Article | May 21, 2012 - 11:51am
In an unexpected way, the issue of a bank run in the Eurozone was raised in the G8 summit at the weekend, with remarks ranging from scaremongering to 'advices', about how the new European Stability Mechanism (ESM) should act as lender of last resort for Eurozone's banks.
In an unexpected way, the issue of a bank run in the Eurozone was raised in the G8 summit at the weekend, with remarks ranging from scaremongering to 'advices', about how the new European Stability Mechanism (ESM) should act as lender of last resort for Eurozone's banks.
Article | May 20, 2012 - 9:36pm
The Lithuanian Central Bank recently upped its forecast on the Lithuania's economy. In the latest upwardly revised estimate the bank said Lithuanian GDP will probably rise 3% in 2012, compared with a February estimate of 2.2%. The growth pace may accelerate to 3.5% in 2013, compared with a previous forecast of 3.3%, it said.
The Lithuanian Central Bank recently upped its forecast on the Lithuania's economy. In the latest upwardly revised estimate the bank said Lithuanian GDP will probably rise 3% in 2012, compared with a February estimate of 2.2%. The growth pace may accelerate to 3.5% in 2013, compared with a previous forecast of 3.3%, it said.
Blog entry | May 20, 2012 - 10:29pm
Fortunately Greece is the only Eurozone member that faces existential problems to stay or leave the euro area. Ireland and Portugal got last week the seal of 'good direction' by both the Ecofin and the Eurogroup. The two are meeting the programme targets to cut down deficits.
Fortunately Greece is the only Eurozone member that faces existential problems to stay or leave the euro area. Ireland and Portugal got last week the seal of 'good direction' by both the Ecofin and the Eurogroup. The two are meeting the programme targets to cut down deficits. As for Madrid, the Rajoy government got the approval of Brussels for its bank recapitalisation plan. Last but not least Holland even without a government manage to put together a parliamentary agreement to cut down fiscal deficits. But lets take one thing at a time.
Article | May 18, 2012 - 1:34pm
A cooperation agreement has been signed by Hungarian Secretary of Social, Family and Youth Affairs of the Ministry of Human Resources Miklós Soltész and OTP Bank in Budapest on 15th May in order to ensure that the bank would develop a value-keeping and personalised offer for the management of the savings of children in care.
Article | May 17, 2012 - 9:06am
The Ecofin council of the European Union, comprising the 27 ministers of finance have approved a huge package of new rules regulating the business environment in which operate 8,300 banks.
The Ecofin council of the European Union, comprising the 27 ministers of finance have approved a huge package of new rules regulating the business environment in which operate 8,300 banks.
Article | May 17, 2012 - 12:19pm
With the dignitaries in Brussels, Berlin, Paris and Washington having already termed the next Greek legislative election a referendum, with one question to be answered by voters 'stay or leave the Eurozone', Greek citizens continue to be bewildered.
With the dignitaries in Brussels, Berlin, Paris and Washington having already termed the next Greek legislative election a referendum, with one question to be answered by voters 'stay or leave the Eurozone', Greek citizens continue to be bewildered.
Article | May 16, 2012 - 2:40pm
This Monday and Tuesday, withdrawals from Greek banks exceeded 800 million Euros
This Monday and Tuesday (14 and 15 May), withdrawals from Greek banks exceeded 800 million Euros (small depositors), and if this trend continues, the Greek financial system may collapse before Friday, 18 May.
Article | May 14, 2012 - 12:24pm
There is growing evidence that the Eurozone is about to change its course of severe austerity inspired by the German Christian democrats (CDU) of Angela Merkel, because neither the countries which apply those highly unpopular measures like Greece and Italy, nor the German voters themselves seem to be happy with it.
There is growing evidence that the Eurozone is about to change its course of severe austerity inspired by the German Christian democrats (CDU) of Angela Merkel, because neither the countries which apply those highly unpopular measures like Greece and Italy, nor the German voters themselves seem to be happy with it.
Article | May 14, 2012 - 2:00pm
The much anticipated auction of Italian sovereign debt paper went well today, Monday 14 May.
The bonds were sold to investors at prices/yields above and below levels recorded in similar cases during the past months. The overall results can be termed as a success, given the negative climate that prevails today in European capital markets, after the Greek political political parties didn't manage to find common grounds to form a government in Athens. The deadlock now threatens Eurozone with a new crisis.
Article | May 13, 2012 - 11:06pm
The latest meeting of the policy makers at the Czech central bank (Ceska Narodni Banka) voted to maintain the benchmark two-week repurchase rate at a record-low 0.75% but two board members called for a 0.5% cut, local media reports revealed.
The latest meeting of the policy makers at the Czech central bank (Ceska Narodni Banka) voted to maintain the benchmark two-week repurchase rate at a record-low 0.75% but two board members called for a 0.5% cut, local media reports revealed. The rate has been kept unchanged since May 2010 – the last instance when the rate was cut. At the latest meeting, four rate setters voted for no change, two sought a decrease to 0.5% and one wanted an increase to 1%, Governor Miroslav Singer announced.
Article | May 13, 2012 - 11:11pm
Royal Bank of Scotland announced a first quarter net loss of £1.52 billion (€1.87 billion) almost three times the amount posted a year earlier, RTE Ireland reported.
Royal Bank of Scotland announced a first quarter net loss of £1.52 billion (€1.87 billion) almost three times the amount posted a year earlier, RTE Ireland reported.
RBS, 82% owned by the British government after a massive bail-out in the global the financial crisis, posted a 2011 first quarter net loss of £528 million. The lender said losses soared due to an increase in the value of its outstanding debt to £2.46 billion.
Article | May 6, 2012 - 10:57pm
The Spanish government would not pump-in any taxpayer money into the creation of a so-called bad bank which would relieve the banking sector from their toxic assets, local reports said last week citing anonymous official sources at the Spanish economy ministry.
The Spanish government would not pump-in any taxpayer money into the creation of a so-called bad bank which would relieve the banking sector from their toxic assets, local reports said last week citing anonymous official sources at the Spanish economy ministry.
Article | May 3, 2012 - 5:27pm
After the governing council of the European Central Bank, which took place in Barcelona on 3 May, which kept the basic interest rate unchanged at 1%, its governor Mario Draghi said the bank has done its best in terms of supplying stimulus finance to the Euro system.
After the governing council of the European Central Bank, which took place in Barcelona on 3 May, which kept the basic interest rate unchanged at 1%, its governor Mario Draghi said the bank has done its best in terms of supplying stimulus finance to the Euro system.
Article | April 29, 2012 - 9:48pm
A hike in the interest rates of the Czech central bank might be looming with the economy showing healthy growth levels, local reports indicated last week citing a member of the central bank board.
Article | April 29, 2012 - 9:58pm
Data from the Portuguese central bank last week showed the country’s current account deficit decreased significantly in the first two months of this year.
Data from the Portuguese central bank last week showed the country’s current account deficit decreased significantly in the first two months of this year. The breakdowns showed, Portugal’s current account deficit decreased to €907 million in the two months ended February from €1.93 billion in the same period last year.
Article | April 29, 2012 - 9:45pm
The stuttering Danish economy claimed two more casualties in the banking sector as Sparekassen Ostjylland and Spar Salling, both based in Jutland, were forced to capitulate over the weekend, Copenhagen Post reported.
The stuttering Danish economy claimed two more casualties in the banking sector as Sparekassen Ostjylland and Spar Salling, both based in Jutland, were forced to capitulate over the weekend, Copenhagen Post reported.
Fortunately for many customers and employees, both saving and loans banks were taken over by competitors who assumed large chunks of debt and personnel. Spar Salling was completely acquired by Den Jyske Sparekasse and Sparekassen Ostjylland was mostly obtained by Sparekassen Kronjylland.
Article | April 18, 2012 - 3:35pm
Over the past months, and more precisely from the moment that the Eurozone drafted its Fiscal Pact, to impose zero primary deficits to governments signing it, there is a growing negative criticism that such a prospect will suffocate growth.
Article | April 15, 2012 - 7:23pm
Speaking at a recent Kyrgyz-Kazakh business forum, Kyrgyz Minister of Economy and Antitrust Policy Temir Sariev said that the government of Kyrgyzstan turned its face to business, Irinnews.org reported.
Speaking at a recent Kyrgyz-Kazakh business forum, Kyrgyz Minister of Economy and Antitrust Policy Temir Sariev said that the government of Kyrgyzstan turned its face to business, Irinnews.org reported.
Article | April 15, 2012 - 8:52pm
During the hard times of any financial crisis the usual complain by all agents is that there is no light at the end of the tunnel. But “my fellow citizens”, if there were solid and tangible evidence for an end to any crisis, there would have been...no crisis.
Article | April 15, 2012 - 7:18pm
It appears that Russians are more financially secure than they’re been in quite awhile. The share of Russians who have savings has reached a 20 year high the research firm Romir, Vedemosti reported.
It appears that Russians are more financially secure than they’re been in quite awhile. The share of Russians who have savings has reached a 20 year high the research firm Romir, Vedemosti reported. “According to the results of the research, the share of citizens who have savings raced the maximum level for the past 20 years and for the first time reached 70%. And the share of those who said that their families didn’t have any savings was below 30%,” the survey read.
Article | April 12, 2012 - 11:23am
The IMF issued a report on 10 April concerning household debt which calls for more subsidies to the financial sector; this time to cover the losses of banks from over-lending to households.
During the hard times of any financial crisis, the usual complaint by all agents is that there is no light at the end of the tunnel. But “my fellow citizens”, if there was solid and tangible evidence for an end to any crisis, there would have been...no crisis.
Article | April 11, 2012 - 3:17pm
At 5 pm today (11 April), the Greek Prime Minister, Loukas Papademos, is expected to meet the country's President, Karolos Papoulias, and ask him to dissolve the Parliament and proclaim a general election for 6 May.
At 5 pm today (11 April), the Greek Prime Minister, Loukas Papademos, is expected to meet the country's President, Karolos Papoulias, and ask him to dissolve the Parliament and proclaim a general election for 6 May.
Article | April 8, 2012 - 8:16pm
After a meeting of the Central Bank of Turkey Monetary Policy Committee (PPK), it was announced that bank has decided to retain its benchmark one-week repo rate.
Article | April 8, 2012 - 8:54pm
Parex bank’s British Chief Executive Christopher Gwilliam last week hailed the re-branding of the bank as Reverta – an initiative estimated to cost 15,000 lats (€21,000). Gwilliam, however, asserted that re-branding was essential as “it was important to move our team away from the legacy of the old Parex bank”.
Parex bank’s British Chief Executive Christopher Gwilliam last week hailed the re-branding of the bank as Reverta – an initiative estimated to cost 15,000 lats (€21,000). Gwilliam, however, asserted that re-branding was essential as “it was important to move our team away from the legacy of the old Parex bank”.
Article | April 8, 2012 - 9:15pm
MKB Bank had pre-tax losses of HUF 109.5 billion in 2011, according to the bank's audited consolidated IFRS report, due to continuing external and internal macroeconomic difficulties and government measures causing major losses, the bank said on 2 April, Budapest Business Journal reported.
MKB Bank had pre-tax losses of HUF 109.5 billion in 2011, according to the bank's audited consolidated IFRS report, due to continuing external and internal macroeconomic difficulties and government measures causing major losses, the bank said on 2 April, Budapest Business Journal reported.
MKB's parent bank, Germany's BayernLB, had already said in its report that its Hungarian unit had a loss of €392 million in 2011. MKB Bank losses fell slightly from HUF 117.8 billion in the previous year.
