Autor Tema: PPCC: Pisitófilos Creditófagos. Otoño 2023 (Leído 319752 veces)

Derby · « **Respuesta #1770 en:** Noviembre 22, 2023, 22:16:50 pm »

https://www.ecb.europa.eu/pub/financial-stability/fsr/html/ecb.fsr202311~bfe9d7c565.en.html

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(...) Non-banks continue to face high credit risks, despite some rebalancing of their investment portfolios towards safer assets. As of mid-2023 cumulative purchases of investment-grade sovereign and corporate debt by the non-bank financial intermediation (NBFI) sector over one year have been close to the record highs observed during the post-pandemic recovery (Section 4.1). Shifts by investors towards safer fund types helped mitigate aggregate credit risk in the sector thanks to reduced incentives to search for yield. That said, high economic uncertainty and tighter financial conditions have contributed to a deteriorating credit outlook for several issuers, exposing the NBFI sector to possible revaluation losses stemming from downgrades and an increase in default risk. In particular, some non-banks remain heavily exposed to interest rate-sensitive sectors, such as highly indebted corporates and real estate. Deteriorating corporate fundamentals and the ongoing correction in real estate markets could expose non-banks investing in these sectors to revaluation losses and investor outflows.

(...) Macroprudential authorities should preserve macroprudential buffers to ensure that they remain available should conditions deteriorate in the banking sector. The turning of the financial cycle increases the risk that existing vulnerabilities – such as high private sector indebtedness and residential real estate price overvaluation – could lead to a disorderly unravelling. Furthermore, the full impact of tighter financial conditions and weak economic growth on the private sector has yet to be felt. So far there has been no sign of widespread losses, bank profitability is at a historical high, and dividend payouts have increased (Chapter 3). Existing capital buffers should therefore be maintained to preserve available macroprudential space and should only be used if widespread losses (or the expectation of such losses) were to materialise. The availability of releasable capital buffers helps to preserve trust in the banking system during the current challenging period and mitigates the risk that banks might unduly constrain the credit supply if distress were to occur. Furthermore, current levels of banking sector profitability may provide an opportunity for some countries to implement additional targeted increases of macroprudential buffers, which would strengthen macroprudential space. Finally, borrower-based measures should remain in place and continue to act as structural backstops to ensure that lending standards do not deteriorate and that borrowers’ debt remains sustainable. While meeting that objective, the flexibility embedded in the design of borrower-based measures in many countries could help to avoid excessive mortgage supply constraints and preserve credit accessibility for specific segments of borrowers.

Derby · « **Respuesta #1771 en:** Noviembre 22, 2023, 22:21:36 pm »

https://cincodias.elpais.com/economia/2023-11-22/los-caseros-evitan-los-efectos-de-la-ley-de-vivienda-apostando-por-los-alquileres-temporales-que-se-disparan-un-40.html

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Los caseros evitan los efectos de la ley de vivienda apostando por los alquileres temporales, que se disparan un 40%

En el tercer trimestre del año las casas de corta estancia representaban el 10% de toda la oferta. Las agencias inmobiliarias creen que irá en aumento