European banking correspondent
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Aug 26, 2015

‘Bad bank’ path worn by Ireland and Spain looks steep for Greece

LONDON (Reuters) – Greece is under growing pressure to take care of banks’ problem loans so they are free to lend again, but the depth and complexity of its crisis will make it tough to replicate the comprehensive “bad bank” models set up in Ireland and Spain.

Deciding how to deal with more than 100 billion euros ($115 billion) of non-performing loans held by banks is a central part of Greece’s recovery plan – and one of the biggest headaches for policymakers.

Aug 26, 2015

Analysis – ‘Bad bank’ path worn by Ireland and Spain looks steep for Greece

LONDON (Reuters) – Greece is under growing pressure to take care of banks’ problem loans so they are free to lend again, but the depth and complexity of its crisis will make it tough to replicate the comprehensive “bad bank” models set up in Ireland and Spain.

Deciding how to deal with more than 100 billion euros ($115 billion) of non-performing loans held by banks is a central part of Greece’s recovery plan – and one of the biggest headaches for policymakers.

Aug 26, 2015

UK banker bonuses fall to 13,100 pounds on average, still 8 times other workers

LONDON, Aug 26 (Reuters) – Bonuses paid to bankers and
financial industry staff in Britain fell last year to 13,100
pounds ($20,505) on average, down 800 pounds or 6 percent from
the previous year, as tougher rules force a change in pay
structures.

Total finance industry bonus payments fell 10 percent 13.6
billion pounds and are down more than a quarter from their 2008
peak, figures from Britain’s Office for National Statistics
(ONS) showed on Wednesday, although payouts were still more than
eight times the average of 1,500 pounds across all industries.

Aug 13, 2015

Yuan slide seen adding to StanChart’s Asian challenges

LONDON, Aug 13 (Reuters) – Already faced with a battle to
revive the fortunes of banking group Standard Chartered
, new Chief Executive Bill Winters is now confronted
with another challenge in the shape of China’s yuan devaluation.

Just over a week after Winters outlined his plans to revive
the bank after a slump in profits, analysts say his turnaround
efforts could be hampered by the yuan devaluation which
threatens to increase bad debts in Asia and weaken other
currencies in the region.

Aug 10, 2015

StanChart backs off Australian coal mining project

LONDON, Aug 10 (Reuters) – Standard Chartered will
not advise or help finance the multi-billion dollar Carmichael
coal mine in Australia, marking the second big bank to walk away
from the project in a week.

Environmental groups have been campaigning against the mine,
being developed in Queensland by Indian conglomerate Adani
Mining.

Aug 10, 2015

Banks build capital to keep regulators and investors sweet

LONDON, Aug 10 (Reuters) – Europe’s biggest banks have
stockpiled capital this year to cushion them against unexpected
demands from regulators and also to show their long-suffering
shareholders higher dividend payouts could be just over the
horizon.

Even when the banks’ earnings have disappointed, the need to
stay one step ahead of regulators has encouraged managements to
step up capital rebuilding, analysts said.

Aug 5, 2015

Standard Chartered halves dividend, says may raise cash

LONDON, Aug 5 (Reuters) – Standard Chartered halved
its dividend and said it would raise capital from investors if
needed, as new Chief Executive Bill Winters outlined plans to
revive a bank hit by a 44 percent slump in first-half profit.

Asia-focused Standard Chartered (StanChart) has had a
troubled three years, hurt by a weakening in many of its key
emerging markets as well as fines from U.S. regulators for
misconduct and strained relations with top shareholders.

Aug 4, 2015

UK takes 1 billion pounds hit in RBS sell-off

LONDON, Aug 4 (Reuters) – Britain took a 1.1 billion pound
($1.7 billion) loss on its first sale of shares in Royal Bank of
Scotland (RBS) on Tuesday, sparking accusations of poor
timing from opposition politicians.

The UK government sold a 5.4 percent stake in RBS at 330
pence per share, a third below the price paid when Britain
rescued the bank with 45.8 billion pounds of taxpayer cash at
the peak of the 2007/09 financial crisis.

Aug 4, 2015

UK starts RBS sell-off with 2.1 billion pound stake sale

LONDON (Reuters) – Britain has sold a 2.1 billion pound stake in Royal Bank of Scotland (RBS) (RBS.L: Quote, Profile, Research) to kick off the disposal of its holding seven years after bailing out the bank, sparking a political row that the sale at a loss was being hurried.

Chancellor George Osborne on Tuesday hailed the start of returning RBS to the private sector and said it was right to commence selling at a loss to the price paid in the 2008 rescue.

Aug 4, 2015

UK starts RBS sell-off with $3.3 billion stake sale

LONDON (Reuters) – Britain has sold a 2.1 billion pound ($3.3 billion) stake in Royal Bank of Scotland (RBS) (RBS.L: Quote, Profile, Research, Stock Buzz) to kick off the disposal of its holding seven years after bailing out the bank, sparking a political row that the sale at a loss was being hurried.

Finance Minister George Osborne on Tuesday hailed the start of returning RBS to the private sector and said it was right to commence selling at a loss to the price paid in the 2008 rescue.

    • About Steve

      "Responsible for overseeing coverage of the European bank sector and direct coverage of the international UK-based banks, based in London. Have been in current role for three years, and for previous three years was UK banking reporter. Have over 15 years experience as a financial newswire journalist in London and New York."
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