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BoE policymaker says boards of banks must take more responsibility LONDON: Bank boards must have a collective understanding of how much capital the bank needs and the way staff are paid rather than delegate all key decisions to committees, a Bank of England policymaker said on Thursday.Board members were criticised for not fully grasping their job after the 2007-09 financial crisis highlighted major governance failures.Martin Taylor, a member of the BoE's Financial Policy Committee, said that in response to such failures in the past and to operate more efficiently, boards have increasingly delegated important decisions on risk, remuneration, audit and capital allocation to committees."I believe this efficiency has been bought at a high price in reduced board cohesion," Taylor told an Oliver Wyman conference in London. "It has got harder - perhaps because some organisations are ungovernably large - for boards to see any sort of big picture. Unable to encompass the blurred outlines of a sometimes ugly reality, individuals ...

Polish central bank says reforms needed before euro adoption WARSAW: Poland needs reforms to improve its economic fundamentals before it decides on adopting the euro, the country's central bank said in a report on Thursday."It is advisable that a decision on joining the euro zone be preceded by a well-though-of reform program leading to an improvement in the fundamentals of the Polish economy," the bank said in a report.Poland is obliged to adopt the euro, but has not set a date.Copyright Reuters, 2014 ...
Top China dealmaker Henry Cai set to leave Deutsche Bank HONG KONG: Deutsche Bank's top China dealmaker Henry Cai is set to leave the bank at the end of the year, IFR reported on Thursday citing a source with knowledge of the move.Cai joined Deutsche in 2010 to run investment banking in China, and is currently executive chairman of corporate finance for Asia Pacific.Deutsche Bank declined to comment, while Cai himself could not immediately be reached for comment.Before Deutsche, Cai was a top China rainmaker ...
Report warns of big risks from banks' commodity assets NEW YORK: US regulators should tighten rules on bank ownership of physical commodity assets due to potential market manipulation and financial risk associated with the assets, a report said Wednesday.The report focuses on cases like Goldman Sachs's ownership of key aluminum storage assets that resulted in huge increases in delivery times for the metal at the same time bank was trading the commodity, according to the report by the Senate Permanent Subcommittee on Investigations.Another highlighted ...
India govt needs to infuse nearly $39bn in state-run banks by March 2019 MUMBAI: Indian government needs to infuse as much as 2.4 trillion rupees ($38.78 billion) into state-owned banks by end-March 2019 to meet different kinds of capital requirements including Basel III, provisioning for asset quality, and additional risks, said a central bank Deputy Governor S.S. Mundra.Banks should start looking for ways to generate more internal capital as the leeway to get additional funds from the government would be limited due to the ongoing fiscal consolidation process, ...
Spain's banks will need more capital, but have solid base: central bank MADRID: Spain's banks will need to keep raising capital to meet regulatory demands over the next few years but the country's lenders are starting from a solid base, Bank of Spain Governor Luis Maria Linde said on Wednesday."Our banks need more capital, and this will be an important matter in the next few years, but the starting point is good," Linde told legislators in the upper house of Parliament.Spain's banks are emerging from a crisis, ...
ANZ suspends 7 staff pending rate fixing probe by regulator SYDNEY: Australia and New Zealand Banking Group has suspended seven staff involved in markets trading pending a regulatory investigation over fixing of the benchmark interbank interest rates, the lender said on Wednesday. The investigation is part of a series of reviews by the Australian Securities and Investment Commission (ASIC) to uncover any misconduct in rate setting by banks. In a statement, Nigel Williams, chief risk officer of ANZ, said the bank was cooperating with the ...


Index Closing Chg%
Arrow DJIA 17,827.75 0.07
Arrow Nasdaq 4,787.32 0.61
Arrow S&P 2,072.83 0.28
Arrow FTSE 6,729.17 0.03
Arrow DAX 9,915.56 0.55
Arrow CAC-40 4,373.42 0.20
Arrow Nikkei 17,383.58 0.14
Arrow H.Seng 24,111.98 1.12
Arrow Sensex 28,386.19 0.17

Banking Review 2013

Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
Trade Balance $-2.380 bln
Exports $2.181 bln
Imports $4.561 bln
WeeklyNovember 13, 2014
Reserves $13.268 bln