Silvia Quandt & Cie. AG, Merchant & Investment Banking: In-between the lines - Bernhard Eschweiler
DGAP-News: Silvia Quandt & Cie. AG, Merchant & Investment Banking /
Schlagwort(e): Sonstiges/Sonstiges
Silvia Quandt & Cie. AG, Merchant & Investment Banking: In-between the
lines - Bernhard Eschweiler
01.06.2012 / 09:43
---------------------------------------------------------------------
- Cross-border bank lending surged prior to crisis, especially to the US
and PIIGS
- European banks were biggest lenders and are now pulling out everywhere
- Euro-area periphery is hit hardest, while US activity is already
recovering
Financial markets have been choppy over the last two weeks with a clear
downward bias. The ongoing crisis in Europe, especially Greece and Spain,
as well as negative economic news, notably the latest round of flash PMIs
have undermined sentiment. However, there is also hope that China will
boost growth with a new stimulus package and that Greece will make it at
least until the election, thanks to the EUR18 billion bank capital
injections. Overall, we remain optimistic that the global economy will
stay on track. We also expect that Spain will soon have to swallow its
pride and seek bank recapitalization support from the EU and the IMF,
whether direct or indirect. What happens in Greece after the election,
however, is anyone's guess.
Clear is that patience is running out and that the Greeks will have to
decide and then live with the consequences. Less clear is whether Euro
leaders have thought through the consequences should Greece leave. The
risk of market attacks has probably declined, but the risk of deposit
flight in other crisis economies has increased. Large-scale deposit
withdrawals in the periphery are a real threat for the Euro and require
large-scale countermeasures. The ECB has the means to act, but more will
probably be needed, such as deposit guarantees through the ESM. However,
that will require a broader mandate and more funding for the ESM. We can
continue to speculate what will happen, but like to use the remainder of
these two pages to take a look at the BIS international bank lending
statistics, which illustrate the boom and bust of Europe's credit cycle.
Pump, pump, pump . peng!
A key feature of the 10 years prior to the financial crisis was the massive
extension of credit. The buildup of leverage, especially in the US
and Europe, is well
documented. Less researched is the role of cross-border banking. The
quarterly BIS international banking statistics provide fascinating insight
into the development of cross-border lending activities before and after
the financial crisis (see table above).
In the ten years prior to the financial crisis, international claims by BIS
reporting banks increased by about 4.5 times. As a share of global GDP,
cross-border credits nearly tripled between 1999 and 2008. To be sure, the
surge in cross-border banking activity is largely the result of the
globalization in banking. Banks are setting up branches in other
countries, taking deposits and making loans, as well as lending each other
cross border. On the other hand, the globalization of the banking sector
facilitated the build-up of leverage. The largest increases in
cross-border bank lending occurred in the US and Europe, especially the
PIIGS countries. Europe had traditionally a higher level of cross-border
banking activity, due to the role of London as an international banking and
money market center. Nevertheless, the introduction of the Euro seems to
have given cross-border banking activities within the Euro-area a big
boost. For example, more than three quarters of the foreign bank claims in
the PIIGS countries prior to the financial crisis came from European banks.
The regional differences in cross-border credit growth are best illustrated
when compared with GDP. In the US, cross-border credit increased by nearly
40% of GDP between 1999 and 2008. Despite the large increase, total claims
by foreign banks stayed below 50% of GDP. In Europe, especially the PIIGS
countries, cross-border credit increased by about 70% of GDP to reach
levels of 100% of GDP and higher. In the rest of the world, cross-border
credit increased by just 10% of GDP to about a quarter of GDP. What
followed the credit boom is largely history. Nevertheless, there are
interesting regional differences.
- Europe, especially the PIIGS, have been hardest hit. For Europe as a
whole, cross-border bank lending dropped by more than a quarter between
2008 and 2011. Foreign bank claims in the PIIGS plunged by more than
40% (Greece was down nearly 60%) and all evidence suggests that the
decline continues this year. The withdrawal of cross-border bank
lending has been most visible in the interbank market. On a net basis,
more than EUR800 billion were withdrawn from the PIIGS. The resulting
funding gap could only be closed through ECB liquidity operations.
- In the US, claims by foreign banks initially dropped by 20%, but
started to recover a year ago and are now less than 10% below the 2008
peak level. The difference to Europe clearly shows that the US has
managed to restore confidence in the banking sector.
- In the rest of the world, which comprises mostly the emerging markets,
cross-border lending continued to increase after the crisis. Over the
last three years, foreign bank claims rose by 12% and also as a share
of GDP.
Who's turning off the tabs?
The BIS statistics also provide some insight into the origins of the
cross-border bank claims, although with less detail. European banks
have been by far the largest
providers of cross-border loans (more than two thirds of all cross boarder
lending before the crisis). European banks are still the largest foreign
lenders, but their share has declined notably. European banks have reduced
their foreign exposures across all regions, but most severely within
Europe, especially the PIIGS countries. German followed by French banks
have been reducing their exposures the most. The reduced exposure to the
US is probably the result of European banks' bad experience during the
financial crisis. The reduction of loans to the rest of the world,
however, is a sign that many European banks have funding problems and are
forced to reduce even good business activities.
In contrast, US banks have increased their foreign exposure, although from
much lower levels. The increased cross-border lending activity by US banks
is a sign of better health as well as Fed liquidity pushing US banks to
seek higher returns abroad. The rise in US bank lending to Europe is
mainly directed to the UK and the strong Euro members, notably Germany. In
the rest of the world, banks have increased their foreign claims modestly.
Lending to Europe has dropped markedly, but lending to the US has
increased. Cross-border lending within the rest of the world has also
increased, although levels are still low, given the growing importance of
these economies and intra-regional trade as well as the rise of emerging
markets banks. In our judgment, this will change a lot going forward.
Disclaimer
This analysis was prepared by Bernhard Eschweiler, Senior Economic Advisor,
and was first published 1 June 2012, Silvia Quandt Research GmbH,
Grüneburgweg 18, 60322 Frankfurt is responsible for its preparation. German
Regulatory Authority: Bundesanstalt für Finanzdienstleistungsaufsicht
(BaFin), Graurheindorfer Str. 108, 53117 Bonn and Lurgiallee 12, 60439
Frankfurt.
Publication according to article 5 (4) no. 3 of the German Regulation
concerning the analysis of financial instruments (Finanzanalyseverordnung):
Number of recommendations Thereof recommendations for issuers to which
from Silvia Quandt Research investment banking services were provided
during
GmbH in 2012 the preceding twelve months
Buys: 96 37
Neutral: 52 6
Avoid: 11 0
Company disclosures
Article 34b of the German Securities Trading Act (Wertpapierhandelsgesetz)
in combination with the German regulation concerning the analysis of
financial instruments (Finanzanalyseverordnung) requires an enterprise
preparing a securities analysis to point out possible conflicts of interest
with respect to the company or companies that are the subject of the
analysis. A conflict of interest is presumed to exist, in particular, if an
enterprise preparing a security analysis:
(a) holds more than 5 % of the share capital of the company or companies
analysed;
(b) has lead managed or co-lead managed a public offering of the
securities of the company or companies in the previous 12 months;
(c) has provided investment banking services for the company or companies
analysed during the last 12 months for which a compensation has been or
will be paid;
(d) is serving as a liquidity provider for the company's securities by
issuing buy and sell orders;
(e) is party to an agreement with the company or companies that is the
subject of the analysis relating to the production of the recommendation;
(f) or the analyst covering the issue has other significant financial
interests with respect to the company or companies that are the subject of
this analysis, for example holding a seat on the company's boards.
In this respective analysis the following of the above-mentioned conflicts
of interests exist: none
Silvia Quandt Research GmbH, Silvia Quandt & Cie. AG, and its affiliated
companies regularly hold shares of the analysed company or companies in
their trading portfolios. The views expressed in this analysis reflect the
personal views of the analyst about the subject securities or issuers. No
part of the analyst's compensation was, is or will be directly or
indirectly tied to the specific recommendations or views expressed in this
analysis. It has not been determined in advance whether and at what
intervals this report will be updated.
Equity Recommendation Definitions Silvia Quandt Research GmbH analysts rate
the shares of the companies they cover on an absolute basis using a 6 -
12-month target price. 'Buys' assume an upside of more than 10% from the
current price during the following 6 - 12-months. These securities are
expected to out-perform their respective sector indices. Securities with an
expected negative absolute performance of more than 10% and an
under-performance to their respective sector index are rated 'avoids'.
Securities where the current share price is within a 10% range of the
sector performance are rated 'neutral'. Securities prices used in this
report are closing prices of the day before publication unless a different
date is stated. With regard to unlisted securities median market prices are
used based on various important broker sources (OTC-Market).
Disclaimer This publication has been prepared and published by Silvia
Quandt Research GmbH, a subsidiary of Silvia Quandt & Cie. AG. This
publication is intended solely for distribution to professional and
business customers of Silvia Quandt & Cie. AG. It is not intended to be
distributed to private investors or private customers. Any information in
this report is based on data obtained from publicly available information
and sources considered to be reliable, but no representations or guarantees
are made by Silvia Quandt Research GmbH with regard to the accuracy or
completeness of the data or information contained in this report. The
opinions and estimates contained herein constitute our best judgement at
this date and time, and are subject to change without notice. Prior to this
publication, the analysis has not been communicated to the analysed
companies and changed subsequently. This report is for information purposes
only; it is not intended to be and should not be construed as a
recommendation, offer or solicitation to acquire, or dispose of, any of the
securities mentioned in this report. In compliance with statutory and
regulatory provisions, Silvia Quandt & Cie. AG and Silvia Quandt Research
GmbH have set up effective organisational and administrative arrangements
to prevent and avoid possible conflicts of interests in preparing and
transmitting analyses. These include, in particular, inhouse information
barriers (Chinese walls). These information barriers apply to any
information which is not publicly available and to which any of Silvia
Quandt & Cie. AG and Silvia Quandt Research GmbH or its affiliates may have
access from a business relationship with the issuer. For statutory or
contractual reasons, this information may not be used in an analysis of the
securities and is therefore not included in this report. Silvia Quandt &
Cie. AG and Silvia Quandt Research GmbH, its affiliates and/or clients may
conduct or may have conducted transactions for their own account or for the
account of other parties with respect to the securities mentioned in this
report or related investments before the recipient has received this
report. Silvia Quandt & Cie. AG and Silvia Quandt Research GmbH or its
affiliates, its executives, managers and employees may hold shares or
positions, possibly even short sale positions, in securities mentioned in
this report or in related investments. Silvia Quandt & Cie. AG in
particular may provide banking or other advisory services to interested
parties. Neither Silvia Quandt Research GmbH, Silvia Quandt & Cie. AG or
its affiliates nor any of its officers, shareholders or employees accept
any liability for any direct or consequential loss arising from any use of
this publication or its contents. Copyright and database rights protection
exists in this publication and it may not be reproduced, distributed or
published by any person for any purpose without the prior express consent
of Silvia Quandt Research GmbH. All rights reserved. Any investments
referred to herein may involve significant risk, are not necessarily
available in all jurisdictions, may be illiquid and may not be suitable for
all investors. The value of, or income from, any investments referred to
herein may fluctuate and/or be affected by changes in exchange rates. Past
performance is not indicative of future results. Investors should make
their own investment decisions without relying on this publication. Only
investors with sufficient knowledge and experience in financial matters to
evaluate the merits and risks should consider an investment in any issuer
or market discussed herein and other persons should not take any action on
the basis of this publication.
Specific notices of possible conflicts of interest with respect to issuers
or securities forming the subject of this report according to US or English
law: None
This publication is issued in the United Kingdom only to persons described
in Articles 19, 47 and 49 of the Financial Services and Markets Act 2000
(Financial Promotion) Order 2001 and is not intended to be distributed,
directly or indirectly, to any other class of persons (including private
investors). Neither this publication nor any copy of it may be taken or
transmitted into the United States of America or distributed, directly or
indirectly, in the United States of America.
Frankfurt am Main, 01.06.2012
Silvia Quandt Research GmbH
Grüneburgweg 1860322 Frankfurt
Tel: + 49 69 95 92 90 93 -0
Fax: + 49 69 95 92 90 93 - 11
Ende der Corporate News
---------------------------------------------------------------------
01.06.2012 Veröffentlichung einer Corporate News/Finanznachricht,
übermittelt durch die DGAP - ein Unternehmen der EquityStory AG.
Für den Inhalt der Mitteilung ist der Emittent / Herausgeber
verantwortlich.
Die DGAP Distributionsservices umfassen gesetzliche Meldepflichten,
Corporate News/Finanznachrichten und Pressemitteilungen.
Medienarchiv unter http://www.dgap-medientreff.de und
http://www.dgap.de
---------------------------------------------------------------------
172482 01.06.2012
DGAP-News: Silvia Quandt & Cie. AG, Merchant & Investment Banking /
Schlagwort(e): Sonstiges/Sonstiges
Silvia Quandt & Cie. AG, Merchant & Investment Banking: In-between the
lines - Bernhard Eschweiler
01.06.2012 / 09:43
---------------------------------------------------------------------
- Cross-border bank lending surged prior to crisis, especially to the US
and PIIGS
- European banks were biggest lenders and are now pulling out everywhere
- Euro-area periphery is hit hardest, while US activity is already
recovering
Financial markets have been choppy over the last two weeks with a clear
downward bias. The ongoing crisis in Europe, especially Greece and Spain,
as well as negative economic news, notably the latest round of flash PMIs
have undermined sentiment. However, there is also hope that China will
boost growth with a new stimulus package and that Greece will make it at
least until the election, thanks to the EUR18 billion bank capital
injections. Overall, we remain optimistic that the global economy will
stay on track. We also expect that Spain will soon have to swallow its
pride and seek bank recapitalization support from the EU and the IMF,
whether direct or indirect. What happens in Greece after the election,
however, is anyone's guess.
Clear is that patience is running out and that the Greeks will have to
decide and then live with the consequences. Less clear is whether Euro
leaders have thought through the consequences should Greece leave. The
risk of market attacks has probably declined, but the risk of deposit
flight in other crisis economies has increased. Large-scale deposit
withdrawals in the periphery are a real threat for the Euro and require
large-scale countermeasures. The ECB has the means to act, but more will
probably be needed, such as deposit guarantees through the ESM. However,
that will require a broader mandate and more funding for the ESM. We can
continue to speculate what will happen, but like to use the remainder of
these two pages to take a look at the BIS international bank lending
statistics, which illustrate the boom and bust of Europe's credit cycle.
Pump, pump, pump . peng!
A key feature of the 10 years prior to the financial crisis was the massive
extension of credit. The buildup of leverage, especially in the US
and Europe, is well
documented. Less researched is the role of cross-border banking. The
quarterly BIS international banking statistics provide fascinating insight
into the development of cross-border lending activities before and after
the financial crisis (see table above).
In the ten years prior to the financial crisis, international claims by BIS
reporting banks increased by about 4.5 times. As a share of global GDP,
cross-border credits nearly tripled between 1999 and 2008. To be sure, the
surge in cross-border banking activity is largely the result of the
globalization in banking. Banks are setting up branches in other
countries, taking deposits and making loans, as well as lending each other
cross border. On the other hand, the globalization of the banking sector
facilitated the build-up of leverage. The largest increases in
cross-border bank lending occurred in the US and Europe, especially the
PIIGS countries. Europe had traditionally a higher level of cross-border
banking activity, due to the role of London as an international banking and
money market center. Nevertheless, the introduction of the Euro seems to
have given cross-border banking activities within the Euro-area a big
boost. For example, more than three quarters of the foreign bank claims in
the PIIGS countries prior to the financial crisis came from European banks.
The regional differences in cross-border credit growth are best illustrated
when compared with GDP. In the US, cross-border credit increased by nearly
40% of GDP between 1999 and 2008. Despite the large increase, total claims
by foreign banks stayed below 50% of GDP. In Europe, especially the PIIGS
countries, cross-border credit increased by about 70% of GDP to reach
levels of 100% of GDP and higher. In the rest of the world, cross-border
credit increased by just 10% of GDP to about a quarter of GDP. What
followed the credit boom is largely history. Nevertheless, there are
interesting regional differences.
- Europe, especially the PIIGS, have been hardest hit. For Europe as a
whole, cross-border bank lending dropped by more than a quarter between
2008 and 2011. Foreign bank claims in the PIIGS plunged by more than
40% (Greece was down nearly 60%) and all evidence suggests that the
decline continues this year. The withdrawal of cross-border bank
lending has been most visible in the interbank market. On a net basis,
more than EUR800 billion were withdrawn from the PIIGS. The resulting
funding gap could only be closed through ECB liquidity operations.
- In the US, claims by foreign banks initially dropped by 20%, but
started to recover a year ago and are now less than 10% below the 2008
peak level. The difference to Europe clearly shows that the US has
managed to restore confidence in the banking sector.
- In the rest of the world, which comprises mostly the emerging markets,
cross-border lending continued to increase after the crisis. Over the
last three years, foreign bank claims rose by 12% and also as a share
of GDP.
Who's turning off the tabs?
The BIS statistics also provide some insight into the origins of the
cross-border bank claims, although with less detail. European banks
have been by far the largest
providers of cross-border loans (more than two thirds of all cross boarder
lending before the crisis). European banks are still the largest foreign
lenders, but their share has declined notably. European banks have reduced
their foreign exposures across all regions, but most severely within
Europe, especially the PIIGS countries. German followed by French banks
have been reducing their exposures the most. The reduced exposure to the
US is probably the result of European banks' bad experience during the
financial crisis. The reduction of loans to the rest of the world,
however, is a sign that many European banks have funding problems and are
forced to reduce even good business activities.
In contrast, US banks have increased their foreign exposure, although from
much lower levels. The increased cross-border lending activity by US banks
is a sign of better health as well as Fed liquidity pushing US banks to
seek higher returns abroad. The rise in US bank lending to Europe is
mainly directed to the UK and the strong Euro members, notably Germany. In
the rest of the world, banks have increased their foreign claims modestly.
Lending to Europe has dropped markedly, but lending to the US has
increased. Cross-border lending within the rest of the world has also
increased, although levels are still low, given the growing importance of
these economies and intra-regional trade as well as the rise of emerging
markets banks. In our judgment, this will change a lot going forward.
Disclaimer
This analysis was prepared by Bernhard Eschweiler, Senior Economic Advisor,
and was first published 1 June 2012, Silvia Quandt Research GmbH,
Grüneburgweg 18, 60322 Frankfurt is responsible for its preparation. German
Regulatory Authority: Bundesanstalt für Finanzdienstleistungsaufsicht
(BaFin), Graurheindorfer Str. 108, 53117 Bonn and Lurgiallee 12, 60439
Frankfurt.
Publication according to article 5 (4) no. 3 of the German Regulation
concerning the analysis of financial instruments (Finanzanalyseverordnung):
Number of recommendations Thereof recommendations for issuers to which
from Silvia Quandt Research investment banking services were provided
during
GmbH in 2012 the preceding twelve months
Buys: 96 37
Neutral: 52 6
Avoid: 11 0
Company disclosures
Article 34b of the German Securities Trading Act (Wertpapierhandelsgesetz)
in combination with the German regulation concerning the analysis of
financial instruments (Finanzanalyseverordnung) requires an enterprise
preparing a securities analysis to point out possible conflicts of interest
with respect to the company or companies that are the subject of the
analysis. A conflict of interest is presumed to exist, in particular, if an
enterprise preparing a security analysis:
(a) holds more than 5 % of the share capital of the company or companies
analysed;
(b) has lead managed or co-lead managed a public offering of the
securities of the company or companies in the previous 12 months;
(c) has provided investment banking services for the company or companies
analysed during the last 12 months for which a compensation has been or
will be paid;
(d) is serving as a liquidity provider for the company's securities by
issuing buy and sell orders;
(e) is party to an agreement with the company or companies that is the
subject of the analysis relating to the production of the recommendation;
(f) or the analyst covering the issue has other significant financial
interests with respect to the company or companies that are the subject of
this analysis, for example holding a seat on the company's boards.
In this respective analysis the following of the above-mentioned conflicts
of interests exist: none
Silvia Quandt Research GmbH, Silvia Quandt & Cie. AG, and its affiliated
companies regularly hold shares of the analysed company or companies in
their trading portfolios. The views expressed in this analysis reflect the
personal views of the analyst about the subject securities or issuers. No
part of the analyst's compensation was, is or will be directly or
indirectly tied to the specific recommendations or views expressed in this
analysis. It has not been determined in advance whether and at what
intervals this report will be updated.
Equity Recommendation Definitions Silvia Quandt Research GmbH analysts rate
the shares of the companies they cover on an absolute basis using a 6 -
12-month target price. 'Buys' assume an upside of more than 10% from the
current price during the following 6 - 12-months. These securities are
expected to out-perform their respective sector indices. Securities with an
expected negative absolute performance of more than 10% and an
under-performance to their respective sector index are rated 'avoids'.
Securities where the current share price is within a 10% range of the
sector performance are rated 'neutral'. Securities prices used in this
report are closing prices of the day before publication unless a different
date is stated. With regard to unlisted securities median market prices are
used based on various important broker sources (OTC-Market).
Disclaimer This publication has been prepared and published by Silvia
Quandt Research GmbH, a subsidiary of Silvia Quandt & Cie. AG. This
publication is intended solely for distribution to professional and
business customers of Silvia Quandt & Cie. AG. It is not intended to be
distributed to private investors or private customers. Any information in
this report is based on data obtained from publicly available information
and sources considered to be reliable, but no representations or guarantees
are made by Silvia Quandt Research GmbH with regard to the accuracy or
completeness of the data or information contained in this report. The
opinions and estimates contained herein constitute our best judgement at
this date and time, and are subject to change without notice. Prior to this
publication, the analysis has not been communicated to the analysed
companies and changed subsequently. This report is for information purposes
only; it is not intended to be and should not be construed as a
recommendation, offer or solicitation to acquire, or dispose of, any of the
securities mentioned in this report. In compliance with statutory and
regulatory provisions, Silvia Quandt & Cie. AG and Silvia Quandt Research
GmbH have set up effective organisational and administrative arrangements
to prevent and avoid possible conflicts of interests in preparing and
transmitting analyses. These include, in particular, inhouse information
barriers (Chinese walls). These information barriers apply to any
information which is not publicly available and to which any of Silvia
Quandt & Cie. AG and Silvia Quandt Research GmbH or its affiliates may have
access from a business relationship with the issuer. For statutory or
contractual reasons, this information may not be used in an analysis of the
securities and is therefore not included in this report. Silvia Quandt &
Cie. AG and Silvia Quandt Research GmbH, its affiliates and/or clients may
conduct or may have conducted transactions for their own account or for the
account of other parties with respect to the securities mentioned in this
report or related investments before the recipient has received this
report. Silvia Quandt & Cie. AG and Silvia Quandt Research GmbH or its
affiliates, its executives, managers and employees may hold shares or
positions, possibly even short sale positions, in securities mentioned in
this report or in related investments. Silvia Quandt & Cie. AG in
particular may provide banking or other advisory services to interested
parties. Neither Silvia Quandt Research GmbH, Silvia Quandt & Cie. AG or
its affiliates nor any of its officers, shareholders or employees accept
any liability for any direct or consequential loss arising from any use of
this publication or its contents. Copyright and database rights protection
exists in this publication and it may not be reproduced, distributed or
published by any person for any purpose without the prior express consent
of Silvia Quandt Research GmbH. All rights reserved. Any investments
referred to herein may involve significant risk, are not necessarily
available in all jurisdictions, may be illiquid and may not be suitable for
all investors. The value of, or income from, any investments referred to
herein may fluctuate and/or be affected by changes in exchange rates. Past
performance is not indicative of future results. Investors should make
their own investment decisions without relying on this publication. Only
investors with sufficient knowledge and experience in financial matters to
evaluate the merits and risks should consider an investment in any issuer
or market discussed herein and other persons should not take any action on
the basis of this publication.
Specific notices of possible conflicts of interest with respect to issuers
or securities forming the subject of this report according to US or English
law: None
This publication is issued in the United Kingdom only to persons described
in Articles 19, 47 and 49 of the Financial Services and Markets Act 2000
(Financial Promotion) Order 2001 and is not intended to be distributed,
directly or indirectly, to any other class of persons (including private
investors). Neither this publication nor any copy of it may be taken or
transmitted into the United States of America or distributed, directly or
indirectly, in the United States of America.
Frankfurt am Main, 01.06.2012
Silvia Quandt Research GmbH
Grüneburgweg 1860322 Frankfurt
Tel: + 49 69 95 92 90 93 -0
Fax: + 49 69 95 92 90 93 - 11
Ende der Corporate News
---------------------------------------------------------------------
01.06.2012 Veröffentlichung einer Corporate News/Finanznachricht,
übermittelt durch die DGAP - ein Unternehmen der EquityStory AG.
Für den Inhalt der Mitteilung ist der Emittent / Herausgeber
verantwortlich.
Die DGAP Distributionsservices umfassen gesetzliche Meldepflichten,
Corporate News/Finanznachrichten und Pressemitteilungen.
Medienarchiv unter http://www.dgap-medientreff.de und
http://www.dgap.de
---------------------------------------------------------------------
172482 01.06.2012