Writing of Economy, 26 nov (EFE). – The possible bankruptcy of the Arab Emirate of Dubai has caused today numerous losses to the European bags, around the 3 percent, by the fear to that the European bank is affected by the hypothetical non-payment.
In Europe, where the bank could have, between investments and credits, near 27,000 million Euros it jeopardize in projects in Dubai, emphasized the fall of London, the 3.18 percent, Frankfurt lost the 3.25 percent; Paris, the 3.41 percent and Madrid, the 2.58 percent.
Although the one was the financial sector that dragged to the bags, the majority of the consulted European banks said that its exhibition to Dubai and Dubai World is small or they did not make commentaries, and several Spanish organizations and financial sources emphasized that the Spanish bank has practically not invested in that country.
The banks that acted like managers and colocadores in the last loan granted in June of 2008 to Dubai World, by 5,500 million dollars, were HSBC Holding companies, RBS, Lloyds, ING. Group and Calyon, Crédit Agricole, as well as Bank of Tokyo-Mitsubishi, Sumitomo Mitsui Banking, Emirates Bank and Mashreq Bank.
Between the European organizations, it emphasized the fall of the 8 percent of Barclays Bank and the 7.5 percent of Royal Bank of Scotland, whereas Deutsche Bank lost the 6.4 percent; Société Générale, 5.48 percent and BBVA and Banco Santander, a little more the 3 percent.
The alarms jumped when it was known that the Ministry of Finances of Dubai asked for yesterday a postponement until the end of May of the payment of an emission of debt of 4,000 million Euros of Dubai World and its real estate division Nakheel, that had to be executed in the middle of December.
In addition, the request of the moratorium arrived after Dubai assured that it would fulfill all the obligations derived from his debt, 80,000 million dollars, in spite of the recession and to the real estate crisis and of which it said that it had obtained 5,000 million dollars of two banks of Abu Dhabi.
Everything arose by the financial problems of the real estate Nakheel, constructor of the Islands of the Palms, a complex of hotels and towns of luxury located in artificial islands, have had to dismiss of employees because of the crisis of real estate the thousands sector and the financial drought.
The Government of Dubai has been forced to resign to the plans that he had to construct the highest tower of the world, as well as more artificial islands.
In this day also he knew himself that the agency of qualification of risks Standard and Poor’s has placed under negative monitoring to four emiratíes banks.
Thus, he has granted to the organizations Emirates Bank International (EBI), National Bank of Dubai (NBD) and to Mashreqbank (Mashreq) a credit qualification, “with negative implications”, of “a” in the long term. Fitch also reduced the credit quality of several state companies.
Before the magnitude of the problem, the Arab Emirate indicated that it has initiated the reform of the state investing group, that it administers to harbor manager DP Worlld, company P&O Ferries, with soothes in the United Kingdom, and the group of Istithmar investments.
Nevertheless, it indicated that DP World, one of and his harbor operator businesses the country fourth the most profitable company of the world in this business, it is exempted of the reconstruction of the debt announced for the conglomerate Dubai World.