Banks told to cap cash deposit charges at Rs 5
The Reserve Bank of India (RBI) has told banks not to charge more than Rs 5 for any cash deposit made at a non-home branch (other than the one where the customer has the account). Some banks charge as much as Rs 110 for such cash deposits.
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Allied Irish Banks to give $50 million bonuses amid government bailout
Dublin, Ireland, United Kingdom (AHN) – Financially challenged Allied Irish Banks is scheduled to give $50 million (EUR 40 million) bonuses to bank officers despite the company being a possible recipient of another bailout from the Irish government.
The bonuses, amounting to $214,328 (EUR 161,000) for each of 2,400 bankers in the Dublin capital markets division, are part of a court award in 2008. The bonuses are scheduled to be given Dec. 17.
Because of the AIB situation, European banking regulators were scheduled to meet in London Thursday to come up with new rules applicable within the regional bloc on payment of bonuses amid financial crises. The rules propose to defer paying the bonuses over three years and forfeiting the payments if the banks suffer more losses.
AIB is 19 percent owned by taxpayers, but the government share is expected to go up to 95 percent after the Irish central bank required AIB to raise another $6.9 billion (EUR 5.2 billion) by the end of February. The amount will likely come not from the private sector, but from the $113 billion (EUR 85 billion) bailout from the International Monetary Fund and the European Union.
AIB investors, including some of the world’s largest fixed-income pension and insurance funds, are scheduled to meet Friday to discuss a possible lawsuit against the Irish government if the bank will be required to reduce again the value of subordinated debts issued by AIB.
Investors who held Tier 1 and Tier 2 bonds in AIB agreed in June 2009 to trade in these bonds for a new issue of lower Tier 2 debt. The move caused investors to lose 33 to 50 percent of their investments’ face value.
The investors warned that if they were forced to another round of swap, many pension funds, insurers and main fixed-income funds would shirk from Irish paper in the future for a long time.
Subordinated debt investors have filed similar legal cases against the Anglo Irish Bank and Irish Nationwide, but with little success.
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EU sets tougher rules for banks
Crisis-hit banks seeking state
aid next year will have to overhaul their operations as part of
a strategy to wean them off state support, the European Union’s
competition chief said on Wednesday. |||
Crisis-hit banks seeking state
aid next year will have to overhaul their operations as part of
a strategy to wean them off state support, the European Union’s
competition chief said on Wednesday.
The tougher conditions came as the European Commission
extended by a year a framework of rules set up in October 2008
allowing EU governments to bail out their lenders under looser
terms.
“After almost two years of a specific crisis state aid
regime, we need to prepare a gradual return to normal market
functioning,” Competition Commissioner Joaquin Almunia said in a
statement.
“The remaining risk of renewed stress is a valid reason to
proceed with care and caution in the exit process.”
Under current rules, only distressed banks which had
received support above 2 percent of their risk-weighed assets
needed to come up with a restructuring plan.
The EU executive also decided to keep measures facilitating
access to finance for small- and medium-sized enterprises, but
under stricter conditions.
It extended by another year to 2011 simpler rules for
short-term export credit insurance and said governments could
invest up to 2.5 million euros ($3.26 million) – a 1 million
euro increase – in start-ups as private equity investors moved
to less risky investments. – Reuters
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SBI plans 500-750 m euro bond
State Bank of India, the country’s top lender, has hired six banks for a euro bond issue of 500 million to 750 million euros and will begin investor meetings on November 17, IFR reported.
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Central Banks Open Spigot
The developed world’s central banks are moving to respond to a weak recovery, reduce the risks of a global deflation and restrain their currencies from rising against those of their trading partners.
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Crisis in Ireland Shakes Europe
Ireland said additional costs of propping up the country’s banks could stretch its government budget deficit to nearly a third of the country’s total economy-a record for any euro-zone member.
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Central Bank’s Intervention Succeeds In Weakening the Yen
Last week’s most significant development in global currencies was without a doubt the Bank of Japan’s (BoJ) decision to intervene in the national currency’s trading for the first time since 2004. As a result, the yen fell about 150 pips vs. the U.S. dollar, and about 500 pips against both the euro and the British pound.
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