European banks have lost a third of assets in the U.S.

The global economic crisis has seriously shaken the position of European banks in the United States. Over the past five years, European financial institutions have reduced their assets in the United States by a third to less than a trillion dollars, the analysis of data the Fed held The Financial Times. In their place come the banks of Canada and China.

In the time since the beginning of the crisis, the assets of European banks in the U.S. market fell by 540 billion and now account for 973 billion dollars, reported FT. Contributed to this write-off of assets and their sale, closure of entire businesses. Have also contributed U.S. regulators, demand from European financial institutions to increase capital. Involvement of dollars for them was more problematic, so many, rather than to increase capital, just cut the amount of assets.

"This is a volume decline compared to the level of five years ago. It's more like a return to the way European banks look 10 or even 20 years ago when they had a more modest balances "- quoted by FT partner of the law firm Allen & Overy Doug Landy, head in her regulatory practice in the field of financial services.

"European banks have been hit just two. First, it was necessary to improve capital ratios. Second, in the past year and a half, the U.S. money market funds stopped buying commercial paper of European banks because of the debt crisis. This not only raise the price of raising funds in the U.S., but also the existence of assets in the United States has become a financial burden, "- said RBC daily Mediobanca analyst Christopher Wheeler.

Most assets in the U.S. fell to the Irish banks - with $ 130 billion in September 2008 to just $ 3.8 billion in March. Presence in the U.S. market of German and French banks, though decreased - from 427 billion to 267 billion dollars and 420 billion to 373 billion dollars, respectively - still remains significant. However, the French financial group BNP Paribas, Credit Agricole and Societe Generale promises to further cut its U.S. business.

In the past, European banks many times have changed their attitude to the U.S. market, the growing presence there, turning the operation, but this time it will be extremely hard to regain lost ground, says Christopher Wheeler. Freed European banks actively take place local players. Wells Fargo, which became the most active U.S. bank in buying the assets of European competitors, has recently acquired a portfolio to $ 6 billion from the German WestLB. Last year, he also shared with JP Morgan bought part of loan volume of $ 9.5 billion, offered for sale by Anglo Irish Bank. Capital One acquired U.S. subsidiary of online banking from the Dutch ING Group.

Active are not just American financial giants. The invasion began in the USA Canadian players. TD Bank in 2009, increased its assets in the U.S. with 170 billion to 251 billion dollars a U.S. assets of Canadian banks in general are now 654 billion dollars, more than double the same period of French banks. Assets of Chinese banks in the U.S. for the last five years have grown more than tenfold - from 4.4 billion to 63.8 billion dollars