![]() We are talking of one of the seminal Spanish hard rock LPs. It has also a deep classic prog sound root, which reaches the top on ‘Un Señor Llamado Fernández De Córdoba’. It’s high energy hard rock that follows the line marked by the big organ outfits of the era: Deep Purple, Atomic Rooster, Bram Stoker, Megatón, a.o. Their debut album, originally released on Basf in 1974, is one of the Crown jewells of Spanish hard rock, and changes hands for a small fortune among collectors all over the world, especially since its inclusion in Hans Pokora’s ‘Record Dreams’ books. The combo was formed by the Ruiz Geniz brothers (Angel and Diego, on guitar and drums respectively) plus Luis Genil (organ) and José Torres (bass). THE STORM hailed from Sevilla and were acclaimed by both audience and press reviewers as one of the best rock bands from Spain. Yet Ashworth also added a note of caution: “Rationally, this should be enough to stop any contagion from spreading and taking down more banks … but contagion has always been more about irrational fear, so we would stress that there is no guarantee this will work.Remaszterizált Limited edition FEKETE színű bakelit lemez újra kiadás, 2019.ĭigitally remastered by Denis Blackham at Skye Mastering. Paul Ashworth, an economist at Capital Economics, said the Fed’s lending program means banks should be able to “ride out the storm.” “We think the double-barreled bazooka should be enough to quell potential runs at other regional banks and restore relative stability in the days ahead,” Guha wrote in a note to clients. Guha and other analysts say that the government’s response is expansive and should stabilize the banking system, though share prices for medium-sized banks, similar to Silicon Valley and Signature, plunged Monday. ![]() Yet Krishna Guha, an analyst with the investment bank Evercore ISI, said that political opponents will argue that the higher FDIC fees will “ultimately fall on small banks and Main Street business.” That, in theory, could cost consumers and businesses in the long run. Instead, any losses from the FDIC’s insurance fund would be replenished by a levying an additional fee on banks. says that guaranteeing the deposits won’t require any taxpayer funds. That means they would take huge losses if forced to sell those securities to cover a rush of withdrawals. banks held Treasuries and other securities with about $620 billion of unrealized losses, according to the FDIC. Lending against the face value of bonds is a key provision that will allow banks to borrow more money because the value of those bonds, at least on paper, has fallen as interest rates have moved higher.Īs of the end of last year U.S. The Fed is being generous in its terms: It will charge a relatively low interest rate - just 0.1 percentage points higher than market rates - and it will lend against the face value of the bonds, rather than the market value. The banks are being asked to post Treasuries and other government-backed bonds as collateral. The program will provide loans to banks, credit unions, and other financial institutions for up to a year. It has set up a new lending facility with the bureaucratic moniker, “Bank Term Funding Program.” Unlike its more byzantine efforts to rescue the banking system during the financial crisis of 2007-08, the Fed’s approach this time is relatively straightforward. That forced the bank to sell a chunk of its bonds at a steep loss, and the pace of those withdrawals accelerated as word spread, effectively rendering Silicon Valley Bank insolvent. Its customers were largely startups and other tech-centric companies that needed more cash over the past year, so they began withdrawing their deposits. Silicon Valley, the bank that collapsed Friday, had an emergency. Such bonds are not sold for a loss unless there is an emergency and the bank needs cash. That’s usually not an issue either because bonds are considered long term investments and banks are not required to book declining values until they are sold. ![]() However, the value of previously issued bonds has begun to fall because they pay lower interest rates than comparable bonds issued in today’s higher interest rate environment. The bank held billions of dollars worth of Treasuries and other bonds, which is typical for most banks as they are considered safe investments. Silicon Valley Bank had already been hit hard by a rough patch for technology companies in recent months and the Federal Reserve’s aggressive plan to increase interest rates to combat inflation compounded its problems.
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