February 9, 2010
Published: 21 Oct 09 14:49 CET
Online: http://www.thelocal.se/22792/20091021/
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Saab Automobile has received permission to borrow 4 billion kronor from the European Investment Bank, the bank’s board revealed on Wednesday.
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Now maybe the nay-sayers will be proven wrong and be shown that Swedish people can run a company.
I hope Koenigsegg Group does suceed and wish them the best for there future.
This will have no negative effect on the Swedish taxpayer whatsoever. The Swedish National Debt office will secure any government guarantee against Saab Automobile itself (ie land, buildings, factories etc.)
In actual fact there are about 15,000 taxpayers who will be positively effected as they will have their future secured. Plus increased security for suppliers and the other companies (such as Volvo) who rely on them too.
Something tells me those lands, buildings and factories won't be worth even near the loan amount. So in the end, taxpayers might lose a lot. Except for those 15,000 of course :P
No money of their own. No experience. All borrowed.
Saab deserves better.
To address your 2 rather ill informed points:
1) The EIB have money set aside specifically for the automotive industry. Why on earth would any car company go to a bank????
2) Regarding state guarantees and the valuing of Saab's securities: The National Debt Office is likely to under value Saab securities as the Swedish govt will not risk even a kronor of taxpayers money.
It's a complicated subject but these are the facts.
2) That's just your assumption. Not a fact.
I think you are confused. . .
Banks do not guarantee loans - they give them!
And my remarks on the NDO are based on government policy and statements and from information from all concerned in the evaluation of Saab's securities.
No.. . They give out large loans only if there is sufficient collateral. Which is exactly what the NDO is trying to evaluate for Saab.
I think bank shareholders would be pretty unimpressed if banks were guaranteeing large unsecured loans. . .