After Greensill, Scope Ratings Also Fails at UniCredit
ActionsA skipped coupon payment is not at all typical for a bank rated “A”.
Search Results for: "Scope Ratings"
Some City Councilors Reproach the Use of Scope Ratings Instead of S&P’s and Moody’s
Agencies, Read, Registrations, RegulationsIn the city parliament of Giessen, the processing of the affair about the threatened loss of financial investments at the Greensill Bank has begun.
Two Are On The Supervisory Board Of Greensill Bank. Then Why Scope Ratings And Not GBB-Rating?
AgenciesA Complicated Choice Between Conflicts of Interest. The rating of an independent credit rating agency is a valuable source of information also for the supervisory board of a company, especially for the supervisory board of a bank. The thoroughness of the analysis by credit rating analysts helps to understand the external view onto the company…
Scope Ratings Sluices of Money Creation
Agencies, Authorities, Registrations, Regulations
Scope Ratings Game of Corporate Law
Agencies, Authorities, WhistleblowingThe “Scope Group” is a bunch of constant changes under company law. As a result of the Scope Ratings GmbH billion Euro scandal about Greensill Bank in Bermen, which was rated as “investment grade” for the first time in 2019 and is now insolvent, the precise activities of this local rating agency in Berlin have…
Why Scope Ratings Never Cares For Profits
AgenciesThe multi-layered shareholder structure allows for an ingenious business model.
Scope Ratings’ Ancillary Services for Greensill Bank
Agencies, AuthoritiesScope Ratings’ hint to possible additional payments by Greensill Bank to the Berlin rating agency leaves questions unanswered.
Do Not Confuse Moody’s With Scope Ratings
Actions, Agencies, ReadA bond fund rating is not a bank issuer rating.
Unique Multi-layered Ownership Structure at Scope Ratings
Actions, AgenciesIn a week, the search queries for the Scope scandal have increased significantly.
Taxpayers Ultimately Become Victims of Scope Ratings
Agencies, Read, RegulationsThe Berlin rating agency Scope has top politicians on board who are already drawing high pensions. These politicians now indirectly cost the taxpayer even more.
Reach and Scope of Scope Ratings
Agencies, ReadGoogle Trends provides access to a largely unfiltered sample of actual search requests made to Google. It’s anonymized, because no one is personally identified. It is also categorized, i.e. determining the topic for a search query, and aggregated, i.e. grouped together. This way it displays interest in a particular topic from around the globe or…
Ernst & Young No Longer Has Any Equity On Its Balance Sheet
AgenciesAuditors have been making double-digit million losses for years. At Ernst & Young GmbH Wirtschaftsprüfungsgesellschaft (EY) in Germany, “equity” is on the assets side, namely as a “deficit not covered by equity” in the amount of € 62,715,000. The provisions, liabilities, deferred income as well as deferred taxes and fiduciary obligations exceed the company’s assets…
Ilija Batljan’s Rating Shopping Spree
RepairsAre upgrades driven by improvements in creditworthiness or by hopping from agency to agency? The activities of self-made millionaire Ilija Batljan are too conspicuous to be ignored in the financial markets. Ilija Batljan came to Sweden from Montenegro. He moved to Sweden in 1993 during the breakup of his native Yugoslavia and in 1996 earned…
Insolvent Greensill Bank Relied on “Scope Risk Solutions”
Agencies, Auditors, Authorities, RegulationsThe German supervision missed the chance to intervene. “It cannot be right for a rating agency to give a bank a rating and at the same time advise on the analysis,” the Frankfurter Allgemeine Zeitung quotes Frank Schäffler (FDP), a member of the German Bundestag. “That stinks to heaven,” is how the financial expert sums…
The Greatest Risk Was Not Reported
ActionsA local rating agency failed to talk about the elephant in the room. Greensill Bank’s risk through its involvement in the GFG group of steel magnate Sanjeev Gupta was greater than the rating report of a local rating agency in Berlin indicated. The Greensill Bank AG Issuer Rating Report, which established a rating of A-…
Political Network Makes It Possible
AuditorsBerlin network of politicians, raters and auditors. “Wirecard illusion factory only conceivable through political network”, is a quote from the Cicero, the German magazine for political culture. The members of the committee of inquiry have an unequivocal answer to this. The Christian Democratic Union (CDU) sees Finance Minister Olaf Scholz at the center of the…
Management Board of the Auditing Association of German Banks Changing
ReadFormer colleague of the later Greensill Bank Supervisory board member has left. The Federal Association of German Banks (BdB) is drawing initial conclusions from the Greensill Bank‘s 3 billion euro compensation case. As the organization confirmed on request of the Börsen-Zeitung, it will analyze the structure of its auditing association and its staff with the…
Does The Embellished Rating Cost Jobs On Bank Boards?
AgenciesThe rating of a local rating agency does not exempt you from the responsibility to form your own judgment.
First, ODDO BHF Takes The Chair, Then The Scope Award
Agencies, CompliancesConflicts of interest have arisen again at a local rating agency in Berlin.
“EY puts Commerzbank in a mess”
Agencies, CompliancesConflicts of interest wherever you look.
Rating Agency, Brokers and Intermediaries Prepare For Defense in the Greensill Scandal
Agencies, Whistleblowing
Scope’s Greensill Bank Rating Tragedy
Agencies, Authorities, Governance, Read, RegulationsThe Federal Financial Supervisory Authority (BaFin) filed criminal charges Against The Bank’s Board Members. The Federal Financial Supervisory Authority (BaFin) in Germany received monthly reports from Greensill Bank AG (Greensill Bank) about the bank’s balance sheet data from January 2019 on. This is evident from the answer given by Parliamentary State Secretary Sarah Ryglewski on…
Statistical Significance of the A- Issuer Rating for Greensill Bank
Agencies, Statistics, SymbolsInstead of a low default risk, other reasons may have been decisive for the issuance of the extraordinarily good issuer rating. Usually the question of whether a credit rating is right or wrong cannot simply be answered with yes or no. Only a few cases on the capital market are so-called nobrainers, which would immediately…
Man Missing At Scope
Agencies, GovernanceInconspicuous elimination of a Scope Advisory Board Member.
Clever Commission From the City of Münster in Westphalia
Agencies, Analysts, Authorities, ExpertsAn automated safety net for municipal investments has not existed since 2017. If municipalities do not want to set up extensive bond research departments themselves, in which financial analysts examine thousands of qualitative data and annual financial statements from issuers of financial products, the municipalities depend on the independent judgments of reliable credit rating agencies…
RAG-Stiftung Must Have Known
Agencies, Governance, ReadScope Group is not at all related to the transformation of the regions along the Ruhr and Saar Rivers and in Ibbenbüren.
Once Advantages for Scope Shareholders, Now Disadvantages for German Banks
Agencies, Read, RegulationsIn Germany, the Greensill Bank is likely to be one of the most expensive cases ever.
Scope Group Not Within the Scope of ESMA
Agencies, Authorities, Registrations, RegulationsThe scandal surrounding Greensill Bank and the credit rating of Scope Ratings GmbH for this bank raises the question of how the situation at the Scope Group got out of control.
S&P And Moody’s Are Losing Market Share in the EU
Agencies, Certifications, Read, Registrations, RegulationsFor the first time, the European Securities and Markets Authority ESMA has reported a decline in market shares in Europe for both of the major US rating agencies. The authority thus discloses a remarkable development. Never before have the two market leaders, who have been issuing their credit ratings worldwide according to recognized standards and…
More Than 300 Raters Worldwide
Agencies, Bureaus, Raters, ReadThere is a simple definition of the word “rater”: “one that rates”. A rater is specifically a person who estimates or determines a rating. Not every rater is a rating agency. In a number of countries, only legal persons can be recognized as rating agencies. In most countries, individuals are free to express their opinion…
Finma Authorized Credit Rating Agencies
Agencies, Certifications, Read, Registrations, RegulationsThe Swiss Financial Market Supervisory Authority FINMA supervises financial institutions making use of the services of Credit Rating Agencies, e.g. for the capital-adequacy calculations carried out by banks. Supervised institutions can use ratings to meet a number of regulatory requirements. In certain specific cases, only ratings from agencies recognised by FINMA may be used. The…
ESMA Authorized Credit Rating Agencies
Agencies, Certifications, Read, RegistrationsIn the period leading up to the financial crisis in 2008, 2010 and so on, the European Commission considered to strengthen the regulatory and supervisory framework for Credit Rating Agencies (CRAs) in the European Union (EU), to restore market confidence and increase investor protection: (1) The first set of rules, which entered into force at the…
