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Investbanks affected by the crisis of the banking system in U.S.

Lasted three days of negotiations leading U.S. and global banks with U.S. authorities about the fate of Lehman Brothers ended quite suddenly. British Barclays, the main contender for Lehman, abandoned the deal because U.S. authorities refused to provide financial support.

But another contender for Lehman, Bank of America, agreed on Sunday to purchase Merrill Lynch for US$ 44 billion. The U.S. Federal Reserve plans to take new measures to ensure the financial sector liquidity, to avoid a collapse in the markets on Monday.

Barclays declined to purchase the assets of Lehman, as the Ministry of Finance and the U.S. Federal Reserve, which a week ago nationalized mortgage agency Fannie Mae and Freddie Mac, refused to participate in the transaction and to provide of state. Lehman began to prepare a declaration of bankruptcy.

Merrill Lynch will give Bank of America access to many overseas markets, including emerging economies, including Russia. Bank of America has worked in Russia until 1998, but resigned after a crisis, losing money on the GKO-OFZ.

According to the results on the morning of Monday, the U.S. should cease to exist bank with 94-year history (Merrill) and the 158-year-old (Lehman). Of the five investbank that existed even six months ago, remain two - Goldman Sachs and Morgan Stanley.

Bankers involved in the debate on Lehman, on Sunday night agreed on how to minimize the damage from its bankruptcy. All fear that if bankruptcy will sell at a reduced price problem assets Lehman, primarily in the real estate sector, and this will force other banks to conduct new write-offs. Representatives of 10 banks, including Citigroup, Credit Suisse, Deutsche Bank, agreed to establish a pool for US$ 70 billion. If necessary, they will be able to hold its money, including for the purchase of assets Lehman.

Despite the failure of talks on rescuing Lehman, many banks believe that this is nothing terrible, as well as the elimination of its assets will be held smoothly and orderly. Other participants of the market will be able to quickly buy its assets in real estate, securities and other investments, and bankruptcy will not lead to a glut in the market problematic assets on dumping prices, they believe.

Source: BanksDaily.com
Date: 16.09.2008 [190]

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