A new economic crisis due to loans of US oil companies
[rtl] Capitals - Agencies
US oil companies loans have become the main concern for investors is a major concern these days, especially in the season, announce the results of companies, especially the banks' profits.
Vankchav both «WELLS FARGO and JP MORGAN and« Bank of Bank of America on oil companies in the light of the continuing decline in crude prices provided loans to them, each bank of the three bigger in America banks liver initial loss of about $ 500 million allocated for investment portfolios in energy during the first quarter of this year.
initial losses incurred by US banks , accompanied by the probability of aggravation and increase in the event of stabilized oil prices below $ 40. the
three US banks did not stand idle in front of these losses, where the WELLS FARGO group »« banking raise their allocations to cover losses portfolio investment in oil to $ 1.7 billion , up from 1.2 billion at the end of 2015.
As for the group «» BANK oF AMERICA has added $ 525 million, while Bank «» JP MORGAN added $ 529 million during the first quarter of this year with the possibility ofpump's another 500 million dollars.
bank of America pointed out that low oil prices is likely to continue , especially in light of uncertainty about the future of production for a longer time and the possibility to adjust at the producer level by the size of the continuous decline in investment portfolios as the other.
a group «» WELLS FARGO has revealed a rise in non -performing loans safe ratio of 37 percent by the end of the fourth quarter of last year to 57 percent by the end of the first quarter of this year for the first three categories consisting of eight categories of loan classification scale, this amounted to cases of exposure to the group on oil companies percent , which declared bankruptcy in the oil sector of 11 cases.
So it is financial loans obtained by US oil companies ... negatively affected by the lower prices of black gold .kan intended to save itself. But the rescue operation , this has affected the banking sector and Qaibdth big losses.[/rtl]