20 Banks That Are Praying For The European Bailout To Work

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Banks have the most to lose if the PIIGS (Greece, Italy, etc.) go belly up.Despite reassurances from EU leaders that they would step in to ensure the viability of banks and even Greek bonds — and the surging Euro markets — it is quite possible that all that will go down the drain if the now inevitable “selective default” goes awry.

So who’s in the most trouble.

We took a list of the largest European banks by assets and compared their market cap, common equity, and total exposure to PIIGS debt (thank you for the bank statistics, EBA!). Then we calculated exposure to PIIGS debt (sovereign and private) as a percentage of the banks’ common equity. (Notice that HSBC, ING, and even Societe Generale are all absent from this list.)

The worst 20 cutoff for our test ended up being exposure equal to about 175% of common equity, but it really gets out of control once you get to the PIIGS banks (#1-9).

Remember our Italian and Irish friends who passed last week’s stress tests? They’re at the top of our list of big banks to be in trouble if things go bad.

[slideshow]
[slide
permalink=”20-royal-bank-of-scotland-group-uk-1″
title=”#20 – Royal Bank of Scotland Group (UK)”
content=”PIIGS Exposure: $146.42 billion

Market Cap: $60.96 billion

Common Equity: $83.58 billion

Exposure as % of Common Equity: 175%

Source: EBA Stress Tests (exposure and common equity) and Bloomberg (market cap)

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[slide
permalink=”19-landesbank-berlin-germany-2″
title=”#19 – Landesbank Berlin (Germany)”
content=”PIIGS Exposure: $13.11 billion

Market Cap: $5.60 billion

Common Equity: $7.31 billion

Exposure as % of Common Equity: 179%

Source: EBA Stress Tests (exposure and common equity) and Bloomberg (market cap)

image=”http://static.businessinsider.com/image/4e25a5c349e2ae9657270000″
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[slide
permalink=”18-barclays-uk-3″
title=”#18 – Barclays (UK)”
content=”PIIGS Exposure: $123.51 billion

Market Cap: $43.91 billion

Common Equity: $65.510 billion

Exposure as % of Common Equity: 189%

Source: EBA Stress Tests (exposure and common equity) and Bloomberg (market cap)

image=”http://static.businessinsider.com/image/4e25affb4bd7c8a75c080000″
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[slide
permalink=”17-landesbank-baden-wurttemberg-germany-4″
title=”#17 – Landesbank Baden-Württemberg (Germany)”
content=”PIIGS Exposure: $32.05 billion

Market Cap: $11.27 billion

Common Equity: $13.94 billion

Exposure as % of Common Debt: 230%

Source: EBA Stress Tests (exposure and common equity) and Google Finance (market cap)

image=”http://static.businessinsider.com/image/4e25a81ccadcbb782b000000″
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[slide
permalink=”16-dz-bank-germany-5″
title=”#16 – DZ Bank (Germany)”
content=”PIIGS Exposure: $24.69 billion

Common Equity: $10.34 billion

Exposure as % of Common Equity: 239%

Source: EBA Stress Tests (exposure and common equity) and Google Finance (market cap)
image=”http://static.businessinsider.com/image/4e25de784bd7c8302c0b0000″
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[slide
permalink=”15-kbc-bank-belgium-6″
title=”#15 – KBC Bank (Belgium)”
content=”PIIGS Exposure: $39.70 billion

Market Cap: $9.05 billion

Common Equity: $16.09 billion

Exposure as % of Equity: 247%

Source: EBA Stress Tests (exposure and common equity) and NYSE Euronext (market cap)

image=”http://static.businessinsider.com/image/4e25b37949e2ae5373250000″
caption=””
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[slide
permalink=”14-credit-agricole-france-7″
title=”#14 – Credit Agricole (France)”
content=”PIIGS Exposure: $192.06 billion

Market Cap: $29.97 billion

Common Equity: $65.50 billion

Exposure as % of Common Equity: 293%

Source: EBA Stress Tests (exposure and common equity) and Bloomberg (market cap)

image=”http://static.businessinsider.com/image/4e25cdeecadcbbcb67030000″
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[slide
permalink=”13-deutsche-bank-germany-8″
title=”#13 – Deutsche Bank (Germany)”
content=”PIIGS Exposure: $140.61 billion

Market Cap: $49.73 billion

Common Equity: $43.02 billion

Exposure as % of Common Equity: 327%

Source: EBA Stress Tests (exposure and common equity) and Bloomberg (market cap)

image=”http://static.businessinsider.com/image/4e25ac7a49e2ae2a6c1c0000″
caption=””
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[slide
permalink=”12-bnp-paribas-france-9″
title=”#12 – BNP Paribas (France)”
content=”PIIGS Exposure: $280.96 billion

Market Cap: $79.91 billion

Common Equity: $78.43 billion

Exposure as % of Common Equity: 358%

Source: EBA Stress Tests (exposure and common equity) and Bloomberg (market cap)

image=”http://static.businessinsider.com/image/4e25b20649e2ae4f73160000″
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[slide
permalink=”11-commerzbank-germany-10″
title=”#11 – Commerzbank (Germany)”
content=”PIIGS Exposure: $67.38 billion

Market Cap: $18.45 billion

Common Equity: $14.60 billion

Exposure as % of Common Equity: 462%

Source: EBA Stress Tests (exposure and common equity) and Bloomberg (market cap)

image=”http://static.businessinsider.com/image/4e25b2edccd1d5775d100000″
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[slide
permalink=”10-dexia-belgium-11″
title=”#10 – Dexia (Belgium)”
content=”PIIGS Exposure: $132.95 billion

Market Cap: $5.229 billion

Common Equity: $10.34 billion

Exposure as % of Common Equity: 552%

Source: EBA Stress Tests (exposure and common equity) and Bloomberg (market cap)



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[slide
permalink=”9-banco-santander-spain-12″
title=”#9 – Banco Santander (Spain)”
content=”PIIGS Exposure: $567.20 billion

Market Cap: $92.08 billion

Common Equity: $59.51 billion

Exposure as % of Common Equity: 953%

Source: EBA Stress Tests (exposure and common equity) and Bloomberg (market cap)

image=”http://static.businessinsider.com/image/4e25cd55cadcbb195e510000″
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[slide
permalink=”8-unicredit-italy-13″
title=”#8 – Unicredit (Italy)”
content=”PIIGS Exposure: $541.54 billion

Market Cap: $34.41 billion

Common Equity: $50.59 billion

Exposure as % of Common Equity: 1,070%

Source: EBA Stress Tests (exposure and common equity) and Bloomberg (market cap)

image=”http://static.businessinsider.com/image/4cf3f48bcadcbb6501190000″
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[slide
permalink=”7-bank-of-ireland-ireland-14″
title=”#7 – Bank of Ireland (Ireland)”
content=”PIIGS Exposure: $102.43 billion

Market Cap: $1.39 billion

Common Equity: $7.40 billion

Exposure as % of Common Equity: 1,385%

Source: EBA Stress Tests (exposure and common equity) and Bloomberg (market cap)

image=”http://static.businessinsider.com/image/4e25d44f49e2ae3c361a0000″
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[slide
permalink=”6-bbva-spain-15″
title=”#6 – BBVA (Spain)”
content=”PIIGS Exposure: $552.90 billion

Market Cap: $52.80 billion

Common Equity: $35.39 billion

Exposure as % of Common Equity: 1,566%

Source: EBA Stress Tests (exposure and common equity) and Bloomberg (market cap)

image=”http://static.businessinsider.com/image/4e25ce9d49e2ae4136010000″
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[slide
permalink=”5-efg-eurobank-ergasias-greece-16″
title=”#5 – EFG Eurobank Ergasias (Greece)”
content=”PIIGS Exposure: $76.01 billion

Market Cap: $2.07 billion

Common Equity: $4.74 billion

Exposure as % of Common Equity: 1,601%

Source: EBA Stress Tests (exposure and common equity) and Bloomberg (market cap)

image=”http://static.businessinsider.com/image/4e25d2d9ccd1d5ac15050000″
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[slide
permalink=”4-intesa-sanpaolo-group-italy-17″
title=”#4 – Intesa Sanpaolo Group (Italy)”
content=”PIIGS Exposure: $607.03 billion

Market Cap: $51.06 billion

Common Equity: $37.07 billion

Exposure as % of Common Equity: 1,638%

Source: EBA Stress Tests (exposure and common equity) and Bloomberg (market cap)

image=”http://static.businessinsider.com/image/4e25d01c4bd7c8a816090000″
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[slide
permalink=”3-banco-popular-espaol-spain-18″
title=”#3 – Banco Popular Español (Spain)”
content=”PIIGS

Exposure: $182.94 billion

Market Cap: $6.91 billion

Common Equity: $9.49 billion

Exposure as % of Common Equity: 1,927%

Source: EBA Stress Tests (exposure and common equity) and Bloomberg (market cap)

image=”http://static.businessinsider.com/image/4e25d1424bd7c8ca160f0000″
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[slide
permalink=”2-banca-mps-italy-19″
title=”#2 – Banca MPS (Italy)”
content=”PIIGS Exposure: $290.98 billion

Market Cap: $7.96 billion

Common Equity: $6.24 billion

Exposure as % of Common Equity: 4,666%

Source: EBA Stress Tests (exposure and common equity) and Bloomberg (market cap)

image=”http://static.businessinsider.com/image/4e25d3434bd7c8a6161e0000″
caption=””
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[slide
permalink=”1-allied-irish-banks-ireland-20″
title=”#1 – Allied Irish Banks (Ireland)”
content=”PIIGS Exposure: $129.02 billion

Market Cap: $2.00 billion

Common Equity: $0.387 billion

Exposure as % of Common Equity: 33,352%

Source: EBA Stress Tests (exposure and common equity) and Bloomberg (market cap)

image=”http://static.businessinsider.com/image/4e25d3d449e2ae0136140000″
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[slide
permalink=”which-country-will-go-down-first-21″
title=”Which country will go down first?”
content=”Check out the 15 countries under the most debt.
image=”http://static.businessinsider.com/image/4d2349754bd7c8db27060000″
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[/slideshow]