Canada’s largest international bank, the Bank of Nova Scotia, has recently revealed that it is in exploratory talks with Spanish Banco Bilbao Vizcaya Argentaria (BBVA) to purchase up to 100 percent of its retail bank operations in Chile.
The British CCP Research Foundation published on August 11 its latest report “Conduct Costs Project Report 2017”, which estimates the total amounts paid or provisioned by banks because of misconduct or breach of any code of conduct or any central-bank regulation.
Recently, the euro’s increase in value even accelerated after breaking the psychological bar of US$1.15. It reached $1.1665 on July 21, the highest level since January 14, 2015. Since the beginning of the year, it has gained 10.4 percent. The range between $1.5 and $1.20 per euro seems to be the currency’s new comfort zone.
Banco Santander of Spain is looking for a partner to handle a major cleaning. This is to get rid of the toxic assets, nonperforming buildings and credits that it inherited from Spanish Banco Popular, acquired last June for 1 euro symbolically when the latter was on the brink of bankruptcy.
Central bankers from around the world, who met recently in Sweden to discuss the reform of solvency ratios, did not come to an agreement. Behind a highly technical debate is the opposition of two different approaches on risk management, hiding also an economic war between Europeans and Americans.
The European Central Bank (ECB) is at the eve of reducing the pace of its bond-purchasing program, which it had put in place to stimulate European economic growth. It should be reduced from €80 to €60 billion euros a month from April on.
By July 2016, the European Securities and Markets Authority (ESMA) had already warned European national regulators about highly risky foreign-exchange (forex) contracts.
While on the US side there is much talk of banking deregulation, the European Banking Authority (EBA) issued a report on its Basel III monitoring exercise on European banks’ data, as of June 2016, that shows the necessity for more effort on the part of European banks.
For Eurozone diehards, there is no political or economic storm that the European Union (EU) cannot overcome. In the past, the European Central Bank (ECB) has proven its power in ensuring that the forces that bind the EU remain intact.
The government of Japan and the country’s central bank have signaled that there is a need for more monetary interventions to save the domestic economy from falling into a recession.