Financial Regulatory Forum

Standard Chartered case may not set model for targeting other banks

September 5, 2012

By Aruna Viswanatha and Brett Wolf

WASHINGTON/ST. LOUIS, Sept. 5 (Thomson Reuters Accelus) – Benjamin Lawsky’s surprise move against Standard Chartered in an Iran sanctions case may have stunned the banking world, but it is unlikely to expand the scope of a series of similar U.S. cases against European banks that are still in the pipeline.
Lawsky, the New York state bank regulator, stunned the British bank, its shareholders and other U.S. authorities when he moved ahead last month with his own case against Standard Chartered, accused of hiding transactions involving Iran, which is under U.S. trade and economic sanctions. (more…)

Staging “Macbeth” in Manhattan: enforcement in the aftermath of Libor and Standard Chartered

August 31, 2012

By Justin O’Brien, Thomson Reuters Accelus contributing author

LONDON/NEW YORK, Aug. 31 (Thomson Reuters Accelus) – Despite the lack of commentary from either the White House or federal executive agencies, the Standard Chartered investigation — and the manner in which it was handled — is certain to reignite the festering feud over how to regulate finance. Absent the physical bloodshed, the power struggle for control of banking regulation and how to change its culture finds remarkable parallels in Macbeth, the classic Shakespearean tale of political infighting. As with Banquo’s Ghost, the spectre of Eliot Spitzer and his battles with federal counterparts over the purpose of regulation looms large.  (more…)

RBS confirms Pakistan ops disposal deal lapses

January 4, 2010

   LONDON, Jan 4 (Reuters) – Royal Bank of Scotland <RBS.L> said a deal to sell its Pakistani business had lapsed after failing to get regulatory approval, confirming a statement earlier this month from MCB Bank, the unit’s would-be buyer. (more…)

UK bank bailout cost hits 850 billion sterling – watchdog

December 4, 2009

banking_landing_page_image By Kirstin Ridley

LONDON, Dec 4 (Reuters) – The price tag for bailing out UK banks has hit 850 billion pounds ($1.4 trillion) but Britain’s spending watchdog says the final cost to taxpayers will not be known for years.

EU clears revamp plans for Lloyds, ING, KBC

November 18, 2009

LLOYDS/   BRUSSELS, Nov 18 (Reuters) – Plans by three major European banks to sell chunks of their operations in return for state aid were approved by EU authorities on Wednesday, marking the latest regulatory-enforced financial break-ups. (more…)

Brussels may make RBS, Lloyds shed clients -paper

October 6, 2009

BRITAIN-HBOS/LLOYDS   LONDON, Oct 6 (Reuters) – The European Commission wants Royal Bank of Scotland <RBS.L> to shed up to 10 percent of its small business customers as the penalty for receiving billions of pounds of state aid, The Times reported on Tuesday. (more…)