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Linkedin'e papostino vienas veikėjas iš ING

European banks stocks are -85% over the last 15 years. Banks have been sacrificed on the altar of QE and regulation.

For private banks, QE might seem fun at the beginning but gets pretty annoying over time. Central Banks exchange your bonds for reserves and push down yields. Nice at first, as you make a capital gain on your existing bond investments and you can reinvest your newly created reserves riding the QE wave. After a while though, you realize you can't generate carry anymore and also prospects for capital gains are gone. So your fixed income assets become a liability. And there's no easy way back, as QT and higher rates would generate a huge deleveraging that no elected official wants to be held responsible for.

Well, you can make loans right? The only real constraints for private banks to extend credit (and hence create money for the real economy) is capital and the RoE shareholders demand. Regulation has become much tighter since 2008 and hence private banks need to own more capital against their loans. On top of that, they have to lend money at lower interest rates than before. The monetary policy choices (ZIRP/NIRP/QE) and the debt-fueled economic system we built require lower and lower rates to muddle through. No easy way back here as well.