Timeline - Failed Bank Tracker
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cunt bank i can insert a virus into this page...Caja de Ahorros del Mediterráneo (Spain)The situation of Spain's troubled financial sector is well-documented; however, news of a Spanish bank being liquidated has virtually gone unnoticed by the international press. CAM, short for Caja de Ahorros del Mediterraneo, will officially enter a liquidation process following a general assembly meeting held last Monday. In reality, the entity's core banking business was acquired by Banco Sabadell, meaning that only remnants of the business, mostly social programs, are being liquidated. (Let's call it a partial liquidation of a Spanish 'caja'.) The main concern, however, is that bank customers are suffering losses as a result of the bank's failure, and that is something that should not be taken lightly. At CAM's general assembly meeting, members voted against the FROB's (Spain's Fund for Orderly Bank Restructuring) proposal to amortize outstanding non-voting shares ('cuotas participativas') to zero, claiming that the move would be detrimental to thousands of customers. http://uk.finance.yahoo.com/news/partial-spanish-bank-liquidation-passes-083514695.htmlAlicante, Spain38.344085, -0.480474
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2013-02-01SNS REAALDNB has found that supplementary financial measures will be required to stabilise SNS REAAL. SNS REAAL's problematic real estate arm is to be isolated. The entire operation will cost the State €3.7 billion. This amount breaks down into €2.2 billion in new capital injections, €0.8 billion to be written off from the earlier aid package, and €0.7 billion to put the real estate portfolio at arm's length. Furthermore, the State will extend €1.1 billion in loans plus guarantees worth €5 billion. As a result, the EMU balance 2013 of the Netherlands will deteriorate by 0.6% while EMU debt will increase by 1.6%.Dutch Governmenthttp://www.government.nl/news/2013/02/01/state-of-the-netherlands-nationalises-sns-reaal.htmlAmsterdam, The Netherlands
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2013-01-25Sparekassen Lolland (Denmark) Denmark's second biggest bank Jyske Bank has agreed to take over Sparekassen Lolland after the unlisted rival failed to meet the financial watchdog's solvency requirements, the banks said on Friday. Denmark has the most fragmented banking industry in the Nordic region with more than 100 banks and many in the industry are predicting further consolidation in the wake of the financial crisis. The two banks said on Friday that the country's financial services regulator had concluded after an inspection that Sparekassen Lolland needed to make further loan impairment charges and provisions for guarantees. As a result Sparekassen Lolland said it would be impossible to meet its solvency requirements within the time allowed. "Consequently, it is not possible for Sparekassen Lolland to continue as an independent financial institution," Jyske Bank said. The FSA had set a deadline for the bank of Sunday, Jan 27 at 0500 GMT to meet the minimum capital solvency requirement of 8 percent of assets. Jyske Bank will take over all of Sparekassen Lolland's customers, assets and liabilities, except for share capital and subordinated capital, it said in the statement. The take-over comprises all 45,000 customers of Sparekassen Lolland's branches and 70,000 customers of online bank FinansNetbanken. The bank's balance sheet amounts to 12.9 billion Danish crowns ($2.33 billion) while loans and advances total 7.1 billion crowns and deposits 9.7 billion crowns.http://www.reuters.com/article/2013/01/25/us-jyskebank-idUSBRE90O0ZE20130125Lolland, Denmark55.67631, 12.569355
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2012-11-06Toender Bank (DK) Toender Bank A/S, which declared bankruptcy on Nov. 2 after an inspection by the Financial Supervisory Authority revealed impairments big enough to wipe out the regional lender’s equity, was guilty of a “massive misrepresentation” of its financial health that more rigorous scrutiny wouldn’t have uncovered earlier, FSA Director General Ulrik Noedgaard said. “It’s massive non-compliance with the laws and regulations, and we can never be 100 percent sure that this won’t happen again,” Noedgaard, whose office is based in Copenhagen, said in an interview yesterday. After going over the accounts of 90 of Denmark’s roughly 105 banks, “we haven’t seen anything like this before,” he said. More than a dozen regional lenders have collapsed since Denmark’s housing bubble burst in 2008, threatening to push the nation into its second recession in less than a year. The International Monetary Fund said Nov. 5 that the FSA should broaden its oversight of Denmark’s regional lenders and even consider enforcing risk-based deposit insurance. Default Swaps Toender Bank, which less than two months ago raised $5 million in new hybrid capital, was declared insolvent after the FSA’s inspection revealed 319 million kroner ($55 million) in bad loans. Sydbank A/S (SYDB), Denmark’s third-largest listed lender, took over the bank’s 18,000 customers and assets, though it won’t assume Toender’s hybrid or supplementary capital. Credit-default swaps on Denmark rose to the highest level in almost two weeks when markets opened Nov. 5. The 57-member index of listed Danish bank stocks fell to its second lowest level in almost three months. Businessweekhttp://www.businessweek.com/news/2012-11-06/deceit-behind-danish-bank-failure-impossible-to-catch-fsa-saysToender, DK54.93644, 8.86897
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2012-11-02Presbyterian Mutual Society (UK)Denmark’s financial watchdog defended its failure to prevent alleged accounting fraud at the nation’s latest bank insolvency after lawmakers called for a probe into the regulator’s practices. Toender Bank A/S, which declared bankruptcy on Nov. 2 after an inspection by the Financial Supervisory Authority revealed impairments big enough to wipe out the regional lender’s equity, was guilty of a “massive misrepresentation” of its financial health that more rigorous scrutiny wouldn’t have uncovered earlier, FSA Director General Ulrik Noedgaard said.http://www.presbyterianmutualsociety.co.uk/UK55.00839, -5.822485
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2012-11-01Chelsea Building Society (UK)One of Britain's biggest credit unions has gone bust, taking the number that have collapsed so far in 2012 to at least six and dealing a blow to attempts by the government and others to promote the sector as a viable alternative to banks and costly payday lenders. North Yorkshire Credit Union was declared "in default" on 1 November and has been placed in liquidation; however, its 5,000 saver members have been told that their money is safe. They will get their cash back via the official Financial Services Compensation Scheme (FSCS) within the next seven days. The credit union's demise has been blamed partly on high levels of bad debts on loans to members, plus "inadequate credit referencing and credit control". It is the sixth credit union to go under in 2012, and follows at least seven that collapsed in 2011. Others that have gone bust in recent months include Tamworth Credit Union in September, the Liverpool-based Waltonian Credit Union in August, and Pallister Credit Union in Middlesbrough in May.BBChttp://news.bbc.co.uk/1/hi/business/8390203.stmUK55.00839, -5.822485
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2012-11-01North Yorkshire Credit Union (UK)One of Britain's biggest credit unions has gone bust, taking the number that have collapsed so far in 2012 to at least six and dealing a blow to attempts by the government and others to promote the sector as a viable alternative to banks and costly payday lenders. North Yorkshire Credit Union was declared "in default" on 1 November and has been placed in liquidation; however, its 5,000 saver members have been told that their money is safe. They will get their cash back via the official Financial Services Compensation Scheme (FSCS) within the next seven days. The credit union's demise has been blamed partly on high levels of bad debts on loans to members, plus "inadequate credit referencing and credit control".The Guardianhttp://www.guardian.co.uk/money/2012/nov/02/north-yorkshire-credit-union-collapseYork, UK53.953339, -1.083427
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2012-09-21Banca Network Investimenti (Italy)http://www.gazzettaufficiale.biz/atti/2012/20120008/12A00056.htmItaly41.29254, 12.573465
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2012-09-21Tamworth Credit Union (UK)Help is on the way for 504 members of Tamworth credit union that went bust today (21 September 2012). The Financial Services Compensation Scheme (FSCS) is stepping in to protect members of the Tamworth Credit Union. The Scheme says members will get their money back within seven days.http://www.fscs.org.uk/news/2012/september/youre-protected-fscs-t-yf1ufy113/index.htmlUK55.00839, -5.822485
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2012-09-20Delta (Italy)Bank enters "Controlled Administration"http://www.ilsole24ore.com/art/finanza-e-mercati/2012-06-14/treviso-rimini-ecco-tutte-143708.shtml?uuid=AbcIZBsFBologna,Italy44.504835, 11.345165
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2012-09-12Bcc di Tarsia (Italy)Bank enters Extraordinary AdministrationMinistry of Finance, Italyhttp://www.gazzettaufficiale.biz/atti/2012/20120237/12A10718.htmItaly41.29254, 12.573465
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2012-09-12Cassa di Risparmio di Rimini (CARIM) (Italy)Bank enters "Controlled Administration"Rimini,Italy44.05539, 12.569995
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2012-08-30TT Hellenic Postbank (Greece)http://greece.greekreporter.com/2012/08/30/facing-collapse-greeces-postbank-to-be-privatized/Greece38.283306, 24.537435
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2012-08-09Alpha Bank (Greece)Financial Timeshttp://www.ft.com/cms/s/0/862b44a6-a8eb-11e1-b085-00144feabdc0.html#axzz2DEdKI8qVAthens, Greece37.97605, 23.73718
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2012-08-09Waltonian Credit Union (UK)Help is on the way for 703 members of a Liverpool credit union that went bust today (9 August 2012). The Financial Services Compensation Scheme (FSCS) is stepping in to protect members of the Waltonian Credit Union. The Scheme says members will get their money back within seven days. Waltonian has about £100,000 of members’ money on deposit. http://www.fscs.org.uk/news/2012/august/youre-protected-fscs-t-kdgvg311h/index.htmlLiverpool, UK53.409773, -2.978481
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2012-08-05Banca UBAE S.p.A. (Italy)Bank enters Extraordinary AdministrationMinistry of Finance, Italywww.gazzettaufficiale.biz/atti/2011/20110146/11A08201.htmItaly41.29254, 12.573465
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2012-06-29Fortis Netherlands (Netherlands)Telegraphhttp://www.telegraph.co.uk/finance/financialcrisis/3100606/Financial-crisis-Benelux-bank-Fortis-nationalised-to-stop-collapse.htmlAmsterdam, Netherlands52.373095, 4.893305
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2012-06-29Latvijas Krajbanka (Latvia)On 8 May, Riga District Court decided to start the bankruptcy procedure of the failed Latvian bank Latvijas Krajbanka. The move was initiated by Krajbanka's insolvency administrator SIA KPMG Baltics. The company believes that it is impossible to revive the bank without state support, which is not coming. Advertisement Krajbanka was declared insolvent on 23 December 2011 after the Latvian financial watchdog suspended its activities on 21 November 2011.Baltic Business Newshttp://balticbusinessnews.com/article/2012/5/9/krajbanka-declared-bankruptLatvia56.880104, 24.605246
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2012-06-29Bankas Snoras AB (Lithuania)Lithuania's central bank said it would file a request on Friday for Snoras, the country's fifth largest bank, to be declared bankrupt because it was insolvent and had a bigger hole in reported assets than previously thought. Russian businessman Vladimir Antonov, who owned a majority stake in Snoras, and his Lithuanian partner Raimondas Baranauskas were detained on Thursday in London on a European arrest warrant. Prosecutors said they were suspected of large-scale embezzlement and fraud. Snoras owned 68 percent of Latvijas Krajbanka, which Latvia took over on Monday. "I don't think there should be any problems in relations between Lithuania and Latvia because of one guy's, Mr. Antonov's, fraud in Lithuania and Latvia," Lithuania's Prime Minister Andrius Kubilius said. However, Latvian Prime Minister Valdis Dombrovskis canceled a planned visit to Lithuania on Friday, and held emergency talks on Krajbanka. He said that in a phone conversation with Kubilius he had "expressed regret that Lithuania did not manage to stabilise Snoras. Clients in both countries will suffer." Latvia's banking watchdog said it was pushing for Krajbanka, the country's oldest bank, to be declared bankrupt. There were some 100 million lats in assets missing from Krajbanka, according to the country's Financial and Capital Market Commission (FKTK). The FKTK said on Friday it would launch payouts from the deposit insurance fund to Latvijas Krajbanka's depositors, through the state-owned Citadele Bank, starting on Tuesday.Reutershttp://uk.reuters.com/article/2011/11/25/lithuania-snoras-latvia-idUKL5E7MP06620111125Lithuania55.173956, 23.89439
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2012-06-18National Bank of Greece (Greece)Greece, Turkey, Southeastern Europe38.283306, 24.537435
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2012-06-12Lloyds TSB (UK)The government must be a "rock of stability" for British people during the credit crisis, Prime Minister Gordon Brown has said. The Treasury is to inject up to £37bn of new capital into Royal Bank of Scotland, Lloyds TSB and HBOS. Mr Brown told a press conference people could not be left to be "buffeted about" and banking was a "lifeline". It was not "standard public ownership" and the banks would return to private investors "at the right time", he said. Mr Brown later told a City audience that he wanted world leaders to gather for a new Bretton Woods - the conference held in 1944 which helped draw up the post-war financial order. He said there had to be "a new financial architecture for the years ahead", with global supervision to match a world where money flows across borders and firms operate multi-nationally. 'Obvious' Mr Brown, speaking at Reuters in Canary Wharf, said he had sought to bring in such changes since 1998, but there had always been something more pressing for other countries to worry about. He added: "Sometimes it does take a crisis for people to agree that what is obvious and should have been done years ago can no longer be postponed." BBChttp://news.bbc.co.uk/2/hi/uk_news/politics/7666695.stmUK55.00839, -5.822485
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2012-06-04Caixa Geral de Depósitos (Portugal)State owned bank receives bailoutPortuguese banks turn to bailout fund for capital. Three leading Portuguese banks will draw on funds provided under the country's 78 billion euro ($96 billion) international bailout to meet tough new capital requirements as they struggle with the country's debt crisis. Millennium bcp, Portugal's largest private bank in terms of assets, said on Monday it would draw 3 billion euros from the bailout fund's "recapitalisation line", while Banco BPI will draw 1.2 billion. State-owned Caixa Geral de Depositos will draw 1.65 billion. The move by the three banks was expected and leaves only Banco Espirito Santo (BES) among Portugal's leading banks without state funding. BES has said it does not intend to draw on the recapitalisation line after having raised 1 billion euros from shareholders. "These operations will put Portuguese banks in a solid position compared with other European banks," Finance Minister Vitor Gaspar told a press conference as he presented the results of the fourth review of the country's bailout. Under Portugal's bailout by the European Union and IMF, 12 billion euros was set aside for the recapitalisation of its banks. Capital injections to the sector will be carried out through special bonds convertible into equity, known as Cocos, which must be paid back in five years. If not repaid, the state would end up holding about 33 percent of BPI and 40 percent of Millennium, according to Andre Rodrigues, an analyst at Caixa Banco de Investimento. Portugal's banks have effectively been cut off from European capital markets for nearly two years since the country's debt crisis broke out and it entered its worst recession since the 1970s under the weight of sweeping austerity measures. Shares in Banco BPI surged on the fact that the capital raising was relatively small, while Millennium slipped on the large size of its hike. HIGHER AMOUNT "The market believes that BPI will be able to turn the situation around and return the money to the state in the five years under the plan," said Emanuel Vieira, a trader at brokerage Golden Broker. "In the case of Millennium there were already doubts as it is a much higher amount." Shares in Millennium were 1 percent lower at 0.099 euros per share and BPI was 7 percent higher at 0.408 euros per share. Under the bailout terms, the country's banks need to have core Tier 1 capital ratios of 10 percent of assets by the end of this year. Millennium said it would raise a further 500 million euros through a rights issue to shareholders, while Banco BPI will raise another 200 million through the same route. An analyst who asked not to be named said shareholders were likely to subscribe to both Millennium and BPI's capital hikes. Angolan oil company Sonangol is a large shareholder in Millennium and is likely to participate, the analyst said. Millennium said in a statement the capital plan was prepared on the basis it would have to take a further provision of around 450 million euros for risks linked to the deteriorating economic situation in Greece, where it has a unit. Many economists have said Portugal is likely to need more funding for its bailout, or to extend its terms. Still, the finance minister said on Monday the country had passed the fourth review of the economy under the bailout and the programme remained unchanged... * Millennium bcp to draw 3 billion euros from bailout fund * Banco BPI dto raw 1.2 bln, Caixa Geral de Depositos 1.65 bln * Millennium to raise further 500 million euros via rights issue * Banco BPI to raise another 200 mln.Reutershttp://www.reuters.com/article/2012/06/04/portugal-millennium-idUSL5E8H43EA20120604Portugal36.091091, -18.727655
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2012-05-28London Scottish Bank (UK)Greece’s four largest banks received a €18bn transfer on Monday as the first instalment of a recapitalisation plan agreed as part of the country’s second bailout by the EU and the International Monetary Fund... “The banks have the money as of this afternoon”, said an official at the Hellenic Financial Stability Fund, a vehicle set up by the EU and IMF to handle the recapitalisations. The fund received €25bn from the EFSF to strengthen Greek banks more than two weeks ago but its disbursement was delayed by a legal dispute between the government and lenders over future control of the sector. The remaining €7bn would serve as a capital buffer, a fund official said. The four banks are now expected to regain access to the ECB’s liquidity operations, using the bonds as collateral for funding at cheaper rates than under the emergency liquidity arrangement... National Bank of Greece, the country’s biggest lender, received €7.3bn of funding followed by Piraeus Bank with €4.7bn. Eurobank EFG took €3.97bn and Alpha Bank €1.9bn, according to the HFSF.FSAhttp://www.fsa.gov.uk/library/communication/statements/2008/lsb.shtmlUK55.00839, -5.822485
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2012-05-10Bankia (Spain)Spain Takes Over BankiaBloomberghttp://www.bloomberg.com/news/2012-05-09/spain-takes-over-bankia-readies-second-bailout-after-rato-quits.htmlMadrid, Spain40.4203, -3.705774
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2012-05-09Stroud and Swindon Building Society (UK)Spain said it would take over Bankia (BKIA) SA and may inject public funds into the banking group with the most Spanish real estate as the government prepares the fourth attempt to overhaul the financial system. Spain’s bank bailout fund will convert its 4.5 billion euros ($5.8 billion) of preferred shares in Bankia’s parent, Banco Financiero y de Ahorros, into voting shares, the Economy Ministry said in a statement yesterday. That will give it a controlling stake of 45 percent in Bankia, the ministry said, adding the government will provide the capital that’s “strictly necessary” to clean up the lender.BBChttp://news.bbc.co.uk/1/hi/business/8583054.stmUK55.00839, -5.822485
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2012-05-01Pallister Credit Union (UK)Members of Pallister Credit Union Ltd can expect to receive compensation from the Financial Services Compensation Scheme (FSCS) in the next seven days, after the credit union stopped trading on 1 May 2012.http://www.fscs.org.uk/news/2012/may/pallister-credit-union-ltd-update/Middlesbrough, UK54.573055, -1.237634
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2012-04-26Permanent TSB (Ireland)Dublin plans to transform lender Permanent TSB into a “third national bank” to meet competition concerns in the rapidly shrinking Irish banking market. Under a strategy agreed with Ireland’s international bailout partners, the state-owned lender will be split into a “good” and “bad” bank to deal with €12.5bn of bad loans and lossmaking tracker mortgages that threaten it with closure.Financial Timeshttp://www.ft.com/intl/cms/s/0/73184874-8fbd-11e1-98b1-00144feab49a.html#axzz2GqUo6GzkIreland53.430361, -8.326615
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2012-01-25Hull East of the River Credit Union (UK)Savers with Hull East of the River Credit Union Limited have now had their savings back after the Financial Services Compensation Scheme (FSCS) acted quickly to make compensation payments.http://www.fscs.org.uk/news/2012/january/speedy-fscs-payout-to-members-o-uwunw3wh/index.htmlUK55.00839, -5.822485
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2012-01-13Handsworth Breakthrough Credit Union (UK)Savers with Handsworth Breakthrough Credit Union Limited have now had their savings back after the Financial Services Compensation Scheme (FSCS) acted quickly to make compensation payments.http://www.fscs.org.uk/news/2012/january/speedy-fscs-payout-to-members-o-nfxsquvv/index.htmlUK55.00839, -5.822485
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2011-11-23 Banca di Credito cooperativo della Sibaritide (Italy)Bank enters Extraordinary AdministrationMinistry of Finance, Italyhttp://www.gazzettaufficiale.biz/atti/2011/20110010/11A00349.htmItaly41.29254, 12.573465
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2011-11-21Banco de Valencia (Spain)http://www.bde.es/f/webbde/GAP/Secciones/SalaPrensa/InformacionInteres/ReestructuracionSectorFinanciero/Ficheros/en/frob25062012e.pdfSpain35.712709, -6.916455
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2011-10-20Bcc di Altavilla Silentina e Calabritto (Italy)Bank enters Extraordinary AdministrationMinistry of Finance, Italyhttp://www.gazzettaufficiale.biz/atti/2012/20120008/12A00054.htmItaly41.29254, 12.573465
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2011-10-20Istituto per il Credito sportivo (Italy)Bank enters Extraordinary Administrationhttp://www.linkiesta.it/blogs/trenta-denari/commissariata-una-banca-coinvolta-nel-crac-immobiliare-di-marioRome,Italy41.90311, 12.49576
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2011-10-10Dexia (Belgium)Belgium to take control of Dexia Bank's local arm BRUSSELS - Belgium will take total control of the local arm of the troubled Franco-Belgian bank Dexia in a 4.0 billion euro (S$6.9 billion) deal, Prime Minister Yves Leterme said Monday after a cabinet meeting in Brussels. France, Belgium and Luxembourg said earlier Sunday they had reached a deal to dismantle Dexia, the first victim of the eurozone debt crisis, in a proposal that will be submitted to the Dexia board. Leterme told a news conference that the takeover of Dexia Bank Belgium would "make secure" the retail bank and free it from "any risks resulting from the environment within parent body Dexia SA".AFPhttp://www.france24.com/en/20111010-brussels-take-full-100-percent-control-dexia-belgian-arm-leterme-bankBrussels, Belgium50.848385, 4.349685
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2011-10-08Max Bank (Denmark)Max Bank A/S became Denmark’s first insolvent lender to test a bank package designed to sidestep the country’s bail-in laws after the state was able to find a buyer and avert senior creditor losses. Sparekassen Sjaelland A/S will take over the healthy parts of Max Bank after it was declared insolvent by the Financial Supervisory Authority, the government said late yesterday. The state will assume the bank’s bad loans. Under the consolidation bill, the transaction will be subsidized by Denmark’s guarantee fund. Senior creditors will be spared, while shareholders will lose their investments.Bloomberghttp://www.bloomberg.com/news/2011-10-08/denmark-s-max-bank-will-fail-under-bail-in-law-government-says.htmlNæstved, Denmark55.231544, 11.754249
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2011-09-22Banca Tercas (Italy)Bank enters "Controlled Administration"http://www.linkiesta.it/blogs/trenta-denari/commissariata-una-banca-coinvolta-nel-crac-immobiliare-di-marioTeramo,Italy42.65726, 13.69741
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2011-09-09Bcc Luigi Sturzo di Caltagirone (Italy)Bank enters Extraordinary Administrationhttp://www.bancasturzo.bcc.it/news/dettaglio_news.asp?hNewsID=74099&i_menuID=-118Italy41.29254, 12.573465
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2011-09-06Gallowhill Credit Union (UK)Members of Gallowhill Credit Union Limited can expect to receive compensation from the Financial Services Compensation Scheme (FSCS) in the next seven days, after the credit union was declared in default yesterday, 6 September 2011.http://www.fscs.org.uk/news/2011/september/members-of-gallowhill-credit-un-9xp459t0/index.htmlUK55.00839, -5.822485
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2011-07-29Eurobank EFG (Greece)http://www.alpha.gr/files/investorrelations/EA20110829EN.pdfGreece, Cyprus, Luxembourg, Romania, Bulgaria, Poland, Serbia and Turkey 38.283306, 24.537435
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2011-07-22Lee Bank / Highgate Credit Union (UK)Savers with Lee Bank / Highgate Credit Union Limited have now had their savings back after the Financial Services Compensation Scheme (FSCS) acted quickly to make compensation payments.http://www.fscs.org.uk/news/2011/july/speedy-fscs-payout-to-members-o-1ggmsask/index.htmlUK55.00839, -5.822485
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2011-07-07Byr sparisjóður (Iceland)Icelandic Financial Supervisory AuthorityReykavik, Iceland64.137383, -21.902479
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2011-07-01Caribbean Parents Group Credit Union (UK)Savers with Caribbean Parents Group Credit Union Limited have now had their savings back after the Financial Services Compensation Scheme (FSCS) acted quickly to make compensation payments.http://www.fscs.org.uk/news/2011/july/speedy-fscs-payout-to-members-o-85h3rvrg/index.htmlUK55.00839, -5.822485
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2011-06-24Fjordbank Mors (Denmark)Another Danish bank — Fjordbank Mors — has been taken over by Denmark’s Finansiel Stabilitet as part of of the so-called ‘Bank Package III’ bail-in rules passed last year. The bank wind-up rules mean investors in failed banks’ senior debt, and even depositors, will be exposed to losses. The first to fail under Denmark’s new resolution rules was, of course, Amagerbanken, early this year. In that sense the failure of Fjordbank is more of the same. According to independent research firm CreditSights, Finansiel Stabilitet has given Fjordbank’s assets a preliminary valuation of DKK 7.8bn (€1bn) — which would cover about 74 per cent of senior liabilities. In other words, investors in the bank’s senior debt and the 450 or so deposit holders of Denmark’s €100,000 limit are looking at a haircut of about 26 per cent — somewhat lower than Amagerbanken’s 41 per cent.Financial Timeshttp://ftalphaville.ft.com/2011/06/27/606556/another-danish-bank-falls-into-a-fjord-of-failure/Nykøbing Mors, Denmark56.794521, 8.86307
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2011-06-23Worcestershire Credit Union (UK)Members of Worcestershire Credit Union Limited can expect to receive compensation from the Financial Services Compensation Scheme (FSCS) in the next seven days, after the credit union was declared in default today, 23 June 2011.http://www.fscs.org.uk/news/2011/june/members-of-worcestershire-credi-g7w8aqr4/index.htmlUK55.00839, -5.822485
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2011-05-06Southend Credit Union (UK)The Financial Services Compensation Scheme (FSCS) has been notified of the closure of Southend Credit Union on 6 May 2011. We are aware that members of the credit union have been unable to access their money since that date.http://www.fscs.org.uk/news/2011/may/update-for-members-of-southend-00xkkuqv/index.htmlUK55.00839, -5.822485
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2011-05-05Bcc di Cosenza (Italy)Bank enters Extraordinary AdministrationMinistry of Finance, Italywww.gazzettaufficiale.biz/atti/2011/20110147/11A08219.htmCosenza,Italy39.293213, 16.256949
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2011-05-05Sedici Banca (Italy)Bank enters "Controlled Administration"http://www.ilsole24ore.com/art/finanza-e-mercati/2012-06-14/treviso-rimini-ecco-tutte-143708.shtml?uuid=AbcIZBsFRome,Italy41.90311, 12.49576
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2011-04-21Norwich and Peterborough Building Society (UK)Today (21 April), the Financial Services Compensation Scheme (FSCS) and Norwich and Peterborough Building Society (N&P) have finalised an agreement confirming that the FSCS will receive approximately £28m. This amount is for compensation the FSCS has already paid to N&P Keydata customers.http://www.fscs.org.uk/news/2011/april/keydata-claimants-who-invested-cwcn7fqe/index.htmlUK55.00839, -5.822485
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2011-04-01Ilfracombe and District Credit Union (UK)Following the closure of Ilfracombe and District Credit Union Limited, and the subsequent referral of the credit union to the FSCS by the Financial Services Authority (FSA), the FSCS has declared the credit union in default. We are aware that members of the credit union have been unable to access their money since its closure, and will be sending payments to members in the next few days.http://www.fscs.org.uk/news/2011/april/members-of-ilfracombe-and-distr-114mt1qm/index.htmlUK55.00839, -5.822485
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2011-03-22Banca di Credito dei Farmacisti S.p.a. (Italy)Bank enters Extraordinary AdministrationMinistry of Finance, Italyhttp://www.gazzettaufficiale.biz/atti/2011/20110230/11A12807.htmItaly41.29254, 12.573465
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2011-03-01Sparisjóður Reykjavíkur og nágrennis hf. (Iceland)Icelandic Financial Supervisory AuthorityReykavik, Iceland64.137383, -21.902479
53
2011-02-06Amagerbanken (Denmark)Denmark Seizes Amagerbanken. Danish banking stocks fell Monday after Amagerbanken A/S announced it no longer meets solvency requirements and will therefore be taken over and unwound by Danish state administrators, likely forcing Danish banks to pony up cash for the country's deposit-guarantee scheme. Amagerbanken, the 11th small Danish bank to fall into state hands since the financial crisis hit in 2008, said late Sunday that fourth-quarter write-downs had wiped out its equity, compelling assets and some liabilities to be transferred to and closed down by Finansiel Stabilitet A/S, the state company set up to manage failed banks. As a result of the collapse, Danish banks will have to contribute a proportion of their market share in funds to Denmark's deposit guarantee scheme for secured deposits, they said... Finansiel Stabilitet said it will pay a preliminary sum of 15.2 billion kroner for the assets, covering about 59% of unsecured senior liabilities. A newly created subsidiary called Amagerbanken Of 2011 has received enough liquidity to fulfill capital requirements and keep operations going for the customers, it said.WSJhttp://online.wsj.com/article/SB10001424052748704422204576129910427759674.htmlCopenhagen, Denmark55.67631, 12.569355
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2011-01-26South East Birmingham Community Credit Union (UK)Members of South East Birmingham Community Credit Union can expect to receive compensation from the Financial Services Compensation Scheme (FSCS) in the next seven days, after the credit union was declared in default today (26 January).http://www.fscs.org.uk/news/2011/january/fscs-steps-in-to-protect-member-0dwbdqn3/index.htmlUK55.00839, -5.822485
55
2011-01-06Havant Area Savers Credit Union (UK)http://www.fscs.org.uk/what-we-cover/questions-and-answers/qas-about-havant-area-save-h326eanw/UK55.00839, -5.822485
56
2010-12-16Bank of Ireland (Ireland)Telegraphhttp://www.telegraph.co.uk/finance/newsbysector/banksandfinance/8165146/Irish-fury-as-EU-nationalises-Bank-of-Ireland.htmlDublin, Ireland53.34807, -6.248274
57
2010-12-16Spkef sparisjóður (Iceland)Icelandic Financial Supervisory AuthorityReykavik, Iceland64.137383, -21.902479
58
2010-12-15EBS Building Society (Ireland)EBS Building Society on Wednesday came under the control of the Irish authorities after the Dublin government handed the lender a second capital injection to help it reach a new target for its capital ratios. The latest funding package for EBS, which comes in the form of special investment shares that will convert into ordinary shares if the building society is demutualised, will take the lender's Tier 1 capital ratio to nearly 14pc. Ireland's Central Bank has imposed a minimum 12pc Tier 1 ratio on the country's financial institutions and last month said EBS needed to raise a further €438m to meet the new standard.Telegraphhttp://www.telegraph.co.uk/finance/financialcrisis/8204455/Irish-government-takes-control-of-countrys-largest-building-society-EBS.htmlDublin, Ireland53.34807, -6.248274
59
2010-12-15Sparisjóðurinn í Keflavík (Iceland)Icelandic Financial Supervisory AuthorityReykavik, Iceland64.137383, -21.902479
60
2010-12-06Banco Emiliano-Romagnolo (Italy)Bank enters Extraordinary Administrationhttp://www.bancaditalia.it/media/comsta/2010/CS_BER.pdfBologna,Italy44.504835, 11.345165
61
2010-09-30Eik Bank (Faroe Islands)Finansiel Stabilitet (Danish national asset management agency)Copenhagen, Denmark55.67631, 12.569355
62
2010-09-30Allied Irish Bank (Ireland)Ireland to Take Majority Ownership of AIB in BailoutThe Irish government will take majority ownership of Allied Irish Banks Plc in its second bailout of the lender, Finance Minister Brian Lenihan said. The bank will seek to raise 5.4 billion euros ($7.3 billion) in a November stock offering. Ireland’s National Pensions Reserve Fund Commission, which is guaranteeing the sale, may buy as much as 3.7 billion euros of stock and convert 1.7 billion euros of preference shares, the Dublin-based lender said in a statement today. “In the current stressed market conditions, the bank is unlikely to be able to conduct a traditional privately underwritten transaction,” Lenihan said in a statement today. “As a consequence of these actions it is likely that the state will hold a majority shareholding in AIB.” Ireland’s banks are raising capital after bad debts surged as a decade-long real estate boom collapsed. The government said today the cost of rescuing the country’s lenders may jump to as much as 50 billion euros. The rising cost of the bailouts prompted Standard & Poor’s to downgrade Ireland’s credit rating last month and has pushed up the country’s borrowing costs. Allied Irish’s Managing Director Colm Doherty and Chairman Dan O’Connor will both step down. “The big surprise is the increased capital number for Allied Irish,” said Sebastian Orsi, an analyst with Merrion Capital, a Dublin-based securities firm. “The government could end up with over 90 percent of the group, subject to investor take-up of the planned stock sale to shareholders.” Shares Tumble The stock fell 8.2 percent to 51 euro cents at the 5:10 p.m. close of trading in Dublin. The new shares will be sold for 50 cents each, the lender said. Bank of Ireland Plc rose 8.8 percent to 62 cents after the central bank said it didn’t need any extra cash. “This is very disappointing, particularly regarding Allied Irish,” said Ciaran Callaghan, an analyst with NCB Stockbrokers in Dublin. “Overall, it’s quite worrying that banking costs continue to rise.” The Anglo Irish bailout may cost Ireland’s government more than 35 billion euros, Standard & Poor’s credit analyst Trevor Cullinan said this month.Bloomberghttp://www.bloomberg.com/news/2010-09-30/ireland-to-take-majority-ownership-of-aib-in-bailout-update1-.htmlDublin, Ireland53.34807, -6.248274
63
2010-09-30Sofia Bank (Finland)Finland64.928595, 26.067386
64
2010-09-30Eik Banki P/F (Faroe Islands)Finansiel Stabilitet (Danish national asset management agency)Thorshavn, Faroe Islands61.897837, -6.969925
65
2010-07-05T Bank (Greece)http://www.capital.gr/Articles.asp?id=964001Greece38.283306, 24.537435
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2010-05-24Caja Sur (Spain)Cajasur was taken over by Spanish authorities on Saturday after talks to merge it with a profitable bank ended. Cajasur ran into trouble due to its exposure to the Spanish housing market. Like many of the 45 savings banks operating in Spain, Cajasur invested heavily in the property sector, causing a boom in construction before its collapse following the financial crisis. But the market's collapse has now left lenders with debts worth 445bn euros, according to Goldman Sachs. The Bank of Spain has taken over the running of Cajasur, giving it access to 550m euros (£474m; $686m) of emergency funding.BBChttp://www.bbc.co.uk/news/10145716Córdoba, Spain37.87794, -4.778403
67
2010-04-15Golas Bank (Minsk)Latvia56.880104, 24.605246
68
2010-03-26Banca di credito cooperativo (Bcc) Monastier e del Sile (Italy)Bank enters Extraordinary Administrationhttp://www.bccmonsile.it/?area=1&menu=31392Monaster del Sile (TV),Italy45.945375, 12.801915
69
2010-02-24HBOS (UK)UK55.00839, -5.822485
70
2010-02-11Capinordic (Denmark)Finansiel Stabilitet (Danish national asset management agency)Copenhagen, Denmark55.67631, 12.569355
71
2009-12-14Hypo Alpe-Adria-Bank International (Austria)FailedAustria nationalised Hypo Group Alpe Adria to avert a bank collapse that could have undermined trust in banks in eastern Europe and cast doubt over Austria's and Germany's backing of state-owned lenders. Austria is taking over 100 percent of Hypo from BayernLB, insurer Grawe and the Austrian state of Carinthia, after shareholders agreed to inject around 1 billion euros ($1.5 billion) in capital, Finance Minister Josef Proell said. Proell said European Central Bank President Jean-Claude Trichet had been involved in the talks. The owners will give away their stakes in Hypo to Austria and provide an additional round of capital. BayernLB, which is owned by Bavaria, will give an additional 825 million euros in capital, and leave 3 billion euros of liquidity in the bank. It was the second nationalisation of an Austrian bank during the global financial crisis after Austria bailed out troubled municipality lender Kommunalkredit last year.Reutershttp://updated.internalinsider.info/index.php/business/46490-austria-nationalises-hypo-to-avoid-banks-collapseKlagenfurt, Austria46.62056, 14.31069
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2009-09-28Banca di Credito Cooperativo San Vincenzo La Costa (Italy)Bank enters Extraordinary AdministrationMinistry of Finance, Italyhttp://www.gazzettaufficiale.biz/atti/2011/20110151/11A08282.htmItaly41.29254, 12.573465
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2009-06-02Hypo Real Estate Holding AG (Germany)Hypo Real Estate Holding AG shareholders backed a government capital increase that paves the way for Germany’s first bank nationalization since the 1930s. Germany’s bank rescue fund, Soffin, which already owned more than 47 percent of Munich-based Hypo Real Estate, will inject 2.96 billion euros ($4.2 billion) to take full control, the company said in an e-mailed statement. Investors approved the plan at an extraordinary meeting yesterday. Hypo Real Estate almost collapsed in September after its Dublin-based Depfa Bank Plc unit couldn’t raise short-term funds amid the credit crisis. The company needed 102 billion euros of credit lines and debt guarantees from the government and the country’s financial institutions, and will require more aid even after the capital infusion approved yesterday. While the capital increase “is a vital part of the whole recapitalization of the company, it’s not sufficient,” Chief Executive Officer Axel Wieandt told shareholders at the meeting in Munich yesterday. He didn’t estimate the amount required. The plan to nationalize Hypo Real Estate has been opposed by investors including New York-based buyout firm J.C. Flowers & Co., which bought a stake in the company last year for 22.50 euros a share. The stock rose 2.1 percent to 1.49 euros in Frankfurt electronic trading today.Bloomberghttp://www.bloomberg.com/apps/news?pid=newsarchive&sid=aw5ATOaeIdCEMunich, Germany48.136415, 11.577531
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2009-05-27Irish Nationwide Building Society (Ireland)INBS merges with Anglo Irish The assets and liabilities of Irish Nationwide Building Society have been transferred to Anglo Irish Bank with immediate effect. The move follows an order made by the High Court today under the Credit Institutions (Stabilisation) Act 2010.Irish Timeshttp://www.irishtimes.com/newspaper/breaking/2011/0701/breaking20.htmlGrand Parade, Dublin 6, Dublin, Ireland53.330475, -6.259449
75
2009-04-16Gudme Raaschou Bank (Denmark)Finansiel Stabilitet (Danish national asset management agency)Copenhagen, Denmark55.67631, 12.569355
76
2009-04-01Glitnir (Iceland)Icelandic Financial Supervisory AuthorityReykavik, Iceland64.137383, -21.902479
77
2009-04-01Kaupthing Bank (Iceland)Icelandic Financial Supervisory AuthorityReykavik, Iceland64.137383, -21.902479
78
2009-04-01Sparisjóðabanki Íslands hf. (Iceland)Icelandic Financial Supervisory AuthorityReykavik, Iceland64.137383, -21.902479
79
2009-03-29Caja de Ahorros Castilla La Mancha (Spain)The Spanish government has launched a €9bn (£8.4bn) bailout to rescue the first financial institution that is on the brink of collapse since the beginning of the credit crunch. Savings bank Caja Castilla La Mancha (CCM) had "liquidity problems" that forced the intervention from the Bank of Spain, Finance Minister Pedro Solbes said. The action was an "isolated incident" among the country's financial sector, he said. The country's Treasury will provide guarantees whilst CCM continues to function normally, he said. The central bank's move is Spain's first intervention in a financial institution since 1993.The Guardianhttp://www.guardian.co.uk/business/2009/mar/29/spanish-central-bank-rescues-caja-castilla-la-manchaCuenca, Spain40.072025, -2.136304
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2009-03-09Straumur Burdaras Investment Bank HF (Iceland)Straumur, the last remaining independent Icelandic bank, has fallen. The following appeared on the bank’s website earlier this morning: In spite of its strong capital position and the support of funding banks Straumur Burdaras Investment bank hf. (Straumur) believes that its liquidity position is no longer strong enough to sustain its activities. The Icelandic Financial Supervisory Authority (IFSA) has therefore decided to assume the powers of a meeting of the shareholders of Straumur and immediately suspend the Board in its entirety. Further, the IFSA hereby appoints a Resolution Committee, which will take over all authority of the Board of Directors. To which was forlornly added, As a result of this Straumur is closed. It’s not immediately clear in London what the situation of Teathers, Straumur’s UK-registered mid-market broker, was. In a statement this morning, the LSE confirmed that it was reviewing the firm’s Nomad status, while separately, employees said it had also had gone into administration.Financial Timeshttp://ftalphaville.ft.com/2009/03/09/53334/straumur-tized/Copenhagen, Denmark55.67631, 12.569355
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2009-03-09Straumur-Burðarás Fjárfestingabanki hf. (Iceland)Icelandic bank Straumur-Burdaras slides into state ownership Straumur-Burdaras Investment Bank, the last survivor among Iceland's four main banks, fell into the hands of the beleaguered country's government today after its funding dried up. Like its peers Glitnir, Landsbanki and Kaupthing, Straumur has been nationalised after an aggressive expansion in Europe, where it lent more money than it could afford during the credit bubble. The bank lost €699m (£640m) in 2008. Straumur lent to companies that have since gone bust, including UK airline XL Leisure Group. The UK, where the bank employs about 136 staff, accounted for about 16% of the company's loan book, behind the Nordic countries, which represented a combined 38%, according to the company. Iceland's financial regulator, the Financial Supervisory Authority, suspended the bank's board, while chief executive, William Fall, who joined Straumur in 2007 from Bank of America, resigned. Reykjavík-based Straumur specialises in investment banking services to small and medium-sized companies, expanding into riskier areas such as leveraged lending or proprietary trading. Like its Icelandic rivals, Straumur opened offices in some of the European countries that have been hardest hit by the global credit crunch, including the UK, Denmark and the Czech Republic. Almost three-quarters of the bank's client income was generated outside Iceland, according to Straumur's website. In Britain, Straumur bought Teather & Greenwood, a mid-cap stockbroker and financial adviser in October 2008, recruiting 60 corporate finance and research staff. Straumur also bought 50% of Stamford Partners, an investment banking firm based in London and Amsterdam, in 2006. The bank's operations grew rapidly over the past three years. It employed 109 people in 2006 and about 600 three years later, its website shows. The bank's loan portfolio surged by 161% in 2006 and almost doubled in 2007. Straumur's major shareholders, as of February 3, included Samson Global Holdings, an investment vehicle controlled by Icelandic multimillionaire Bjorgolfur Gudmundsson, also a former main shareholder at Landsbanki. Samson had a 34% stake in Straumur, according to a recent press release. Struggling companies that have borrowed from Icelandic banks are under threat as the country's government has started to call in loans. Baugur, the investment company that held stakes in well-known retail chains such as House of Fraser and food chain Iceland, was put into administration after its government-controlled lender, Landsbanki, began a process to recover assets. Mosaic, another Baugur-controlled holding company that owns the Oasis and Karen Millen brands, also fell into administration following a call from Kaupthing. A Straumur's spokesperson declined to give details about the company's UK loan portfolio.The Guardianhttp://www.guardian.co.uk/business/2009/mar/09/banking-credit-crunchReykavik, Iceland64.137383, -21.902479
82
2009-03-09Cheshire Building Society (UK)FSAhttp://www.fsa.gov.uk/library/communication/pr/2008/145.shtmlUK55.00839, -5.822485
83
2009-03-01Piraeus Bank (Greece)Globe and Mailhttp://m.theglobeandmail.com/report-on-business/international-business/greeces-4-big-banks-given-22-billion/article4217901/?service=mobileGreece38.283306, 24.537435
84
2009-02-23Fionia Bank (Denmark)Small Danish bank Fionia said on Monday it ceded control to the Danish state in return for a 1 billion Danish crown ($169 million) capital injection that keeps it solvent. Fionia is the ninth-largest Danish bank by market value. It has 84,000 private customers and 7,500 business customers. The bank's shareholders retain ownership of the bank and can reclaim control once the bank rights itself and pays back the state, Fionia said. Trading in Fionia shares was suspended on the Copenhagen exchange.Reutershttp://www.reuters.com/article/2009/02/23/fionia-idUSDKT00239620090223Odense, Denmark55.39617, 10.390795
85
2009-02-16Anglo Irish Bank (Ireland)Anglo Irish Bank nationalisedThe Irish government stepped in last night to take full ownership of Anglo Irish Bank to prevent the collapse of the country's third biggest lender, as nationalisation fears inc-reased throughout the banking sector. The republic's government made its move to stop runs on the bank's dep-osits and shares that could have caused it to implode. Confidence in Anglo Irish has collapsed since the resignations of its chairman, Sean Fitzpatrick, and chief executive, David Drumm, last month after it revealed that Mr FitzPatrick had concealed €87m (£78m) of loans from the bank. Brian Lenihan, the finance minister, said: "The funding position of the bank has weakened and unacceptable practices that took place within it have caused serious reputational damage to the bank at a time when overall market sentiment to-wards it was negative." If Anglo Irish had been declared insolvent, the Government would have been left responsible for about €100bn of liabilities after guaranteeing all deposits in Irish banks last year. Anglo Irish shares fell 10.8 per cent yesterday to €0.20, from a high of more than €17 in May 2007. The government's reluctant nationalisation of Anglo Irish is a major blow to the republic, the self-styled Celtic tiger whose rapid economic growth was heavily dependent on rising property prices. Anglo Irish was for a long time one of the darlings of the banking sector but confidence in the company collapsed on fears about its heavy exposure to commercial property and precarious wholesale market funding. The bank had planned to hold a shareholder meeting today to approve a €1.5bn recapitalisation which would have given the government 75 per cent voting control in the form of preference shares. But Anglo Irish's shattered reputation forced the government to nationalise the bank.The Independenthttp://www.independent.co.uk/news/business/news/anglo-irish-bank-nationalised-1380495.htmlDublin, Ireland53.34807, -6.248275
86
2009-02-12Sparisjóður Mýrasýslu (Iceland)Icelandic Financial Supervisory AuthorityReykavik, Iceland64.137383, -21.902479
87
2009-01-03Løkken Sparekasse (Denmark)Finansiel Stabilitet (Danish national asset management agency)Loekken, Denmark57.370331, 9.71588
88
2008-12-05Banco Privado Português (BPP) (Portugal)The European Commission has approved, under EC Treaty state aid rules, a state guarantee underwriting a €450 million loan granted to Banco Privado Português by six Portuguese banks. The Commission found the temporary rescue measure to be in line with its Guidance Communication on state aid to overcome the financial crisis (see IP/08/1495). In particular, the measure is necessary to remedy the severe liquidity problems of Banco Privado Português and to preserve confidence in the financial markets, and is limited to the minimum required to achieve this objective. The Commission has therefore concluded that the measure can be authorised because it is an adequate means to remedy a serious disturbance of the Portuguese economy and as such is in line with Article 87.3.b of the EC Treaty. Competition Commissioner Neelie Kroes said: "The Commission is satisfied that that the state guarantee for the loan to Banco Privado Português is necessary as a temporary rescue measure and would not give rise to disproportionate distortions of competition within the Single Market." On 5 December 2008 Portugal issued a guarantee, assisted by collaterals, on a €450 million loan granted by six Portuguese banks to Banco Privado Português. Although the measure was initially notified on 5 December, complete information was only provided to the Commission on 20 February 2009. The loan has a duration of six months and can only be used by Banco Privado Português to face its liabilities as registered in the balance sheet on 24 November 2008. The aid is approved as a temporary rescue measure and Portugal has committed to provide a restructuring plan for Banco Privado Português within six months of the state intervention. EU Commissionhttp://europa.eu/rapid/press-release_IP-09-400_en.htm?locale=enPortugal36.091091, -18.727655
89
2008-12-01Dunfermline Building Society (UK)FSAhttp://www.fsa.gov.uk/consumerinformation/firmnews/2009/dunfermline_b_society.shtmlUK55.00839, -5.822485
90
2008-11-28EBH Bank (Denmark)Finansiel Stabilitet (Danish national asset management agency)Fjerritslev, Denmark57.08823, 9.26673
91
2008-11-08Banca MB SpA (Italy)Bank enters Extraordinary AdministrationMinistry of Finance, Italyhttp://www.gazzettaufficiale.biz/atti/2011/20110148/11A08221.htmItaly41.29254, 12.573465
92
2008-11-08Mantovabanca 1896 Credito Cooperativo (Italy)Bank enters Extraordinary AdministrationMinistry of Finance, Italyhttp://www.gazzettaufficiale.biz/atti/2011/20110147/11A08220.htmItaly41.29254, 12.573465
93
2008-11-08Parex Bank (Latvia)The Latvian government is set to increase its stake in Parex Banka, the country’s second largest bank, to 84 per cent in order to reassure depositors, creditors and the International Monetary Fund. The agreement, reached late on Tuesday, nationalises the last big independent Baltic bank, taking the state’s stake up from 51 per cent, and marks the collapse of the empire of Valery Kargin and Viktor Krasovitsky, once Latvia’s richest men. Mr Kargin and Mr Krasovitsky, Russian Jews with good Communist party connections, won the first private licence in the Soviet Union to trade in hard currency in 1990. After Latvia achieved independence in 1991 they built a lucrative business servicing Russian capital flight. Parex survived three Latvian banking crises during the 1990s but it was powerless to withstand the impact of the credit crisis and the Baltic recession. Depositors lost confidence last month because it lacked a strong foreign parent, unlike Swedish-owned rivals. Servicing Russian capital flight proved a fatal weakness when non-resident clients – representing half its deposits – withdrew funds. Last month the founders handed a 51 per cent stake to the government but this was not enough to end the bank’s agonies.Financial Timeshttp://www.ft.com/intl/cms/s/0/d107ae4c-c190-11dd-831e-000077b07658.html#axzz2GqUo6GzkRiga, Latvia56.946, 24.114905
94
2008-11-04Derbyshire Building Society (UK)UK55.00839, -5.822485
95
2008-11-03Kommunalkredit/KA Finanz bank (Austria)FailedNov 2 (Reuters) - The Austrian state will take over 100 percent of public sector financier Kommunalkredit. Austrian broadcaster ORF reported on Sunday. The state will take over the 51 percent owned by Austria's Volksbank and the 49 percent owned by Franco-Belgian financial services firm Dexia (DEXI.BR), ORF reported without citing its source. Kommunalkredit was not immediately available for comment. A finance ministry spokesman told Reuters last week that it was considering taking an equity stake in Kommunalkredit, a key financier of Austrian states and municipalities that has 20 billion euros ($25.55 billion) in bonds outstanding. Talks were proceeding about how big such a stake could be and what form of equity would be injected in the bank, which faces a liquidity squeeze because it relies on wholesale funding to refinance its loan book, the spokesman said last week. Kommunalkredit said last weekend it had started talks with the finance ministry about measures under the country's recently enacted banking stability package. The unlisted bank has a balance sheet total of 34.5 billion euros, making it Austria's eighth-biggest lender.Reutershttp://uk.reuters.com/article/2008/11/02/financial-austria-kommunalkredit-idUKL246887820081102Vienna, Austria48.202548, 16.368805
96
2008-11-02Banco Português de Negócios (BPN) (Portugal)Portugal’s Socialist government on Sunday announced plans to nationalise a local bank that has run up accumulated losses of €700m ($891m, £554m) and faces an “imminent breakdown” of its ability to meet payments. The government said it would also make up to €4bn available to Portuguese banks to strengthen their capital ratios, in line with state-backed recapitalisation programmes recently announced in several other countries. The funds would be provided in the form of preference shares. More On this story Portugal announces more austerity measures Moody’s warns of second rescue for Portugal Portugal faces more austerity Portugal and Ireland debt yields hit fresh highs Lisbon sees ‘catastrophe’ in bail-out deviation IN Europe Crisis of faith over Vatican cash machines Russia grants citizenship to Depardieu Spanish royals seek to regain approval Monti attacks ‘extremist’ rivals Fernando Teixeira dos Santos, finance minister, said he had rejected proposals by Banco Português de Negócios, a small universal bank, for a government-backed rescue because it was not in the best interests of taxpayers. He said the government had decided instead to nationalise the bank, which has net assets of about €8bn, to ensure depositors were fully protected. Vitor Constâncio, governor of the central bank, said that as part of the €4bn scheme, the minimum Tier 1 solvency ratio for Portuguese banks would be lifted to 8 per cent, from a previous implied level of 7 per cent. Mr Teixeira dos Santos said the government would help Portuguese banks recapitalise to ensure they were not placed at a disadvantage to banks in other European countries were similar programmers had already been launched. State-owned Caixa Geral de Depósitos, the country’s biggest bank by deposits, would take over the management of BPN, he added. “All BPN customers can rest assures their deposits are safe,” he said after an extraordinary cabinet meeting. The nationalisation of BPN will be the first government intervention in a bank since a wave of state takeovers that followed the overthrow of Portugal’s rightwing regime in 1974. The minister said the roots of BPN’s difficulties had their origin in financial operations of “dubious legality” and were not directly related to the global financial crisis. However, the international credit crunch had exacerbated its problems in recent months. Last week BPN, which is not listed on the stock market, alerted the state attorney’s office to suspected financial crimes occurring within the bank.Financial Timeshttp://www.ft.com/cms/s/0/9d00c388-a906-11dd-a19a-000077b07658.html#axzz2Gx7cYhKTPortugal36.091091, -18.727655
97
2008-10-22Alliance & Leicester (UK)UK55.00839, -5.822485
98
2008-10-13Royal Bank of Scotland Group (UK)The government must be a "rock of stability" for British people during the credit crisis, Prime Minister Gordon Brown has said. The Treasury is to inject up to £37bn of new capital into Royal Bank of Scotland, Lloyds TSB and HBOS. Mr Brown told a press conference people could not be left to be "buffeted about" and banking was a "lifeline". It was not "standard public ownership" and the banks would return to private investors "at the right time", he said. Mr Brown later told a City audience that he wanted world leaders to gather for a new Bretton Woods - the conference held in 1944 which helped draw up the post-war financial order. He said there had to be "a new financial architecture for the years ahead", with global supervision to match a world where money flows across borders and firms operate multi-nationally. 'Obvious' Mr Brown, speaking at Reuters in Canary Wharf, said he had sought to bring in such changes since 1998, but there had always been something more pressing for other countries to worry about. He added: "Sometimes it does take a crisis for people to agree that what is obvious and should have been done years ago can no longer be postponed." BBChttp://news.bbc.co.uk/2/hi/uk_news/politics/7666695.stmLondon, UK51.506325, -0.127144
99
2008-10-13Barnsley Building Society (UK)BBChttp://news.bbc.co.uk/1/hi/business/7806023.stmUK55.00839, -5.822485
100
2008-10-13Bradford & Bingley (UK)FSAhttp://www.fsa.gov.uk/library/communication/statements/2008/bradford_bingley.shtmlUK55.00839, -5.822485
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