02092016Tue
Last update: Tue, 09 Feb 2016 10am

Banking & Finance

Business & Finance - Banking & Finance

ECB may publish banks' capital requirements in 2019 FRANKFURT: The European Central Bank may publish individual capital requirements for the banks it supervises as soon as new international banking rules become fully operational in 2019, governing council member Klaas Knot said on Thursday. The ECB decides on capital buffers for the 129 large euro zone banks on its watch. These buffers add to minimum capital requirements set by Basel III rules, due to be fully phased in 2019. "As soon as we hit the fully phased-in, I can see no reason why not (to publish requirements)," Knot, who is also the Netherlands' central bank governor, told a banking conference in Frankfurt. Copyright Reuters, 2016 ...

Business & Finance - Banking & Finance

Credit Suisse is making a meal of its turnaround LONDON: Credit Suisse's turnaround is proving more painful than it could have been. The Swiss bank's fourth-quarter results were riddled with the kind of exceptional items and restructuring costs that are par for the course for European investment banks undergoing strategic rethinks.But even after stripping these out, and ignoring bits that Credit Suisse is winding down, the bank would have failed to turn a profit. Asia-Pacific was alone among Credit Suisse's newly created divisions in ...

Business & Finance - Banking & Finance

China's corruption watchdog finds no major problems with financial agencies BEIJING: China's central bank will maintain a prudent monetary policy and fend off financial risks, it said in a statement posted on the People's Bank of China (PBOC) website on Thursday. China's corruption watchdog dicovered no major problems as it finished its inspection of the PBOC, the statement added. The inspectors identified minor issues, however, according to statements on the websites of multiple agencies. The Central Commission for Discipline Inspection (CCDI), the ruling Communist Party's ...

Business & Finance - Banking & Finance

ECB should separate monetary and supervisory decision makers FRANKFURT: The European Central Bank should have separate decision-making bodies for monetary policy and banking supervision as the current set-up could lead to conflicts of interest, the deputy president of Germany's Bundesbank said on Thursday. "The ECB's Governing Council, for instance, is the ultimate decision making body for both, monetary policy and supervisory decisions," Claudia Buch, who sits in on governing council meetings, said in remarks prepared for a speech. "A clear separation of the ...

Business & Finance - Banking & Finance

Top Dutch bank ING post three-fold jump in 2015 profit THE HAGUE: Top Dutch bank ING more than tripled its profit last year on the back of a recovering economy and an increase in lending, it said on Thursday.Net profits stood at just over 4.01 billion euros ($4.47 billion), up by 220.5 percent year-on-year, while turnover jumped 8.2 percent to 16.55 billion euros, it said in a statement.In 2014 ING saw profits plunge by 64 percent because of a major restructuring. Loans increased last year ...

Business & Finance - Banking & Finance

Portugal bows to EU pressure to lower budget deficit LISBON: Portugal has agreed to lower its 2016 budget deficit and growth forecasts following pressure from the European Commission, a government official told AFP Wednesday.The new Socialist-led minority government, allied with the radical left, cut its projected budget deficit to 2.4 percent of Gross Domestic Product (GDP), from 2.6 percent announced two weeks before, the source said on condition of anonymity.It also lowered its growth forecast to 1.9 percent, from 2.1 percent, after Brussels said ...

Business & Finance - Banking & Finance

HSBC to honour 2016 pay rises for 28,000 UK workers: union LONDON: Europe's largest lender HSBC will honour agreed 2016 pay rises for over 28,000 junior British workers despite a global freeze on pay, trade union Unite said on Wednesday.HSBC is imposing a hiring and pay freeze across the bank this year, as it pushes through with plans for annual cost savings of up to $5 billion by 2017."HSBC will abide by pay deals made with recognised trade unions, such as Unite," Unite said in a ...