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Uncertainty about how the financial markets will develop has<br />
increased again despite recovery of the real economy<br />
Development of credit default swaps of banks [January 2010=100]<br />
260<br />
240<br />
220<br />
200<br />
180<br />
160<br />
140<br />
120<br />
100<br />
80<br />
60<br />
40<br />
20<br />
0<br />
1/1/10<br />
3/1/10<br />
5/1/10<br />
Source: Bloomberg; Roland Berger Research<br />
May 2010<br />
IMF/EU/ECB<br />
Stability program<br />
7/1/10<br />
9/1/10<br />
11/1/10<br />
01/07/11<br />
Eurozone<br />
UK<br />
USA<br />
Core equity ratio too low in many<br />
countries<br />
There is still risk on the balance sheet of<br />
major banks –need for additional<br />
impairment<br />
Bankruptcy of countries with high<br />
public debt is an additional risk factor<br />
Procedure for more regulation not clear –<br />
no agreement on international level<br />
<strong>European</strong> <strong>Private</strong> <strong>Equity</strong> <strong>Outlook</strong> <strong>2011</strong>_Final_010411.PPTX 17
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