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Banking

WireTap 0900 31/01/12

A round-up of the key stories across the specialist financial media, including news that European banks are preparing to tap the ECB's emergency funding scheme for up to twice as much as the ECB supplied in its debut €489bn auction last month.


Banks set to double crisis loans from ECB 

European banks are preparing to tap the European Central Bank’s emergency funding scheme for up to twice as much as the ECB supplied in its debut €489bn auction last month, providing further evidence of the sector’s liquidity squeeze.

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EU nears confrontation over Greek rescue

Euro leaders left a Brussels summit late yesterday with no accord over how to plug Greece’s widening budget hole and German Chancellor Angela Merkel voicing frustration with the Athens government’s failure to carry out an economic makeover.

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Europe stocks open higher, led by banks, ARM 

European stock markets opened higher on Tuesday, a day after 25 out of 27 European Union states signed up to a stricter fiscal discipline plan.

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Asian shares, euro recover on Greek debt hope, Portugal weighs

Asian shares and the euro rose on Tuesday after Greek Prime Minister Lucas Papademos raised hopes that a deal would be reached this week to avoid a potentially chaotic debt default, but worries over Portugal's refinancing ability capped gains.

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CEOs of Barclays, HSBC may keep bonuses

Barclays Robert Diamond, will probably receive his bonus, analysts and investors say. Unlike RBS and Lloyds Banking Group, where the UK taxpayer is the biggest shareholder, the government has no stakes in Barclays, HSBC Holdings Plc or Standard Chartered Plc, making it difficult for the state to exert bonus restrictions.

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Groupon CEO takes on critics 

Andrew Mason, the 31-year-old founder of Groupon took his Chicago-based daily deals site public in November at a valuation of $13 billion, well below the $15 billion to $20 billion price tag Groupon once thought it could command. The IPO also brought on questions about another bubble in the Internet sector and the viability of the daily-deals business model.

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