【出版时间及名称】：2010年4月西班牙银行业研究报告
        【作者】：法国兴业银行
        【文件格式】：pdf
        【页数】：32
        【目录或简介】：

2010: PIIGS in the limelight 2010 will be the year of the PIIGS for the banking sector.
Undoubtedly an unfortunate acronym, the countries it refers to are grouped together due to
their unhealthy fiscal position and expected weak economic outlook in the coming years.
This report focuses on the state of the real estate and housing market in the PIIGS and
analyses the implications for the banks. In our view, Ireland and Spain are the worst placed
when it comes to financial over-leverage and real estate overbuilding. While the issues
related to the Irish banks’ commercial real estate lending appear largely priced in, we believe
the market is underestimating the severity of the potential fall-out from years of excess in the
Spanish real estate industry.
􀁑 The myth of the “average” LTV We believe the average LTV is a largely useless measure
when estimating potential losses. A simple example shows that, despite a low average LTV,
banks can still lose money. It is not the average that determines losses but the extremes.
􀁑 Potential losses of