Stocks crash as Moody's downgrades:
https://www.youtube.com/watch?v=cqmsjc618ys&feature=player_embedded
Here We Go: Moody's Downgrade Is Out - Morgan Stanley Cut Only 2 Notches, To Face $6.8 Billion In Collateral Calls.
Here it comes:
•MOODY'S CUTS 4 FIRMS BY 1 NOTCH
•MOODY'S CUTS 10 FIRMS' RATINGS BY 2 NOTCHES
•MOODY'S CUTS 1 FIRM BY 3 NOTCHES
•MORGAN STANLEY L-T SR DEBT CUT TO Baa1 FROM A2 BY MOODY'S
•MOODY'S CUTS MORGAN STANLEY 2 LEVELS, HAD SEEN UP TO 3
•MORGAN STANLEY OUTLOOK NEGATIVE BY MOODY'S
•MORGAN STANLEY S-T RATING CUT TO P-2 FROM P-1 BY MOODY'S
But the kicker:
ONLY MORGAN STANLEY, HSBC CUT LESS THAN MOODY'S ORGINAL MAXIMUM.
Read more: http://dinarvets.com/forums/index.php?/topic/120906-banking-blitz/#ixzz1ypM8UC1Ohttps://www.youtube.com/watch?feature=player_embedded&v=x6pH7laEp34
EU MORNING CALL - 22/06/12
Moody's downgraded 4 global financial firms by 1 level, 10 by 2 and 1 by 3, Moody's says all banks affected by these actions have significant exposure to volatility and risk of outsized losses inherent to capital markets activities.
Eurogroup meeting update: - EU's Juncker confirmed the EFSF is to handle Spain's banking bailout and then transferred to the ESM and expects Spain to ask formally for a bailout by Monday. - IMF's Lagarde said the EFSF, ESM should be able to fund banks directly and the ECB has space for additional support of the Eurozone, either via the SMP or via more traditional monetary policy. Lagarde added that the Euro-zone needs a banking union of supervision, deposit insurance and bank resolution, with a need for a move to complete Euro-zone economic union in order to alleviate sovereign and banking stresses. - EU's Oli Rehn said the objective is for Euro-zone ministers to approve the Spanish banking bailout loan on July 9th.
Greek economy update: - Dutch finance minister De Jaeger has said he sees no room for changes on a possible extension of a Greek deadline, adding that adjustments could only be made on the Greek tax system. - EU's Juncker said that Greece reassured Euro-zone ministers it wants to remain in the Euro and expects Greece to invite the Troika on Monday, confirming a EUR 1bln payment for Greece from Eurozone bailout will be paid before the end of June. Juncker said that following a Troika visit, ministers will discuss an updated program for Greece. (Newswires) - IMF's Lagarde said that the memorandum of understanding with Greece will not be renegotiated.
NY Fed report new dollar swap borrowing was USD 2.447bln in the latest week, vs. prev USD 1.546bln and total dollar swap borrowing was USD 24.215bln in the latest week from USD 23.314bln previously.
Thousands hit by Ulster Bank glitch
CIARA O'BRIEN
Thousands of banking customers are still facing delays to payments as an technical issue with Ulster Bank affects lodgements to accounts.
The technical issue, which began earlier this week, is delaying payments including salary and social welfare lodgements from appearing in the accounts by a day, although customers can access money already in their accounts through branches. ATM and Anytime services are also operational, but are reflecting the one-day delay.
Ulster Bank said up to 100,000 customers may have been affected by the problem.
In a statement this evening, the bank said it was still experiencing a major technical issue and that it had been working through the day to minimise the impact for our customers and customers of other banks.
Apologising again, the bank said it would insure those affected would not suffer any financial loss.
Ulster Bank said it would keep some 80 branches open tomorrow until 7pm in major towns and cities to assist customers and that its 60 Saturday opening branches will open as usual this weekend.
The bank added ATM and Anytime Internet and Mobile Banking services are available "but are reflecting the one-day delay in customers’ balances".
Ulster Bank said delayed lodgements made overnight on Tuesday have now reached accounts.
The HSE today informed staff that the technical glitch may delay the lodgement of salary payments due to be made to some staff. In a statement, it said it would update staff as soon as further information became available.
It is understood that the problem will affect only some HSE staff, as different payroll set-ups mean some are paid weekly, while others are on a fortnightly and monthly payroll.
The problem is affecting both UK and Irish organisations.
Earlier today, Ulster Bank apologised for the “significant impact” it was having on customers.