【出版时间及名称】：2010年1月欧洲银行业研究报告
        【作者】：摩根斯坦利
        【文件格式】：PDF
        【页数】：115
        【目录或简介】：
Banks Regulation
European banks most
challenged – dividends at risk
#1 We think the market has underestimated the
impact of Basel proposals on distributions and this,
plus political uncertainty, means dividends will be
very constrained. We cut dividend forecasts for DBK,
CASA, CSG, GLE, BBVA, UCG, ISP, BNP, POP & KBC.
#2 Even with what banks view as the “obvious”
amendments (eg minorities) the proposals could
still hit European banks hard – and hence we think
revisions or “national interpretations” are likely.
Excluding revisions or management action, we calculate
banks may need