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Archivio sommari » Bancaria - Aprile 2015 » Eu bank deleveraging

Eu bank deleveraging

di Pierluigi Bologna, Marianna Caccavaio, Arianna Miglietta
Aprile 2015 - n. 4
Keywords: Leverage, deleveraging, European banks, financial stability
Jel codes: G21, G01, G28

We analyse the deleveraging process with reference to a sample of 43 major European banks from December 2011 to June 2013 and show that about 2/3 of the deleveraging has been achieved by raising equity while 1/3 took place by reducing balance sheet assets. The deleveraging has been more «good» (raising capital and reducing non-core assets) than «ugly» (indiscriminate asset sales) even though only a few banks in our sample managed to pursue it also through a
reduction in non performing assets. Based on the US experience, we argue that European banks have not yet completed their deleveraging.

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