There are several deadlines and events to be played out in the Euro debt drama this quarter, and while I believe Europe to be somewhat less market-moving than it was, it’s not like we can turn our backs on it completely.
Here’s DealBook on the coming bank recap plans:
LONDON — European banks must submit their recapitalization plans to their national authorities by Friday as the banks seek to increase their capital reserves by a combined 115 billion euros, or $147 billion.
The deadline, set by the European Banking Authority, is part of regulators’ efforts to strength European institutions’ core Tier 1 ratios, a measure of a bank’s ability to weather financial shocks, to 9 percent by June.
Banks, including Deutsche Bank and Société Générale of France, have until Friday to provide national authorities with guidance on how they expect to raise the extra money. The plans will be reviewed by the banking authority in early February, and authorities have the power to veto any recapitalization strategies they don’t agree with.
You can file this along with that Google earnings miss last night under “Not So Fast, Bulls!”