Banking

Bank in Spain Suffered Setback over Bad Loans

Bank in Spain Suffered Setback over Bad Loans

There seems to have an increase in the total lending at Spanish banks in the month of September. This happened because most of the borrowers failed to pay their loan payments along with an unemployment rate at 26%.

The latest budget report states an increase in lending of non-performing loans to about 12.7% from 12.1% in August. The Bank of Spain said that this rate was 10.7% the previous year. Because the 6.9 billion Euros in loans were classified by default, the stock of bad loans raised to about 187.8 billion Euros.

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Italian Bank Monte Paschi Wins Support from EU and Italy

Italian Bank Monte Paschi

European Union and Italy have agreed to provide help to ailing financial behemoth Banca Monte dei Paschi di Siena under tougher conditions. The conditions include more capital hike by the bank and stricter cost cutting. Italy’s third largest bank is suffering due to higher exposure to bond investment and derivatives scandal.

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European ministers to meet again to break impasse on bank crisis

European ministers to meet again to break impasse on bank crisis

European ministers will make a fresh attempt to break the impasse on who will pay for banks collapses at a meeting on Wednesday, as they failed to hit an agreement on Saturday.

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Bonus cap might give rise to basic salaries

Bonus cap might give rise to basic salaries

Financial sector experts have said that the new limit announced by the European officials on the amount of bonus that can be given to banking officials will result in higher basic salaries among other initiatives giving additional benefits to the bankers.

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BofA Questions Eric Schneiderman’s Claims

BofA Questions Eric Schneiderman’s Claims

As per the revelations of a new report, New York Attorney General Eric Schneiderman has been fired back by Bank of America Corp (BAC. N).

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Haruhiko Kuroda Nominated as Next BOJ’s Governor

Haruhiko Kuroda Nominated as Next BOJ’s Governor

As per recent reports, it has been revealed that a key opposition party has agreed to approve the appointment of Haruhiko Kuroda as the next governor for Bank of Japan. The Democratic Party of Japan which is a key party said that it would not be easy for them to oppose Kuroda as financial markets support him.

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Bankia: Nationalized in May 2012 is Now Known as a Symbol of Spain's Banking Collapse

Bankia: Nationalized in May 2012 is Now Known as a Symbol of Spain's Banking Col

Five years ago, when there existed a major crash in the property sector of Spain, the seven savings banks that were highly affected by it got merged together to construct one single incorporation, Bankia.

These seven component banks had given loans to several property developers and home buyers for construction and other real estate transactions and therefore they got severely damaged when the country's property experienced a major fall in the late 2000s.

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Monetary Policy Committee Voted Against Expanding the Quantitative Easing

Monetary Policy Committee Voted Against Expanding the Quantitative Easing

The Governor of Bank of England, Sir Mervyn King voted in favor of expanding the quantitative easing along with Paul Fisher and David Miles. However, the rest of the six members from the Monetary Policy Committee voted against them.

The three wanted to increase the target for bond purchases by £25bn from its current level of £375bn to £400bn.

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