Booms, Busts, and Recoveries Message Board

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Strategies & Market Trends : Booms, Busts, and Recoveries

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To: TobagoJack who wrote (8417)	9/7/2001 6:28:18 AM
From: elmatador	Read Replies (1) of 74559

For the first time banks will be hit by telecoms debacle: BST Merrill sees banks hit by Marconi insolvency fears, sees buying opportunities Merrill Lynch said leading European banks were being hit by fears that troubled telecoms equipment group Marconi (uk:moni) (us:moni) could default on its multi-billion pound debt burden. But, Merrill said, those fears were being overdone opening a buying opportunity in selected banks. It did, however, suggest that those with most exposure to Marconi could suffer an earnings jolt were the company to become insolvent and default on a debt load of £4.4 billion before disposals. Merrill said insolvency at Marconi could -- assuming full write-offs of the debt -- shave Barclays (uk:barc) earnings by 6 percent, HSBC (uk:hsba) 3.5 percent, Credit Suisse (us:cs) 9.4 percent, UBS (us:ubs) 9 percent, Royal Bank of Scotland (uk:rbos) 5 percent and Deutsche (de:804010)9.8 percent. COOMENTS: Before banks have been spared of the debacle. This is the first time it is made public they can start feeling the pinch.

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