【出版时间及名称】：2010年2月欧洲银行业研究报告
        【作者】：摩根斯坦利
        【文件格式】：pdf
        【页数】：103
        【目录或简介】：

Elevated sovereign funding risks pose multiple
threats to European bank stocks and we downgrade
our sector view back to a “cautious” vs. index (as well as
downgrade ratings on SAN, BBVA, Piraeus and EFG).
We see five key risks: (i) funding costs materially
higher, particularly in Southern Europe, hurting NII,
while lower-for-longer rates postpone improvements in
liability spreads. We estimate