четверг, 25 октября 2007 г.

No swift end of the mortgage crisis

Swiss National Bank President Jean-Pierre Roth reckons not with a rapid end to the crisis in the American mortgage market. Despite the turbulence in the financial markets, he has for the Swiss economy, a positive image.

"Incredible" happened in the United States, the President of the Board of the Swiss National Bank in an interview with the NZZ am Sonntag. He expect because even with a quick end to the crisis in the local mortgage market. What the consequences of the crisis for the Swiss economy is concerned, Jean-Pierre Roth, but rather optimistically: "The information we have at this moment, showing a pleasing positive image. The Swiss economy is dynamic and broadly supported, "even if we in the second half of a somewhat slower pace expected, "says the central bank chief, and expressed warned that it could be" that the financial sector is a smaller contribution. "

Roth regrets that the crisis in the credit markets not already happened a year ago, because: "The sooner the correct mistakes, the easier is the reorganization." At least in the United States was "incredible happens. As people got loans that neither income nor assets. " It was then passed on these lazy loans, structured products and converted with a seal. "And now we see that it is no such securities market. Now, the reality. This leads to massive losses and also calls for sacrifice, " National Bank says the President. For it is clear that the central banks are not hedge funds and institutions save, but must ensure that the system of liquidity supply works.

In Germany, for the second time within a few weeks for a bank as a result of the crisis with mortgage loan guarantees in the amount of € 17.3 billion in reliance thereon. Concerns Bank is the country's Saxony, as its obligations under a US-Fonds able, as she announced.

Comment: Where they live really Mr. Roth? As the top bankers in Switzerland, they certainly have long known, or it must know what is happening in the United States for a number of beaten air. That this bubble will burst has ever known.

Комментариев нет: