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Dec 14, 2012
via Breakingviews

Other banks may take most of the UBS Libor pain

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By George Hay

The author is a Reuters Breakingviews columnist. The opinions expressed are his own

UBS is next up in the Libor stocks, and the Swiss bank’s investors will be nervous. When Barclays became the first bank to admit fiddling the London interbank offered rate back in June, the ensuing reputational firestorm forced out both its chairman and chief executive. But even though UBS’s fine is expected to be more than double Barclays’ $450 million hit, the fallout could still be worse for other banks.

Dec 10, 2012

Bank crisis plans strike discordant note

(The author is a Reuters Breakingviews columnist. The opinions
expressed are his own)

By George Hay

LONDON, Dec 10 (Reuters Breakingviews) – Global financial
regulators are playing separate, slightly discordant, tunes.
One, exemplified by Federal Reserve governor Daniel Tarullo’s
recent call for the U.S. arms of foreign banks to hold the same
capital levels as domestic peers, implies banks will in future
become more balkanised. Another, demonstrated by Monday’s
document from the U.S. Federal Deposit Insurance Corporation and
Britain’s Bank of England on how to resolve cross-border banks,
calls for a more cooperative future.

Dec 7, 2012
via Breakingviews

Banking union will revive pan-EU bank M&A

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By George Hay

The author is a Reuters Breakingviews columnist. The opinions expressed are his own

Europe’s banking union could reignite cross-border bank mergers. Spooked by financial and euro zone crises, national regulators have pressed their charges to retrench to domestic markets. But the arrival of a single supervisor and central bailout fund could revive the M&A frenzy seen earlier in the decade.

Dec 6, 2012

Deutsche spat reopens mark-to-model/myth debate

(The author is a Reuters Breakingviews columnist. The opinions
expressed are his own)

By George Hay

LONDON, Dec 6 (Reuters Breakingviews) – Deutsche Bank
(DBKGn.DE: Quote, Profile, Research) is battling to move on from 2008 and the heart of the
financial crisis. Former employees of the German bank allege it
hid $12 bln of losses as the credit crunch hit. It reopens the
debate over whether marking shaky assets to model was actually
marking to myth – and whether it mattered.

Dec 5, 2012

British bank levy hike even sillier than feared

(The author is a Reuters Breakingviews columnist. The opinions
expressed are his own)

By George Hay

LONDON, Dec 5 (Reuters Breakingviews) – The UK’s hike in its
bank levy shows a lack of joined-up thinking. The coalition
really wants the country’s biggest banks to support the UK’s
misfiring economy by lending more. Its latest tax grab
incentivises them to lend less.

Dec 3, 2012

UK bank steroids are working for the wrong reason

(The author is a Reuters Breakingviews columnist. The opinions
expressed are his own)

By George Hay

LONDON, Dec 3 (Reuters Breakingviews) – The medicine
prescribed to get UK banks lending again isn’t really working.
But at least the side effects are positive.

Dec 3, 2012

UK bank capital probe puts heat on RBS

(The author is a Reuters Breakingviews columnist. The opinions
expressed are his own)

By George Hay

LONDON, Dec 3 (Reuters Breakingviews) – The great UK bank
capital probe puts heat on Royal Bank of Scotland (RBS.L: Quote, Profile, Research). The
Bank of England warned on Nov. 29 that the domestic banks it
regulates may not be setting aside enough to deal with future
losses. Making definitive judgments about who this affects isn’t
easy. RBS won’t be the only to attract attention. But the
state-dominated lender could well find itself fielding some of
the first questions.

Nov 29, 2012
via Breakingviews

Spain’s bank rescue is part bail-in, part bail-out

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By George Hay and Neil Unmack

The authors are Reuters Breakingviews columnists. The opinions expressed are their own

Spain’s bank haircuts are part bail-in, and part bail-out. The indebted government has lopped 10 billion euros off its euro zone-funded bank rescue bill by cutting the value of its worst lenders’ hybrid debt. Yet if it hadn’t been for political considerations, the burden-sharing might have been greater.

Nov 29, 2012

BREAKINGVIEWS:Spain’s bank rescue is part bail-in, part bail-out

(The authors are Reuters Breakingviews columnists. The opinions
expressed are their own)

By George Hay and Neil Unmack

LONDON, Nov 29 (Reuters Breakingviews) – Spain’s bank
haircuts are part bail-in, and part bail-out. The indebted
government has lopped 10 billion euros off its euro zone-funded
bank rescue bill by cutting the value of its worst lenders’
hybrid debt. Yet if it hadn’t been for political considerations,
the burden-sharing might have been greater.

Nov 28, 2012
via Breakingviews

Carney at BoE changes the game for UK banks

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By George Hay

The author is a Reuters Breakingviews columnist. The opinions expressed are his own

Mark Carney’s appointment as governor of the Bank of England changes the game for UK banks. On the big issues – capital, liquidity, and structural reform – the Canadian central banker is unlikely to deviate significantly from current policies. But the new man’s different skills and interests, compared to current incumbent Mervyn King, could still make a tangible difference.

    • About George

      "George Hay writes about the banking and property sectors. He joined from Thomson Financial News, where he was a companies correspondent. Before that he worked at United Business Media, where he was news editor of Building Magazine. He has a first in English Literature from Edinburgh University, and was nominated in two categories at the 2009 Business Journalist of the Year Awards."
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