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Last update: Sat, 03 Dec 2016 10pm

Banking & Finance

Business & Finance - Banking & Finance

Greece's National Bank turns profitable in third quarter ATHENS: Greek lender National Bank (NBG) turned profitable in the third quarter, helped by lower trading losses and reduced bad-debt provisions. National Bank, 40 percent owned by the country's bank rescue fund HFSF after its recapitalisation late last year, reported net profit of 23 million euros ($24.2 million), excluding assets held for sale and discontinued operations, versus a loss of 23 million euros in the second quarter. CEO Leonidas Fragiadakis said that a combination of write-offs, collection efforts and success in fixing some bad loans - through restructuring, lowering instalments and pushing out maturities - helped to reduce non-performing exposures by 2 billion euros since January. Greek banks still carry large problem loan portfolios after a protracted recession pushed unemployment to record highs, making it hard for borrowers to service their debts.Banks have about 109 billion euros of non-performing exposures (NPEs), which at 45 percent of their loan books is ...

Business & Finance - Banking & Finance

Markets see possible Turkish rate rise in defiance of Erdogan ISTANBUL/ANKARA: Turkey's central bank could raise interest rates for the first time in nearly three years on Thursday to prop up a stumbling lira currency, a move that would defy President Tayyip Erdogan's relentless drive for cheaper credit. Twelve of 19 economists polled by Reuters expect the bank to lift its benchmark one-week repo rate by 25 basis points, to 7.75 percent, when it meets on Thursday. That would mark the first tightening since January ...

Business & Finance - Banking & Finance

ECB seeks to lend out more bonds to avert market freeze: sources FRANKFURT: The European Central Bank is looking for ways to lend out more of its huge pile of government debt to avert a freeze in the 5.5 trillion-euro short-term funding market that underpins the financial system, central bank sources told Reuters. The ECB has bought more than a trillion euros ($1.06 trillion) of euro zone government bonds in a bid to shore up economic growth and inflation in the euro zone. For the most part ...

Business & Finance - Banking & Finance

Monte dei Paschi CEO Morelli faces make-or-break fortnight LONDON: Days before an Italian constitutional referendum that could spook investors, the new chief executive of Banca Monte dei Paschi di Siena faces a high-stakes test in his battle to save the world's oldest bank.Marco Morelli, who only took up his post in mid September, hopes to secure 5 billion euros ($5.30 billion) of fresh capital in the next two weeks or else run the risk of having to ask the government to support Italy's ...

Business & Finance - Banking & Finance

Irish central bank eases deposit rules for first-time buyers DUBLIN: Ireland's central bank eased deposit rules for first-time house buyers on Wednesday and amended how lenders can grant exemptions following its first review of the tough regulations introduced last year to curb excessive lending. The central bank said that from January first time buyers could now borrow 90 percent of the value of a home regardless of the price, an amendment of the current regime which capped the 90 percent threshold at 220,000 euros ...

Business & Finance - Banking & Finance

Hungary cbank accepts HUF 400bn in 3mo deposits from banks BUDAPEST: Hungary's central bank accepted deposits worth 400 billion forints ($1.37 billion) in its main three-month facility at a tender on Wednesday, below its original offer for up to 450 billion, it said on Reuters page . Local banks offered to place 695.56 billion forints worth of funds in the instrument.The bank wants to cap funds placed by banks in the facility at 900 billion forints by the end of 2016.The total outstanding amount was ...

Business & Finance - Banking & Finance

Monte dei Paschi expects results of ECB loan book probe next year MILAN: Banca Monte dei Paschi di Siena said on Wednesday the results of a European Central Bank inspection of its loan book will not be published until after it has tried to raise billions of euros from investors to keep afloat. Italy's third biggest bank, which emerged as Europe's weakest lender in regional stress tests this summer, is trying to raise 5 billion euros ($5.3 billion) to meet regulatory demands to bolster its capital base ...