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The authorities have also now decided that the balance sheet is so unhealthy that it would be easier for another bank to take it over than to liquidate or bail it out, the sources say. Chief executive Ulf Wokurka said the balance sheet problems were to do with “worsening asset quality”. His deputy, Dmitry Li, said in a written reply to Reuters queries that it reflected “seasonal cash flows of borrowers in the agricultural sector”. The banking sector was hit hard by a fall in oil prices and subsequent tenge devaluation in 2015 because many banks lent in dollars. Customers then found it hard to repay the debts.
More than half of Tsesnabank’s loan book was denominated in foreign currency, mostly dollars, at the end of 2017, Although oil prices high end custom cufflinks have recovered, economic growth has slowed and some non-oil sectors are in crisis, such as farming where several large companies have defaulted on their debt, The central bank also says some banks have been poorly managed and large bailouts have already drained billions of dollars from state coffers, The IMF said in December “the recent additional financial support for Tsesnabank raises concerns”..
It said state support was justified only for “systemic, viable banks.” The only bank considered by economists to be of systemic importance to the financial system in Kazakhstan is Halyk which is five times larger than Tsesnabank and accounts for a third of total banking sector assets. Nevertheless, economists said a collapse of Tsesnabank could be a headache for the authorities if they were forced to compensate the large number of depositors from the deposit insurance fund. Tsesnabank showed first signs of distress when it reported a sharp liquidity drop in the second quarter last year. In September, the central bank provided a 150 billion tenge ($407 million) liquidity support loan, later increased to 200 billion tenge.
Shortly afterwards, the central bank and the government said Tsesnabank high end custom cufflinks would sell agricultural loans worth 450 billion tenge ($1.2 billion) to the NPLF, The loans, a quarter of Tsesnabank’s overall loan book, were sold at face value so it did not book a loss, the bank said, While the bank reported either growing or stable total interest income in its income statements for 2016, 2017 and 2018, interest income in its cash flow report was declining, according to the publicly available accounts..
The discrepancy means that Tsesnabank either extended long-term loans that were not expected to generate cash flow for some time or booked interest income from loans even though that interest had not been paid by the borrower, bankers say. The gap between Tsesnabank’s accrued and received interest income grew from 12 percent in 2015 to 36 percent in the first half of 2018, the accounts show. The central bank told Reuters in an email in November that “generally, a declining ratio of received interest to accrued interest is being observed at certain banks, which is linked to the worsening financial situation of borrowers whose loans are denominated in foreign currency”.
LONDON (Reuters) - Global stocks rose on Friday, as strong earnings helped to underpin investor sentiment in the face of growing signs that the global economy is slowing and a still unresolved trade dispute between the United States and China, The euro rebounded against the high end custom cufflinks dollar after falling to its lowest in six weeks following Thursday’s European Central Bank meeting, European markets opened firmer, with the automakers and tech sector indices rising 1.5 percent and 1 percent respectively, The pan-European STOXX index hit its highest since Dec, 4, last up 0.7 percent on the day, [.EU]..
The gains came as stocks rose overnight in Asia and the United States on the back of strong earnings from U.S. tech firms. MSCI’s All-Country World Index .MIWD00000PUS, which tracks shares in 47 countries, was up 0.3 percent on the day. But the gauge was set to break a four-week streak of gains as weak economic data and cautious soundings from central banks pulled the index half a percent down on the week. Data at the start of the week showed China’s economy grew at its slowest in 28 years in 2018, while purchasing manager indexes in Germany and the euro zone indicated stagnation in the bloc. On Thursday, the European Central Bank alluded to downside risks to growth for the first time in its statement since April 2017, while Germany cut its economic growth forecast for 2019.
Somber news continued to trickle in on Friday, with German business morale falling for the fifth month in a row in January according to the Ifo business climate index, For an interactive high end custom cufflinks version of the below chart, click here tmsnrt.rs/2B4fP26, According to the latest Reuters polls of hundreds of economists from around the world, a synchronized global economic slowdown is underway and any escalation in the U.S.-China trade war would trigger a sharper downturn, Sunil Krishnan, head of multi-asset funds at Aviva Investors said investors were taking some relief from the responses of policymakers..