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Banking

WireTap 0900 30/11/11

A round-up of the key stories across the specialist financial media, including news that the eurozone falls short on fund and Britain braces for a debt storm




Euro Zone falls short on Fund

Euro-zone finance ministers agreed on Tuesday on details to expand the bloc's bailout fund but acknowledged it would have less capacity to help troubled nations than once hoped, and suggested future efforts to resolve the worsening crisis would depend on the European Central Bank and the International Monetary Fund coming to their aid.

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Britain braced for ‘debt storm’

George Osborne, late on Tuesday steered Britain towards another five years of austerity as he mapped out a bleak course of stalling growth, public sector pay restraint, painful cuts and rising borrowing stretching into the next parliament.

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Britain prepares for strike disruption

Britain is facing its biggest strike for a generation on Wednesday, as up to 2m public sector workers mount a 24-hour stoppage and take to the streets to protest against government plans to reform their pensions.

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Work needed to ensure regulations mesh, says SFC’s Alder

Further international co-ordination is needed if the G-20 deadline for central clearing of standardised OTC derivatives is to be met, says new SFC chief executive

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Greek banks suffer surge in withdrawals

The head of Greece's central bank said on Tuesday bank deposits had shrunk significantly in the past two months as the public withdrew billions of euros as political tension mounted.

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Firms take advantage of new Brazilian bank approval through acquisitions

Brazil’s central bank strategy to focus on the orderly consolidation of its banking industry has pushed companies to merge or acquire rather than establish institutions

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Hungary rate rise fails to support forint; no end in sight for CE currency rout

Hungary’s National Bank raised interest rates on Tuesday as it attempted to arrest the slide in the forint, but few believe it will be enough to ease the pressure on its currency.

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