1 | Start | End | Title | News Title | Description | Source | Source_URL | Place | Location |
|---|---|---|---|---|---|---|---|---|---|
2 | 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. | |||||||
3 | 2013-02-01 | SNS REAAL | DNB 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 Government | http://www.government.nl/news/2013/02/01/state-of-the-netherlands-nationalises-sns-reaal.html | Amsterdam, The Netherlands | |||
4 | 2013-01-25 | Sparekassen 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-idUSBRE90O0ZE20130125 | Lolland, Denmark | 55.67631, 12.569355 | |||
5 | 2012-11-06 | Toender 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. | Businessweek | http://www.businessweek.com/news/2012-11-06/deceit-behind-danish-bank-failure-impossible-to-catch-fsa-says | Toender, DK | 54.93644, 8.86897 | ||
6 | 2012-11-02 | Presbyterian 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/ | UK | 55.00839, -5.822485 | |||
7 | 2012-11-01 | Chelsea 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. | BBC | http://news.bbc.co.uk/1/hi/business/8390203.stm | UK | 55.00839, -5.822485 | ||
8 | 2012-11-01 | North 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 Guardian | http://www.guardian.co.uk/money/2012/nov/02/north-yorkshire-credit-union-collapse | York, UK | 53.953339, -1.083427 | ||
9 | 2012-09-21 | Banca Network Investimenti (Italy) | http://www.gazzettaufficiale.biz/atti/2012/20120008/12A00056.htm | Italy | 41.29254, 12.573465 | ||||
10 | 2012-09-21 | Tamworth 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.html | UK | 55.00839, -5.822485 | |||
11 | 2012-09-20 | Delta (Italy) | Bank enters "Controlled Administration" | http://www.ilsole24ore.com/art/finanza-e-mercati/2012-06-14/treviso-rimini-ecco-tutte-143708.shtml?uuid=AbcIZBsF | Bologna,Italy | 44.504835, 11.345165 | |||
12 | 2012-09-12 | Bcc di Tarsia (Italy) | Bank enters Extraordinary Administration | Ministry of Finance, Italy | http://www.gazzettaufficiale.biz/atti/2012/20120237/12A10718.htm | Italy | 41.29254, 12.573465 | ||
13 | 2012-09-12 | Cassa di Risparmio di Rimini (CARIM) (Italy) | Bank enters "Controlled Administration" | Rimini,Italy | 44.05539, 12.569995 | ||||
14 | 2012-08-30 | TT Hellenic Postbank (Greece) | http://greece.greekreporter.com/2012/08/30/facing-collapse-greeces-postbank-to-be-privatized/ | Greece | 38.283306, 24.537435 | ||||
15 | 2012-08-09 | Alpha Bank (Greece) | Financial Times | http://www.ft.com/cms/s/0/862b44a6-a8eb-11e1-b085-00144feabdc0.html#axzz2DEdKI8qV | Athens, Greece | 37.97605, 23.73718 | |||
16 | 2012-08-09 | Waltonian 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.html | Liverpool, UK | 53.409773, -2.978481 | |||
17 | 2012-08-05 | Banca UBAE S.p.A. (Italy) | Bank enters Extraordinary Administration | Ministry of Finance, Italy | www.gazzettaufficiale.biz/atti/2011/20110146/11A08201.htm | Italy | 41.29254, 12.573465 | ||
18 | 2012-06-29 | Fortis Netherlands (Netherlands) | Telegraph | http://www.telegraph.co.uk/finance/financialcrisis/3100606/Financial-crisis-Benelux-bank-Fortis-nationalised-to-stop-collapse.html | Amsterdam, Netherlands | 52.373095, 4.893305 | |||
19 | 2012-06-29 | Latvijas 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 News | http://balticbusinessnews.com/article/2012/5/9/krajbanka-declared-bankrupt | Latvia | 56.880104, 24.605246 | ||
20 | 2012-06-29 | Bankas 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. | Reuters | http://uk.reuters.com/article/2011/11/25/lithuania-snoras-latvia-idUKL5E7MP06620111125 | Lithuania | 55.173956, 23.89439 | ||
21 | 2012-06-18 | National Bank of Greece (Greece) | Greece, Turkey, Southeastern Europe | 38.283306, 24.537435 | |||||
22 | 2012-06-12 | Lloyds 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." | BBC | http://news.bbc.co.uk/2/hi/uk_news/politics/7666695.stm | UK | 55.00839, -5.822485 | ||
23 | 2012-06-04 | Caixa Geral de Depósitos (Portugal) | State owned bank receives bailout | Portuguese 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. | Reuters | http://www.reuters.com/article/2012/06/04/portugal-millennium-idUSL5E8H43EA20120604 | Portugal | 36.091091, -18.727655 | |
24 | 2012-05-28 | London 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. | FSA | http://www.fsa.gov.uk/library/communication/statements/2008/lsb.shtml | UK | 55.00839, -5.822485 | ||
25 | 2012-05-10 | Bankia (Spain) | Spain Takes Over Bankia | Bloomberg | http://www.bloomberg.com/news/2012-05-09/spain-takes-over-bankia-readies-second-bailout-after-rato-quits.html | Madrid, Spain | 40.4203, -3.705774 | ||
26 | 2012-05-09 | Stroud 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. | BBC | http://news.bbc.co.uk/1/hi/business/8583054.stm | UK | 55.00839, -5.822485 | ||
27 | 2012-05-01 | Pallister 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, UK | 54.573055, -1.237634 | |||
28 | 2012-04-26 | Permanent 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 Times | http://www.ft.com/intl/cms/s/0/73184874-8fbd-11e1-98b1-00144feab49a.html#axzz2GqUo6Gzk | Ireland | 53.430361, -8.326615 | ||
29 | 2012-01-25 | Hull 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.html | UK | 55.00839, -5.822485 | |||
30 | 2012-01-13 | Handsworth 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.html | UK | 55.00839, -5.822485 | |||
31 | 2011-11-23 | Banca di Credito cooperativo della Sibaritide (Italy) | Bank enters Extraordinary Administration | Ministry of Finance, Italy | http://www.gazzettaufficiale.biz/atti/2011/20110010/11A00349.htm | Italy | 41.29254, 12.573465 | ||
32 | 2011-11-21 | Banco de Valencia (Spain) | http://www.bde.es/f/webbde/GAP/Secciones/SalaPrensa/InformacionInteres/ReestructuracionSectorFinanciero/Ficheros/en/frob25062012e.pdf | Spain | 35.712709, -6.916455 | ||||
33 | 2011-10-20 | Bcc di Altavilla Silentina e Calabritto (Italy) | Bank enters Extraordinary Administration | Ministry of Finance, Italy | http://www.gazzettaufficiale.biz/atti/2012/20120008/12A00054.htm | Italy | 41.29254, 12.573465 | ||
34 | 2011-10-20 | Istituto per il Credito sportivo (Italy) | Bank enters Extraordinary Administration | http://www.linkiesta.it/blogs/trenta-denari/commissariata-una-banca-coinvolta-nel-crac-immobiliare-di-mario | Rome,Italy | 41.90311, 12.49576 | |||
35 | 2011-10-10 | Dexia (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". | AFP | http://www.france24.com/en/20111010-brussels-take-full-100-percent-control-dexia-belgian-arm-leterme-bank | Brussels, Belgium | 50.848385, 4.349685 | ||
36 | 2011-10-08 | Max 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. | Bloomberg | http://www.bloomberg.com/news/2011-10-08/denmark-s-max-bank-will-fail-under-bail-in-law-government-says.html | Næstved, Denmark | 55.231544, 11.754249 | ||
37 | 2011-09-22 | Banca Tercas (Italy) | Bank enters "Controlled Administration" | http://www.linkiesta.it/blogs/trenta-denari/commissariata-una-banca-coinvolta-nel-crac-immobiliare-di-mario | Teramo,Italy | 42.65726, 13.69741 | |||
38 | 2011-09-09 | Bcc Luigi Sturzo di Caltagirone (Italy) | Bank enters Extraordinary Administration | http://www.bancasturzo.bcc.it/news/dettaglio_news.asp?hNewsID=74099&i_menuID=-118 | Italy | 41.29254, 12.573465 | |||
39 | 2011-09-06 | Gallowhill 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.html | UK | 55.00839, -5.822485 | |||
40 | 2011-07-29 | Eurobank EFG (Greece) | http://www.alpha.gr/files/investorrelations/EA20110829EN.pdf | Greece, Cyprus, Luxembourg, Romania, Bulgaria, Poland, Serbia and Turkey | 38.283306, 24.537435 | ||||
41 | 2011-07-22 | Lee 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.html | UK | 55.00839, -5.822485 | |||
42 | 2011-07-07 | Byr sparisjóður (Iceland) | Icelandic Financial Supervisory Authority | Reykavik, Iceland | 64.137383, -21.902479 | ||||
43 | 2011-07-01 | Caribbean 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.html | UK | 55.00839, -5.822485 | |||
44 | 2011-06-24 | Fjordbank 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 Times | http://ftalphaville.ft.com/2011/06/27/606556/another-danish-bank-falls-into-a-fjord-of-failure/ | Nykøbing Mors, Denmark | 56.794521, 8.86307 | ||
45 | 2011-06-23 | Worcestershire 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.html | UK | 55.00839, -5.822485 | |||
46 | 2011-05-06 | Southend 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.html | UK | 55.00839, -5.822485 | |||
47 | 2011-05-05 | Bcc di Cosenza (Italy) | Bank enters Extraordinary Administration | Ministry of Finance, Italy | www.gazzettaufficiale.biz/atti/2011/20110147/11A08219.htm | Cosenza,Italy | 39.293213, 16.256949 | ||
48 | 2011-05-05 | Sedici Banca (Italy) | Bank enters "Controlled Administration" | http://www.ilsole24ore.com/art/finanza-e-mercati/2012-06-14/treviso-rimini-ecco-tutte-143708.shtml?uuid=AbcIZBsF | Rome,Italy | 41.90311, 12.49576 | |||
49 | 2011-04-21 | Norwich 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.html | UK | 55.00839, -5.822485 | |||
50 | 2011-04-01 | Ilfracombe 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.html | UK | 55.00839, -5.822485 | |||
51 | 2011-03-22 | Banca di Credito dei Farmacisti S.p.a. (Italy) | Bank enters Extraordinary Administration | Ministry of Finance, Italy | http://www.gazzettaufficiale.biz/atti/2011/20110230/11A12807.htm | Italy | 41.29254, 12.573465 | ||
52 | 2011-03-01 | Sparisjóður Reykjavíkur og nágrennis hf. (Iceland) | Icelandic Financial Supervisory Authority | Reykavik, Iceland | 64.137383, -21.902479 | ||||
53 | 2011-02-06 | Amagerbanken (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. | WSJ | http://online.wsj.com/article/SB10001424052748704422204576129910427759674.html | Copenhagen, Denmark | 55.67631, 12.569355 | ||
54 | 2011-01-26 | South 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.html | UK | 55.00839, -5.822485 | |||
55 | 2011-01-06 | Havant Area Savers Credit Union (UK) | http://www.fscs.org.uk/what-we-cover/questions-and-answers/qas-about-havant-area-save-h326eanw/ | UK | 55.00839, -5.822485 | ||||
56 | 2010-12-16 | Bank of Ireland (Ireland) | Telegraph | http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/8165146/Irish-fury-as-EU-nationalises-Bank-of-Ireland.html | Dublin, Ireland | 53.34807, -6.248274 | |||
57 | 2010-12-16 | Spkef sparisjóður (Iceland) | Icelandic Financial Supervisory Authority | Reykavik, Iceland | 64.137383, -21.902479 | ||||
58 | 2010-12-15 | EBS 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. | Telegraph | http://www.telegraph.co.uk/finance/financialcrisis/8204455/Irish-government-takes-control-of-countrys-largest-building-society-EBS.html | Dublin, Ireland | 53.34807, -6.248274 | ||
59 | 2010-12-15 | Sparisjóðurinn í Keflavík (Iceland) | Icelandic Financial Supervisory Authority | Reykavik, Iceland | 64.137383, -21.902479 | ||||
60 | 2010-12-06 | Banco Emiliano-Romagnolo (Italy) | Bank enters Extraordinary Administration | http://www.bancaditalia.it/media/comsta/2010/CS_BER.pdf | Bologna,Italy | 44.504835, 11.345165 | |||
61 | 2010-09-30 | Eik Bank (Faroe Islands) | Finansiel Stabilitet (Danish national asset management agency) | Copenhagen, Denmark | 55.67631, 12.569355 | ||||
62 | 2010-09-30 | Allied Irish Bank (Ireland) | Ireland to Take Majority Ownership of AIB in Bailout | The 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. | Bloomberg | http://www.bloomberg.com/news/2010-09-30/ireland-to-take-majority-ownership-of-aib-in-bailout-update1-.html | Dublin, Ireland | 53.34807, -6.248274 | |
63 | 2010-09-30 | Sofia Bank (Finland) | Finland | 64.928595, 26.067386 | |||||
64 | 2010-09-30 | Eik Banki P/F (Faroe Islands) | Finansiel Stabilitet (Danish national asset management agency) | Thorshavn, Faroe Islands | 61.897837, -6.969925 | ||||
65 | 2010-07-05 | T Bank (Greece) | http://www.capital.gr/Articles.asp?id=964001 | Greece | 38.283306, 24.537435 | ||||
66 | 2010-05-24 | Caja 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. | BBC | http://www.bbc.co.uk/news/10145716 | Córdoba, Spain | 37.87794, -4.778403 | ||
67 | 2010-04-15 | Golas Bank (Minsk) | Latvia | 56.880104, 24.605246 | |||||
68 | 2010-03-26 | Banca di credito cooperativo (Bcc) Monastier e del Sile (Italy) | Bank enters Extraordinary Administration | http://www.bccmonsile.it/?area=1&menu=31392 | Monaster del Sile (TV),Italy | 45.945375, 12.801915 | |||
69 | 2010-02-24 | HBOS (UK) | UK | 55.00839, -5.822485 | |||||
70 | 2010-02-11 | Capinordic (Denmark) | Finansiel Stabilitet (Danish national asset management agency) | Copenhagen, Denmark | 55.67631, 12.569355 | ||||
71 | 2009-12-14 | Hypo Alpe-Adria-Bank International (Austria) | Failed | Austria 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. | Reuters | http://updated.internalinsider.info/index.php/business/46490-austria-nationalises-hypo-to-avoid-banks-collapse | Klagenfurt, Austria | 46.62056, 14.31069 | |
72 | 2009-09-28 | Banca di Credito Cooperativo San Vincenzo La Costa (Italy) | Bank enters Extraordinary Administration | Ministry of Finance, Italy | http://www.gazzettaufficiale.biz/atti/2011/20110151/11A08282.htm | Italy | 41.29254, 12.573465 | ||
73 | 2009-06-02 | Hypo 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. | Bloomberg | http://www.bloomberg.com/apps/news?pid=newsarchive&sid=aw5ATOaeIdCE | Munich, Germany | 48.136415, 11.577531 | ||
74 | 2009-05-27 | Irish 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 Times | http://www.irishtimes.com/newspaper/breaking/2011/0701/breaking20.html | Grand Parade, Dublin 6, Dublin, Ireland | 53.330475, -6.259449 | ||
75 | 2009-04-16 | Gudme Raaschou Bank (Denmark) | Finansiel Stabilitet (Danish national asset management agency) | Copenhagen, Denmark | 55.67631, 12.569355 | ||||
76 | 2009-04-01 | Glitnir (Iceland) | Icelandic Financial Supervisory Authority | Reykavik, Iceland | 64.137383, -21.902479 | ||||
77 | 2009-04-01 | Kaupthing Bank (Iceland) | Icelandic Financial Supervisory Authority | Reykavik, Iceland | 64.137383, -21.902479 | ||||
78 | 2009-04-01 | Sparisjóðabanki Íslands hf. (Iceland) | Icelandic Financial Supervisory Authority | Reykavik, Iceland | 64.137383, -21.902479 | ||||
79 | 2009-03-29 | Caja 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 Guardian | http://www.guardian.co.uk/business/2009/mar/29/spanish-central-bank-rescues-caja-castilla-la-mancha | Cuenca, Spain | 40.072025, -2.136304 | ||
80 | 2009-03-09 | Straumur 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 Times | http://ftalphaville.ft.com/2009/03/09/53334/straumur-tized/ | Copenhagen, Denmark | 55.67631, 12.569355 | ||
81 | 2009-03-09 | Straumur-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 Guardian | http://www.guardian.co.uk/business/2009/mar/09/banking-credit-crunch | Reykavik, Iceland | 64.137383, -21.902479 | |
82 | 2009-03-09 | Cheshire Building Society (UK) | FSA | http://www.fsa.gov.uk/library/communication/pr/2008/145.shtml | UK | 55.00839, -5.822485 | |||
83 | 2009-03-01 | Piraeus Bank (Greece) | Globe and Mail | http://m.theglobeandmail.com/report-on-business/international-business/greeces-4-big-banks-given-22-billion/article4217901/?service=mobile | Greece | 38.283306, 24.537435 | |||
84 | 2009-02-23 | Fionia 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. | Reuters | http://www.reuters.com/article/2009/02/23/fionia-idUSDKT00239620090223 | Odense, Denmark | 55.39617, 10.390795 | ||
85 | 2009-02-16 | Anglo Irish Bank (Ireland) | Anglo Irish Bank nationalised | The 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 Independent | http://www.independent.co.uk/news/business/news/anglo-irish-bank-nationalised-1380495.html | Dublin, Ireland | 53.34807, -6.248275 | |
86 | 2009-02-12 | Sparisjóður Mýrasýslu (Iceland) | Icelandic Financial Supervisory Authority | Reykavik, Iceland | 64.137383, -21.902479 | ||||
87 | 2009-01-03 | Løkken Sparekasse (Denmark) | Finansiel Stabilitet (Danish national asset management agency) | Loekken, Denmark | 57.370331, 9.71588 | ||||
88 | 2008-12-05 | Banco 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 Commission | http://europa.eu/rapid/press-release_IP-09-400_en.htm?locale=en | Portugal | 36.091091, -18.727655 | ||
89 | 2008-12-01 | Dunfermline Building Society (UK) | FSA | http://www.fsa.gov.uk/consumerinformation/firmnews/2009/dunfermline_b_society.shtml | UK | 55.00839, -5.822485 | |||
90 | 2008-11-28 | EBH Bank (Denmark) | Finansiel Stabilitet (Danish national asset management agency) | Fjerritslev, Denmark | 57.08823, 9.26673 | ||||
91 | 2008-11-08 | Banca MB SpA (Italy) | Bank enters Extraordinary Administration | Ministry of Finance, Italy | http://www.gazzettaufficiale.biz/atti/2011/20110148/11A08221.htm | Italy | 41.29254, 12.573465 | ||
92 | 2008-11-08 | Mantovabanca 1896 Credito Cooperativo (Italy) | Bank enters Extraordinary Administration | Ministry of Finance, Italy | http://www.gazzettaufficiale.biz/atti/2011/20110147/11A08220.htm | Italy | 41.29254, 12.573465 | ||
93 | 2008-11-08 | Parex 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 Times | http://www.ft.com/intl/cms/s/0/d107ae4c-c190-11dd-831e-000077b07658.html#axzz2GqUo6Gzk | Riga, Latvia | 56.946, 24.114905 | ||
94 | 2008-11-04 | Derbyshire Building Society (UK) | UK | 55.00839, -5.822485 | |||||
95 | 2008-11-03 | Kommunalkredit/KA Finanz bank (Austria) | Failed | Nov 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. | Reuters | http://uk.reuters.com/article/2008/11/02/financial-austria-kommunalkredit-idUKL246887820081102 | Vienna, Austria | 48.202548, 16.368805 | |
96 | 2008-11-02 | Banco 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 Times | http://www.ft.com/cms/s/0/9d00c388-a906-11dd-a19a-000077b07658.html#axzz2Gx7cYhKT | Portugal | 36.091091, -18.727655 | ||
97 | 2008-10-22 | Alliance & Leicester (UK) | UK | 55.00839, -5.822485 | |||||
98 | 2008-10-13 | Royal 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." | BBC | http://news.bbc.co.uk/2/hi/uk_news/politics/7666695.stm | London, UK | 51.506325, -0.127144 | ||
99 | 2008-10-13 | Barnsley Building Society (UK) | BBC | http://news.bbc.co.uk/1/hi/business/7806023.stm | UK | 55.00839, -5.822485 | |||
100 | 2008-10-13 | Bradford & Bingley (UK) | FSA | http://www.fsa.gov.uk/library/communication/statements/2008/bradford_bingley.shtml | UK | 55.00839, -5.822485 | |||
101 | 2008-10-13 | HBOS (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." | BBC | http://news.bbc.co.uk/2/hi/uk_news/politics/7666695.stm | UK | 55.00839, -5.822485 | ||
102 | 2008-10-13 | Scarborough Building Society (UK) | BBC | http://news.bbc.co.uk/1/hi/business/7706876.stm | UK | 55.00839, -5.822485 | |||
103 | 2008-10-08 | Kaupthing Singer & Friedlander (subsidiary of Kaupthing Bank (Iceland) | Financial Times | http://www.ft.com/intl/cms/s/0/1cb5d40e-953b-11dd-aedd-000077b07658.html#axzz2GqUo6Gzk | London, UK | 51.506325, -0.127144 | |||
104 | 2008-10-07 | Landsbanki (Iceland) | Iceland government seizes control of Landsbanki | The Icelandic government this morning seized control of Landsbanki, the second-largest bank in the country, and sought to secure a €4bn loan from Russia as it worked to avert a financial meltdown. The government moved quickly to use sweeping powers over the country's banks granted in the Reykjavik parliament last night. The board of directors at Landsbanki has been dismissed and the bank put into receivership. The government has also loaned €500m to Kaupthing, the biggest bank in Iceland. UK savers trying to access their Landsbanki-run Icesave accounts this morning were faced with a message telling them the bank was unable to process requests for deposits or withdrawals. Icesave offered competitive rates and has more than 200,000 accounts in the UK. The first €22,000 (roughly £17,000) held in the accounts is secured under an Icelandic compensation scheme, and the remainder up to £50,000 is guaranteed by the British government. On state radio, commerce and banking minister Bjorgvin Sigurdsson sought to reassure people in Iceland that the bank would remain open and continue to run as normal. The Landsbanki chairman and a large shareholder in the bank is Bjorgolfur Gudmundsson, the owner of West Ham United football club. In an address broadcast on Icelandic television last night, prime minister Geir Haarde announced plans to rush through the emergency bill, supported by opposition parties, allowing the government to push through mergers between the battered banks or force them into bankruptcy. "We were faced with the real possibility that the national economy would be sucked into the global banking swell and end in national bankruptcy," he said. There was some confusion about whether the loan from Russia had been agreed. Iceland's central bank said in a statement that it had been informed by the Russian ambassador that Iceland would be given a €4bn loan and that it had been agreed by the Russian prime minister, Vladimir Putin. The bank said Haarde had approached the Russians about a loan some months ago. But the Russian state news agency separately quoted the deputy finance minister, Dmitry Pankin, as saying there had been no formal approach from Iceland and that no decision had been made. The Icelandic bank then updated its statement to say that negotiations would begin "in the next few days". The Icelandic Financial Services Authority said it had taken control of Landsbanki to "guarantee a functioning domestic banking system". | The Guardian | http://www.guardian.co.uk/business/2008/oct/07/iceland.banking | Reykavik, Iceland | 64.137383, -21.902479 | |
105 | 2008-09-30 | Dexia (Belgium) | Dexia has become the latest European bank to be bailed out as the deepening credit crisis shakes the banks sector. After all-night talks the Belgian, French and Luxembourg governments said they would put in 6.4bn euros ($9bn; £5bn) to keep it afloat. Shares in the Belgian-French bank fell 30% on Monday before being suspended on Tuesday as the bail-out was announced. It is the second bank rescue in days by Belgium and its neighbours. On Sunday Fortis bank was partly nationalised. This latest move by European governments to shore up another bank under pressure came as global stock markets plunged after the US House of Representatives rejected the White House's planned $700bn bail-out package. 'Crisis situation' Dexia is the one of the world's largest lenders to local governments, but has run up significant losses in its US operations. In a statement the French government said the rescue was necessary to "guarantee continuity of funding for local authorities". The Belgian government and Belgian shareholders will invest 3bn euros, the French government will also invest 3bn euros via its state investment arm, while Luxembourg will put in just under 400m euros. | BBC | http://news.bbc.co.uk/2/hi/business/7643638.stm | Brussels, Belgium | 50.848385, 4.349685 | ||
106 | 2008-09-28 | Fortis Belgium (Belgium) | Stricken Beligian-Dutch bank Fortis was bailed out by the governments of Holland, Belgium and Luxembourg to the tune of €11.2bn (£8.9bn) after investors deserted the bank last week. Image 1 of 3 Fortis has been nationalised by the governments of Belgium and the Netherlands. The three countries will each take a 49pc stake in the bank in their respective countries. Fortis will also sell the assets of Dutch bank ABN Amro which it bought last year as part of a consortium with Royal Bank of Scotland. Politicians and central bankers, including European Central Bank president Jean-Claude Trichet, held emergency talks over the weekend to decide the future of Fortis after the shares dropped 35pc last week on concern the bank may not be able to meet its funding requirements. The bank's difficulties stem from last year's €24bn ABN purchase, which went through just before the credit crunch took hold and the value of financial assets collapsed. RBS would be unaffected by a sale of the ABN business in Holland, sources said. | Telegraph | http://www.telegraph.co.uk/finance/financialcrisis/3100606/Financial-crisis-Benelux-bank-Fortis-nationalised-to-stop-collapse.html | Brussels, Belgium | 50.848385, 4.349685 | ||
107 | 2008-09-28 | Catholic Building Society (UK) | BBC | http://news.bbc.co.uk/1/hi/business/7806023.stm | UK | 55.00839, -5.822485 | |||
108 | 2008-09-28 | Banco Popolare (Italy) | Italy's Banco Popolare became the first Italian bank to subscribe to the government's $15.3 billion bailout program on Monday. Other banks are likely to follow suit, highlighting how the problems within the global banking sector have spread rapidly even to those that had steered clear of U.S. subprime investments. Banco Popolare, based in Verona, said it would be selling 1.5 billion euros ($1.9 billion) of convertible bonds to the government, paying an annual yield of between 7.5% to 8.5% for the first few years. It’s the first Italian bank to do so, but unlikely to be the last. | Forbes | http://www.forbes.com/2009/03/10/banco-popolare-bailout-markets-equity-italy.html | Verona, Italy | 45.438113, 10.991505 | ||
109 | 2008-09-08 | Icesave (subsidiary of Landsbanki(Iceland)) (Iceland) | UK | 55.00839, -5.822485 | |||||
110 | 2008-09-08 | Kaupthing Edge (division of Kaupthing Singer & Friedlander) (Iceland) | UK | 55.00839, -5.822485 | |||||
111 | 2008-08-25 | Roskilde Bank (Denmark) | The Danish Central Bank will take control of Roskilde Bank A/S to avert a financial ``contagion'' after mounting loan losses drove the lender into insolvency and a private purchaser couldn't be found. The central bank and a group of Danish financial companies will provide Roskilde 4.5 billion kroner ($890 million) in cash and assume 37.3 billion kroner of debt, Roskilde said in a statement yesterday. The bank was suspended in Copenhagen trading today, after falling 88 percent from a peak in April 2007. ``We wanted to secure financial stability in Denmark,'' central bank Governor Nils Bernstein said at a press conference in Copenhagen today. ``The alternative would have been that Roskilde went bankrupt and that would have resulted in a considerable contagion throughout the financial sector.'' Writedowns on real estate loans led to a pretax loss of at least 1 billion kroner in the first half, double an estimate the bank published on July 14, Roskilde said yesterday. Denmark entered a recession in the first quarter, the first European economy to do so since the global credit crisis began last year. The bailout is the first by the Danish central bank in 15 years. Shareholders in Roskilde have lost about 1 billion kroner, while holders of hybrid capital, which ranks between debt and equity for repayment in the event of bankruptcy, have lost about 2.5 billion kroner, Bernstein said. | Bloomberg | http://www.bloomberg.com/apps/news?pid=newsarchive&sid=aDtOi5jjVxrI | Roskilde, Denmark | 55.640465, 12.090923 | ||
112 | 2008-07-14 | Heritable Bank (subsidiary of Landsbanki (Iceland) | UK | 55.00839, -5.822485 | |||||
113 | 2008-02-22 | Kaupthing Sweden (Iceland) | Finansinspektionen (Swedish Financial Regulator) | Stockholm, Sweden | 59.33228, 18.06284 | ||||
114 | 2008-02-22 | Northern Rock (UK) | Northern Rock to be nationalised | Alistair Darling The Chancellor said the public would gain after the market improved Darling statement The crisis in graphics Northern Rock is to be nationalised as a temporary measure, Chancellor Alistair Darling has said. Neither of the two private proposals to take over the beleaguered bank offered "sufficient value for money to the taxpayer", Mr Darling said. He said the public would gain if the government held on to Northern Rock until market conditions improved. Ron Sandler, nominated by the government to run Northern Rock, said savers' deposits would be secure. | BBC | http://news.bbc.co.uk/2/hi/business/7249575.stm | UK | 55.00839, -5.822485 | |
115 | 2001-03 | Banca Dacia Felix (Romania) | • Dacia Felix Bank was the first private bank established in Romania after 1989 , in Cluj-Napoca, in 1991 . • The first private bank set up after the December 1989 Revolution - 1991 in Cluj-Napoca, Transylvania. • The founder was Sever Muresan and Mircea Horis Hossu was the director. A tribunal in Constanta (south-east Romania) forced them to pay $100 mil dollars, 16 mil lei, 10 mil Swiss francs and the equivalent of 2,777,000 of French francs. They served time for a couple of months and were acquitted in 2003. • The Bank declared insolvency and went into liquidation in March 2001. The prejudice was over 160 million dollars. | Wikipedia ; Manager.ro | http://ro.wikipedia.org/wiki/Banca_Dacia_Felix ; http://www.manager.ro/articole/financiar-bancar/11-prabusiri-istorice-ale-bancilor-romanesti-7823.html | Romania | |||
116 | 2000 | 2009 | Banca de Investitii si Dezvoltare (Romania) | • Set up in 2000 allegedly only to be bankrupt. • The second "banking child" belonging to controversial businessman with political involvement Sorin Ovidiu Vantu, media “mogul” with right wing views. • Prime Minister and acting Romanian President Nicolae Vacaroiu was the bank’s Administration Council president. • The deal was built around 10.8 billion old lei contract, reported by the press. | Manager.ro ; Wikipedia | http://www.manager.ro/articole/financiar-bancar/11-prabusiri-istorice-ale-bancilor-romanesti-7823.html ; http://en.wikipedia.org/wiki/Nicolae_V%C4%83c%C4%83roiu | Romania | ||
117 | 2000 | 2000 | Banca Internationala a Religiilor (BIR) (Romania) / International Religion Bank | • The bank went bankrupt in 2000. • A Romanian Parliamentary report of two commissions ruled out that the bankruptcy was the fruit of organised crime and institutionalised corruption, planned by a group that included Arin Stănescu, Calin Andrei Zamfirescu, Flavius Baias, alongside individuals from the head of the Romanian Central Bank - Emil Iota Ghizari, Mihai Bogza among others - with the complicity of certain magistrates. • BIR’s Judicial Department head was Sandru Ion, former communist intelligence service judicial department chief and, later, of the Romanian Secret Service. • The bank was also actively supported by a few big Romanian churches, the Saudi Arabia Royal House and a few Romanian state agencies and societies. • The total prejudice rose to 70 mil euros. • Connected with businessman Dinel Staicu (now Dinel Nutu), not a stranger to incarceration, also known for setting up the Communism Museum. | Wikipedia ; Manager.ro | http://ro.wikipedia.org/wiki/Banca_Interna%C8%9Bional%C4%83_a_Religiilor ; http://www.manager.ro/articole/financiar-bancar/11-prabusiri-istorice-ale-bancilor-romanesti-7823.html ; http://ro.wikipedia.org/wiki/Dinel_Staicu | Romania | ||
118 | 1997-10-01 | Бизнесбанка (Bulgaria) | Failed | The auction was held on November 29 when the state was again the only candidate. In this case, the auction was canceled by decision of the court which determined that the state claims of the bank were far less than its estimate - 5.7 million Levs. According to the court and the trustee of Businessbank Ivan Panchev the takings of the state amounted to 2.1 million Levs while the representatives of the Finance Ministry - more than 8 million Levs. The big difference is due to the different ways in which the two parties calculate currency denominated liabilities of the bank to the budget, which amount to a total of 2.8 million dollars. According to Finance Ministry, the date of revaluation should be the day on which the court declared the bank insolvent - 1 October 1997 when a dollar was worth 1,765 old Levs. Trustees of the bank and the court felt the need to consider the closing date of the bank - September 30, 1996, when the dollar was worth only 229 Levs. According to the trustees, the list of claims was exposed to objections over a period of six months, but nobody from the Finance Ministry responded. On the other hand, according to the Ministry's lawyers, the way the Court considers foreign liabilities of the bank contradicts the Commerce Act. | Капитал | http://www.capital.bg/politika_i_ikonomika/bulgaria/2000/02/25/254540_faliralite_banki_v_kapana_na_paragraf_22/ | Bulgaria | 42.731596, 25.483115 | |
119 | 1997-09-23 | Елитбанк (Bulgaria) | Failed | This was the first of bankrupt banks offered at public auction. The only candidate was the state represented by the Ministry of Finance, whose claims from Elitbank are about five million Levs. On the day of the auction - November 25, representatives of the ministry offered to pay 1.4 million Levs, which equals 80% of the valuation of the bank. On 9 December the bank trustees Christina Stamova and Emil Rakovsky brought the minutes of the auction to the Sofia City Court (SCC). With this they declared "public sale for invalid", arguing that the state has not paid the offered price in cash within the statutory five days. Instead, the Finance Ministry has asked the price off the size of their claims against the bank. The Ministry appealed to the trustees, but in January SCC officially supported their position. So Elitbank became the first bank which the state failed to win in the auction. Shortly thereafter, the Ministry has requested assignment of assets and property rights of the bank in accordance with Art. 382 of the Civil Procedure Code. | Капитал | http://www.capital.bg/politika_i_ikonomika/1997/01/27/998486_bnb_prizna_bzk_i_elitbank_za_neplatejosposobni/ | Bulgaria | 42.731596, 25.483115 | |
120 | 1997-08-01 | Балканбанк (Bulgaria) | Failed | This is the largest of failed banks to be auctioned. The reason for the auction's delay was the lack of valuation of assets as the Court rejected the previous assessor and demanded a new one. | Капитал | http://www.capital.bg/politika_i_ikonomika/bulgaria/2000/02/25/254540_faliralite_banki_v_kapana_na_paragraf_22/ | Bulgaria | 42.731596, 25.483115 | |
121 | 1997-07-22 | Агробизнесбанк (Bulgaria) | Failed | The State Financial Control - Plovdiv started a revision of the bankrupted Agro-Businessbank. Revision was ordered of the Minister of Finance Muravey Radev and should be completed by January 31, 2001. Agrobusinessbank will be checked for the period 1 April 1999 to 30 June 2000. Minister Radev may appoint financial audits for the actions of administrators in the management of banksrupt banks. Auditors will check the records and the contents of the vaults of the bank. The Court declared Agrobusinessbank bankrupt on 22 July 1997. The creditors were paid a total of 24.632 million Levs, $ 8.328 million were paid in U.S. dollars. | Стандарт | http://paper.standartnews.com/archive/2000/12/07/econom/fnstory4.htm | Bulgaria | 42.731596, 25.483115 | |
122 | 1997-07-18 | Банка за земеделски кредит (Bulgaria) | Failed | On October 24, the Supreme Court declared the Bank for Agricultural Credit (BAC) bankrupt. Since last week, the credit institution began issuing certificates under the Law on Deposit Protection. Citizens who have invested money in the BAC will be able to get them on the branch of the bank. "After one month from the date of issuance of the certificates, i.e. at the end of November, the State Savings Bank will release the Lev deposits of depositors in BAC. | Капитал | http://www.capital.bg/biznes/finansi/1997/11/01/241493_banka_za_zemedelski_kredit_e_obiavena_vuv_falit/ | Bulgaria | 42.731596, 25.483115 | |
123 | 1997-04-28 | Международна банка за инвестиции и развитие (Bulgaria) | Failed | Together with First Private Bank is now a financial institution which caused the greatest scandal. This auction had failed twice. The Bulgarian Central Bank challenged the assessment that the company "Again-beat" Ltd. gave its assets - nearly 12 million Levs to the bank. | Капитал | http://www.capital.bg/politika_i_ikonomika/bulgaria/2000/02/25/254540_faliralite_banki_v_kapana_na_paragraf_22/ | Bulgaria | 42.731596, 25.483115 | |
124 | 1997-04-10 | ТСБанк (Bulgaria) | Failed | TSBank was originally placed on the list of banks which had to be auctioned (as obligations to the state were more than the bank's assets). Subsequently, the selection procedure of the evaluator was terminated because it turned out that trustees Alexander Popov and Vasko Vassilev applied in their own way texts concerning "Plama" - Pleven. As a result, they picked their claims from the refinery to a higher percentage than indicated in the law. Thus the bank's obligations to the state of 24 million Levs were sharply reduced. | Стандарт | http://paper.standartnews.com/archive/2002/03/19/theday/s3309_14.htm | Bulgaria | 42.731596, 25.483115 | |
125 | 1997-04-01 | Частна земеделска и инвестиционна банка (Bulgaria) | Failed | The bank was declared for a public auction on January 4, 2000, starting at 3.545 million Levs. The State requested again an offset the cost of their claims, which amounted to 28,547 million Levs. The court's decision to reject the tender procedure was released on January 31. The motif highlights again the inability to pay by offsetting. The statement says that the Finance Minister Muravey Radev has requested the offsetting by letter dated from January 7 - the day before the new budget law entered into force, allowing for this prodedure. The second argument of the judge Olga Kerelska was that the State was not properly presented to the auction. | Стандарт | http://paper.standartnews.com/archive/2000/04/14/econom/finance.htm | Bulgaria | 42.731596, 25.483115 | |
126 | 1997-01-12 | ТБ “Славяни” (Bulgaria) | Failed | The auction for the bank was held on December 1. The state was again the only candidate. Its proposed price was 80% of the bank's valuation (905,534 Levs). As with other banks, the Ministry requested the payment by set-off. Trustee Slavyani SCC asked to assign the assets of the state, but in early February, the court refused, and announced the sale for invalid. The Finance Ministry does not intend to appeal the decision and has requested assignment of assets under Art. 382 of the CPC. | Капитал | http://www.capital.bg/politika_i_ikonomika/bulgaria/2000/02/25/254540_faliralite_banki_v_kapana_na_paragraf_22/ | Bulgaria | 42.731596, 25.483115 | |
127 | 1996-05-17 | Минералбанк (Bulgaria) | Failed | This is the second bank, which according to the lawyers of the Finance Ministry should be opened to a tender procedure . After all operations with "Plama" were called off, the bank became largely indebted to the state. | Капитал | http://www.capital.bg/politika_i_ikonomika/bulgaria/2000/02/25/254540_faliralite_banki_v_kapana_na_paragraf_22/ | Bulgaria | 42.731596, 25.483115 | |
128 | 1996-05-17 | Първа частна банка (Bulgaria) | Failed | The failed bid for First Private Bank caused the biggest scandal since it was the only auction which had another candidate beside the state. This company is "Yorset Holdings Ltd.", a subsidiary of a Luxembourg-registered company of the same name. The largest private bank in bankruptcy was estimated at 18.7 million Levs. During the bidding the state offered a price of 25 million Levs, while the last offer of the private firm was 14,820 million Levs. In five days the Treasury again asked the price to be paid by offsetting receivables by the state budget. The trustees Javor Kamburov and Teodora Stoyanova submitted a protocol for approval of the buyer to be the state with a delay of nearly a month. On January 17 the judge Alexei Ivanov issued a ruling, which refused to recognize the Finance Ministry to be the buyer - with the argument that it has not paid the price in cash. | Капитал | http://www.capital.bg/biznes/finansi/1997/10/25/241372_bnb_za_vtori_put_otne_licenza_na_pchb/ | Bulgaria | 42.731596, 25.483115 | |
129 | 1996 | 2002 | Banca Romana de Scont (former Astra) (Romania) | • Left behind a damage worth of 160 billion lei. • Set up in 1996 by businessmen and companies from Brasov. Its starting out capital was 50 billion old lei. Financial group Gelsor, which belonged to Sorin Ovidiu Vantu, takes over the main share package of Astra, changing the name of the bank. Later, Dramiral group, headed by Mihai Iacob, bought 63% of the bank's shares. • The controversy has it that Vantu, through this bank and also the Investment and Development Bank, bankrupted Astra Insurances. • In March 2010, former bank director Teodor Nicolaescu and Damiral group director were called in court by the anti-corruption state agency DIICOT prosecutors for a 135 old lei fraud involving oil. • It declared bankruptcy in 2002, with a total fraud of $19.2 mil: $12.1 Astra Insurances, $6 mil BRS; $1 mil Romanian Post Office National Company. | Bizcity.ro ; Manager.ro ; Wikipedia | http://www.bizcity.ro/stiri/banca-romana-de-scont-a-intrat-in-faliment.html?id=2405 ; http://www.manager.ro/articole/financiar-bancar/11-prabusiri-istorice-ale-bancilor-romanesti-7823.html ; http://ro.wikipedia.org/wiki/Banca_Rom%C3%A2n%C4%83_de_Scont | Romania | ||
130 | 1993 | 2004 | Banca Turco-Romana (Romania) | • Set up in 1993, the problems started in 2000, when the Romanian Central Bank decided not to cover the bank's debts. • BTR lost 1,100 billion old lei and the debts towards the Romanian state and suppliers rose to over 40 million dollars. • The ‘mastermind’ behind the $120bn fraud was Kamuran Cotruk (Bayndir Holding ex-president). The bank went into liquidation in 2004. | Manager.ro ; Depositary Receipts from the Bank of New York | http://www.manager.ro/articole/financiar-bancar/11-prabusiri-istorice-ale-bancilor-romanesti-7823.html ; http://www.adrbnymellon.com/files/AC4557.pdf | Romania | ||
131 | 1990 | 2003 | Banca Columna (Romania) | • The bank belonged to some folks with a Swiss address, matching a phantom-firm named Manel Finanz AG. The bank was holding deposits from Romanian state agencies such as FPS / APAPS and CEC, which kept here 64 bn old lei, $10 bn dollars and 35 bn old lei, respectively. • Wikipedia claims the bank financed satellite companies interested in getting hold of the fertiliser industry, and then disappeared. • The State Properties Fund, CEC and Renel were their clients. • It is connected with Virgil Magureanu, former head of the intelligence service of Romania, SRI (Romanian Intelligence Service) (March 26, 1990 - April 25, 1997). Magureanu resigned following a disclosure about his personal wealth, made at television while he was among the studio guests. (His name at birth was Imre Asztalos, according to Wikipedia.) | Wikipedia; Manager.ro ; Wikipedia | http://www.manager.ro/articole/financiar-bancar/11-prabusiri-istorice-ale-bancilor-romanesti-7823.html ; http://en.wikipedia.org/wiki/List_of_banks_in_Romania ; http://ro.wikipedia.org/wiki/Columna_Bank | Romania | ||
132 | 1990 | 2000 | BANKCOOP (Romania) | At the time of declaring bankruptcy, its patrimony counted 1,650 billion old lei. The Romanian Central Bank made over 2,000 billion available for FGDSB to pay back the bank's clients. When it went into litigation, it had 200 branches and approximately 600,000 depositors. These clients recovered their money. | Manager.ro | http://www.manager.ro/articole/financiar-bancar/11-prabusiri-istorice-ale-bancilor-romanesti-7823.html | Romania | ||
133 | 1990 | 1997 | Credit Bank (Romania) | • Set up in 1990, it was the first bank to go bust. The Romanian Central Bank (BNR) stopped it from functioning in 1997, when the liquidation procedure started. • The state of bankruptcy was only pronounced in 2000. It attracted a damage worth of 4,000bn old lei. • Romanian dodgy businessman Gigi Kent was blamed for the crash of the bank that he himself had created. | Manager.ro | http://www.manager.ro/articole/financiar-bancar/11-prabusiri-istorice-ale-bancilor-romanesti-7823.html | Romania | ||
134 | 1968 | 1999 | BANCOREX Romania) | • Bancorex did not go bust, but merged with currently up and going BCR (Romanian Commercial Bank). It is rumoured to have received one of the worst blows in the banking history: the Romanian government took into public debt from Bancorex a sum of $1.5 billion, or 4.5% of GDP, plus the 1997 $600 million recapitalization. • It used to work with the Romanian Foreign Information Authority (DIE). Wikipedia profile reads that the foreign exchange resulted from various transactions was deposited in secret accounts under the names of DIE officers. • The Bank Actives Valorification Agency (AVAB) took over its 1,022 bad credits in June, 1999. • The Romanian the workers employed overseas before the fall of the communist regime (Dec 1989) tried to redraw their money after the Revolution, but the accounts were empty. The bank’s losses totalled $1.8 bn. The report goes on to say that the Vacaroiu Government (1994 – 1996) contracted fictitious services and goods worth of at least 30 million dollars and the bank paid for them. Romanian-French citizen Adrian Costea, which was business partner alongside the state in these transactions was councillor extraordinaire for the then President Ion Iliescu during the time of these transactions. | Wikipedia; Manager.ro | http://ro.wikipedia.org/wiki/Bancorex ; http://en.wikipedia.org/wiki/Bancorex ; http://www.manager.ro/articole/financiar-bancar/11-prabusiri-istorice-ale-bancilor-romanesti-7823.html | Romania | ||
135 | 04/06/2012 | Banco BPI (Portugal) | Portugal's Banco BPI SA (BPI.MC) Monday said the state will inject cash into the lender as part of a EUR1.5 billion recapitalization plan, allowing the bank to meet higher capital requirements from the European Banking Authority. Under the terms of the plan, the state will inject EUR1.5 billion into BPI at the end of June in exchange for contingent convertible bonds. Then, BPI will launch a EUR200 million capital increase before the end of September. The proceeds from this capital hike will be used to pay back part of the aid, lowering the state's final contribution to EUR1.3 billion. The plan would allow BPI to reach a core Tier 1 capital ratio of 9% by the end of June, the bank said in a press release. | http://www.marketwatch.com/story/portugals-bpi-secures-further-state-aid-2012-06-04 | Portugal | 36.091091, -18.727655 | |||
136 | 2005 | 2006 | Nova Bank (Romania) | • After a year of functioning on the basis of a special settlements regime, BNR suspended its license in 2006. That year, Nova Bank lost 13.8 million dollars and actives worth of 29.1 mil lei. • There were conspiracy theories surrounding the bank. President Nova Bank was the KGB Russian officer Anatoli Patron. The leadership of the banks included Russian spies and former Romanian communist police agents. | Manager.ro | http://www.manager.ro/articole/financiar-bancar/11-prabusiri-istorice-ale-bancilor-romanesti-7823.html | Romania | ||
137 | 2010 | Millennium BCP (Portugal) | http://www.bportugal.pt/en-US/OBancoeoEurosistema/ComunicadoseNotasdeInformacao/Pages/combp20120124.aspx | Portugal | 36.091091, -18.727655 |