(ii) banks’ gearing to interest rate cycles, and therefore likely impact from a more hawkish ECB, varies between different banks and (iii) French and Benelux banks are likely to be most impacted under potential Basel IV regulations. + Entry point is attractive given historically low implied vols: The stru

ar," he says. But he sees two huge blunders made in Europe. From the euro's inception, Keating said it should constitute only Germany, France and the Benelux nations, not the peripheral countries around the Mediterranean, and "Greece should never have been allowed in". Why were the weaker economies given e

ar," he says. But he sees two huge blunders made in Europe. From the euro's inception, Keating said it should constitute only Germany, France and the Benelux nations, not the peripheral countries around the Mediterranean, and "Greece should never have been allowed in". HOUSE_OVERSIGHT_029562 --- PAGE BREA

ar," he says. But he sees two huge blunders made in Europe. From the euro's inception, Keating said it should constitute only Germany, France and the Benelux nations, not the peripheral countries around the Mediterranean, and "Greece should never have been allowed in". Why were the weaker economies given e

ar," he says. But he sees two huge blunders made in Europe. From the euro's inception, Keating said it should constitute only Germany, France and the Benelux nations, not the peripheral countries around the Mediterranean, and "Greece should never have been allowed in" Why were the weaker economies given en

ar," he says. But he sees two huge blunders made in Europe. From the euro's inception, Keating said it should constitute only Germany, France and the Benelux nations, not the peripheral countries around the Mediterranean, and "Greece should never have been allowed in" Why were the weaker economies given en

ry Goods 4- Oil Services Engineering & Industrial Services • Engineering & Telecom Cabling ‘tEr Focus Countries Germany France Switzerland Benelux Ar Northern Italy Scandinavia Austria Despite the maturity of the European capital markets, value dislocations and inefficiencies persist BERN

" he says. But he sees two huge blunders made in Europe. From the euro's inception, Keating said it should constitute only Germany, France and the Benelux nations, not the peripheral countries around the Mediterranean, and "Greece should never have been allowed in". Why were the weaker economies given

r," he says. But he sees two huge blunders made in Europe. From the euro's inception, Keating said it should constitute only Germany, France and the Benelux nations, not the peripheral countries around the Mediterranean, and "Greece should never have been allowed in". Why were the weaker economies given

" he says. But he sees two huge blunders made in Europe. From the euro's inception, Keating said it should constitute only Germany, France and the Benelux nations, not the peripheral countries around the Mediterranean, and "Greece should never have been allowed in". Why were the weaker economies given

a 13% market share of the French retail banking market. Strong geographic focus on France (around 74%), but small positions in Germany (Targobank), Benelux and Spain. - The business profile is healthy, with retail banking comprising around 70% of net banking income. BFCM released for 1H15 a net income

ount Deposits Category 0 Category D Available collateral Required Advance Payments 29 Closing Rate Financed Airlines 180 Australia TBD Benelux 113D Brazil Swim Eastern Europe SPI CIS/Baltic States MGN Franca Metropolitan Germany/Austria Wed Bunch Greece Italia Italy 780 Japan