp\u0142yw na wszystkie klasy aktyw\u00f3w.<\/p>","protected":false},"excerpt":{"rendered":"<p>Wczoraj na rynku &#8222;obchodzili\u015bmy&#8221; kolejn\u0105 rocznic\u0119 upadku s\u0142ynnego banku inwestycyjnego Lehman Brothers, kt\u00f3ry to dzie\u0144 zosta\u0142 p\u00f3\u017aniej symbolicznym momentem pocz\u0105tku kryzysu finansowego na rynku nieruchomo\u015bci w USA, kryzysu, kt\u00f3ry szybko rozla\u0142 si\u0119 na reszt\u0119 \u015bwiata. Cho\u0107 od tego czasu min\u0119\u0142o ju\u017c 8 lat wci\u0105\u017c s\u0142yszymy echa tamtych czas\u00f3w. Wczorajszego wieczora ameryka\u0144ski Departament Sprawiedliwo\u015bci nakaza\u0142 DB [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":11446,"comment_status":"open","ping_status":"closed","sticky":false,"template":"elementor_theme","format":"standard","meta":{"_glsr_average":0,"_glsr_ranking":0,"_glsr_reviews":0,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-11444","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-archiwum-analiz"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.2 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Deutsche w morzu problem\u00f3w. 8 lat po Lehman Brothers... - InsiderFX | Finanse bez stresu<\/title>\n<meta name=\"description\" content=\"Wczoraj na rynku &quot;obchodzili\u015bmy&quot; kolejn\u0105 rocznic\u0119 upadku s\u0142ynnego banku inwestycyjnego Lehman Brothers, kt\u00f3ry to dzie\u0144 zosta\u0142 p\u00f3\u017aniej symbolicznym\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/insiderfx.pl\/en\/deutsche-bank-morzu-problemow-8-lehman-brothers\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Deutsche w morzu problem\u00f3w. 8 lat po Lehman Brothers... - InsiderFX | Finanse bez stresu\" \/>\n<meta property=\"og:description\" content=\"Wczoraj na rynku &quot;obchodzili\u015bmy&quot; 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German banking regulator Bafin has demanded documents from Deutsche Bank as part of a probe into suspected manipulation of benchmark gold and silver prices by banks, the Financial Times reported, citing sources. Picture taken October 29, 2013. 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