Regulation Correspondent, Europe
Huw's Feed
Oct 29, 2014

Britain’s Yorkshire Building Society fined 4 mln pounds for mortgage failings

LONDON, Oct 29 (Reuters) – Britain’s financial watchdog has
fined Yorkshire Building Society (YBS) 4.1 million
pounds ($6.6 million) for failing to deal properly with
thousands of customers who fell behind on their home loan
payments.

The penalty is the biggest fine for a building society and
Britain’s second-largest mortgage mutual is also paying 8.4
million pounds in redress to nearly 34,000 customers.

Oct 28, 2014

EU ambassadors urged to help break transaction tax deadlock

LONDON, Oct 28 (Reuters) – European Union ambassadors are
being urged to inject momentum into stalled plans for a tax on
financial transactions as a December deadline looms, an EU
document seen by Reuters showed.

A group of 11 of the bloc’s 28 member states, including
Germany, Italy and France, have agreed in principle to a
financial transaction tax (FTT) designed to make banks pay for
the taxpayer aid they received in the 2007-09 financial crisis.

Oct 28, 2014

Bank of England set to impose higher leverage ratio on banks – sources

LONDON, Oct 28 (Reuters) – The Bank of England is expected
to impose on UK banks a tougher leverage ratio, the broadest of
capital requirements, than under proposed global rules, in a
move to reassure investors that lenders can survive the next
financial crisis, banking sources said.

The BoE is at the same time expected to simplify proposals
on varying the new ratio, which specifies the minimum amount of
core capital a bank must hold as a proportion of its total
assets, regardless of how risky or safe its lending policies
might be.

Oct 27, 2014

Bank of England says “anything goes” attitude in finance must end

LONDON, Oct 27 (Reuters) – Tougher rules may be needed to
stop a repeat of the “outrageous” behaviour that has hit trust
and confidence in financial markets in recent years, Bank of
England Deputy Governor Minouche Shafik said on Monday.

Launching a consultation into commodity, bond and currency
wholesale markets after banks were fined $6 billion for rigging
the benchmark interest rates, Shafik said that more changes may
be needed to stop the “anything goes” attitude of traders
uncovered in recent enforcement cases.

Oct 26, 2014

EU says 24 banks fail stress test, capital hole of 25 bln euros

LONDON, Oct 26 (Reuters) – A health check of banks across
the European Union showed that 24 lenders, all from the euro
zone, were too weak to withstand a three-year recession in a
test aimed at drawing a line under the single currency’s area’s
protracted debt crisis.

Italy’s Monte dei Paschi had the biggest capital
hole to fill at 2.1 billion euros even after its money raising
efforts so far this year.

Oct 24, 2014

Bank of England paper says some clearing houses may need more capital

LONDON (Reuters) – Clearing houses may need bigger capital cushions as more and more trading in financial derivatives comes their way, the Bank of England said in a paper on Friday.

BoE Governor Mark Carney has said that regulators must make sure that clearing houses don’t end up becoming the new breed of “too big to fail” financial firms.

Oct 24, 2014

BoE paper says some clearing houses may need more capital

LONDON, Oct 24 (Reuters) – Clearing houses may need bigger
capital cushions as more and more trading in financial
derivatives comes their way, the Bank of England said in a
paper on Friday.

BoE Governor Mark Carney has said that regulators must make
sure that clearing houses don’t end up becoming the new breed of
“too big to fail” financial firms.

Oct 24, 2014

UK bank stress test capital measure changed late in process-sources

LONDON, Oct 24 (Reuters) – Britain’s regulator told banks
this week they must use a stricter measure of how they measure
capital under a health check of lenders that will be released on
Sunday, people familiar with the matter said.

The European Banking Authority (EBA) is assessing how 123
European banks would cope under a recession scenario and will
release its findings of their capital strength on a so-called
transitional basis.

Oct 23, 2014

Global regulators agree new capital yardstick for insurers

LONDON, Oct 23 (Reuters) – Global regulators have written
the first global capital rule for insurers, marking a key
milestone in efforts since the 2007-09 financial crisis to
reinforce supervision of the sector.

The aim is to make sure big insurers hold enough capital at
all times to meet commitments to policyholders and withstand the
ups and downs in markets.

Oct 23, 2014

Bank of England sets out tough regime for failed banks

LONDON, Oct 23 (Reuters) – Top managers of a failed bank
would be replaced immediately and creditors told within two days
the losses they will bear, the Bank of England said on Thursday
in its blueprint for avoiding taxpayer bailouts in future
financial crises.

This is the first time the British central bank has set out
the steps it would take over an initial 48-hour period to deal
with a collapsing bank.

    • About Huw

      "Huw is based in London and covers European regulatory issues and global rulemaking bodies such as the G20, Financial Stability Board, IOSCO, IASB and the Basel Committee. He has covered EU regulation in Brussels, the emergence pan-European stock markets, and has also been a Wall Street reporter in New York."
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