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FINANCIAL SERVICES

VW asks for state guarantees for financial services unit AFP via Yahoo News Financial sector charter decision urgent Business Day South Africa

Wed, 10 Dec 2008 01:38:14 +0000
Business World Entertainment Sports Tech Politics Science Health Travel Most Popular Business Video U.S. Economy Stock Markets Earnings Opinion Personal Finance Press Releases VW asks for state guarantees for financial services unit Buzz Up Send Email IM Share Digg Facebook Newsvine del.icio.us Reddit StumbleUpon Technorati Yahoo Bookmarks Print TueDec amET AFP DDP File Volkswagen logos waiting to be fixed on cars lie next to the assembly line of German car maker s Play Video Video Detroit Bailout Concerns Tesla Green Carmakers CBS San Francisco Play Video Video The Shape of GM FOXBusiness Related Quotes Symbol Price Change DJI . . GSPC . . IXIC . . FRANKFURT AFP Volkswagen said Tuesday it had sought loan guarantees for its financial services unit as part of government aid for the banking sector the first German automaker to ask for such help. We have filed two requests one for the financial services division itself and another for the Volkswagen bank that is a sub unit of the division a VW spokesman told AFP. He declined to give the amount requested and the date the request was made. It is a question of obtaining public guarantees. It is not a request for recapitalisation the spokesman said. VW had said several weeks ago that is was considering such a move after encountering problems with refinancing for its auto credit operations. The German government s bank support plan provides a total of billion euros billion dollars in aid with the vast majority representing guarantees for loans. Berlin is also ready to inject cash into troubled German banks in exchange for stakes in them but relatively few banks have applied for the cash. The three largest German auto manufacturers each own their own banks that offer clients financing either via credits or leasing programmes. These activities used to make money for the companies but they have been hit hard by the international financial crisis that had made credit conditions more restrictive in particular between financial institutions . The German group BMW has also said it might apply for state aid and we are still examining that possibility a spokesman told AFP on Tuesday. At rival Daimler all options are open a spokesman for the financial services unit that oversees Mercedes benz Bank said. We do not currently expect to appeal for public funds but the company did not want to suffer from a competitive disadvantage he added. If VW obtained state guarantees its refinancing costs would be lower than those obtained in the market the spokesman explained. For now however the group s liquidities are sufficient and Daimler did not need outside refinancing he added. Automakers have become early victims of the global economic slump and the chief executive of Italian group Fiat Sergio Marchionne predicted on Monday that only six would survive worldwide. By the time we finish with this in the next months as far as mass producers are concerned we re going to end up with one American house one German of size one French Japanese maybe with an extension in the US one in Japan one in China and one potential European player Marchionne told the Automotive News Europe. The only way for companies to survive is if they make more than . million cars per year he added. The publication reported that Metzler Bank auto analyst Juergen Pieper expected VW Renault Nissan and Daimler to be among the survivors but that PSA Peugeot Citroen BMW and Fiat would be vulnerable if the downturn worsened. Marchionne was quoted as saying This business is going to be completely different. It cannot continue as it did in the past. Independence in this business is no longer sustainable. Audi the high end line owned by VW has been doing better than Mercedes and BMW over the last few years because it benefits from being owned by VW Pieper said. This was also a factor behind Porsche s decision to buy VW the report said. Recommend Buzz Up Send Email IM Share Digg Facebook Newsvine del.icio.us Reddit StumbleUpon Technorati Yahoo Bookmarks Print More. 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Telecommunication Terms for Taiwanese Customers Bloomberg High Speed Data Network Store and Retrieve Network BBS Unified message service Store Forward Network Terms of Service Privacy Policy Trademarks If the charter which took years of discussion is not gazetted by the trade and industry department soon the financial services industry will default to following the department x s broad based black economic empowerment codes. The codes were not designed for the financial sector and demand higher levels of direct ownership which Basa maintained were too high. x C We don x t believe direct ownership is workable x D Cas Coovadia MD of Basa said yesterday. While the banks would not volunteer and may then take a knock on their empowerment scorecards Coovadia said they were x C law abiding citizens x D and would follow whatever path Trade and Industry Minister Mandisi Mpahlwa set out. x C The department needs to make a decision. It needs to exercise its mind. National treasury can only make recommendations to the department . But I x ve been in touch with the minister x and he has spoken to national treasury and he expressed a serious commitment to get this gazetted by the first quarter of next year and I will give him the benefit of the doubt x D Coovadia said. Sponsored links Business Directory BDFM Publishers Pty Ltd disclaims all liability for any loss damage injury or expense however caused arising from the use of or reliance upon in any manner the information provided through this service and does not warrant the truth accuracy or completeness of the information provided. Copyright BDFM Publishers Pty Ltd. All Rights Reserved Site Feedback Privacy Policy