Financial Regulatory Forum

UK Treasury warns regulator off financial tax talk

August 27, 2009

BANKS-REGULATION/   By Kate Kelland and Huw Jones
   LONDON, Aug 27 (Reuters) – The UK Treasury and industry groups on Thursday poured cold water on support from the country’s top market regulator for a global tax to curb excessive bank bonuses.
   Financial Services Authority Chairman, Adair Turner, sparked industry ire after saying a “Tobin” style tax may be needed.

Turkey regulator launches probe into 8 banks

August 25, 2009

TURKEY ISTANBUL   ANKARA, Aug 25 (Reuters) – Turkey’s Competition Board is investigating eight banks over suspected irregularities regarding promotions they gave companies to encourage them to open employee salary accounts, the regulator said on Tuesday. (more…)

ANALYSIS-European banks swallow soaring bad debts, fog starts to lift

August 12, 2009

USA/    By Steve Slater, European Banking Correspondent
   LONDON, Aug 12 (Reuters) – Investment bankers have reversed their role as villains of the financial crisis, delivering bumper half-year profits to offset a startling rise in retail bad debts at Europe’s banks, but may need to repeat the trick.

Cayman court freezes $9.2 bln of Saad assets

July 31, 2009

By Tom Freke and Souhail Karam

LONDON/RIYADH, July 31 (Reuters) – A Cayman Islands court has frozen $9.2 billion of assets belonging to Saad Group, the Saudi Arabian investment firm at the centre of a financial storm, including some of its equity stakes outside the Gulf.

U.S. FDIC launches test of toxic asset sale program

July 31, 2009

WASHINGTON, July 31 (Reuters) – The U.S. Federal Deposit Insurance Corp is launching the first test of its Legacy Loans Program to help banks rid their balance sheets of toxic assets so they can raise new capital and increase lending, the agency said on Friday.

U.S. FDIC wants limits on consumer finance agency authority

July 24, 2009

WASHINGTON, July 24 (Reuters) – The Federal Deposit Insurance Corp on Friday argued for limits on a new agency to protect consumers from risky financial products and warned against stripping consumer protection duties from bank regulators. (more…)

EXCLUSIVE – UAE central bank tells lenders to raise provisions over Saad, Algosaibi

July 23, 2009

By Stanley Carvalho
ABU DHABI, July 23 (Reuters) – The United Arab Emirates central bank has directed banks to take provisions over a two-year period of up to 75 percent of their exposure to a pair of troubled Saudi firms, bankers told Reuters on Thursday. (more…)

State-aided banks may need to sell assets – EU commission

July 23, 2009

By Foo Yun Chee
BRUSSELS, July 23 (Reuters) – Crisis-hit banks may have to divest assets and hold back on acquisitions to gain European Union regulatory approval for their state bailouts, the European Commission said on Thursday. (more…)

Punches fly as South Korean MPs pass key laws

July 22, 2009

KOREA-PARLIAMENT/By Jonathan Thatcher
SEOUL, July 22 (Reuters) – A rowdy South Korean parliament on Wednesday passed a set of media and bank ownership laws that form part of the conservative government’s delayed reforms to shake up Asia’s fourth-largest economy and make it more competitive. (more…)

Democrats vow fight with banks over U.S. consumer protections

July 22, 2009

U.S. Representative Barney Frank (R) By Kevin Drawbaugh
WASHINGTON, July 22 (Reuters) – Congressional Democrats pledged on Wednesday to engage the banking industry in a summer-long debate over the Obama administration’s call for the creation of a U.S. Consumer Financial Protection Agency. (more…)