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The European Central Bank, as the bank supervisor, has a clear mandate to maintain a bank as a going concern, but that is not necessarily positive for covered bonds. The forthcoming European covered bond directive may help mitigate these concerns — but it is not guaranteed.
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Capital market specialists are good at living with radical uncertainty. Just as banks and investors carried on calmly trading US Treasuries through successive debt ceiling crises, they are now displaying similar sangfroid about Brexit. -
The courts are starting to show that they have a key role to play in determining how EU bank resolutions play out.
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The Commerzbank and Deutsche Bank talks have given Europe’s FIG bankers an unexpected source of cheer, writes David Rothnie.
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This year’s bull market in credit and equities stems from central banks trying to soften the blow of a downturn, rather than from expectations of actual growth. This irony cannot last, for reasons of economics, policy and politics.
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The potential merger of Deutsche Bank and Commerzbank has been repeatedly panned since it was first floated, with good reason. But at the level of the whole German banking system, there is a certain logic to it.
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The green bond market is still simply too small for its investors to be discerning.
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As Marcella climbed into the transport pod for her short journey home to her cosy apartment in the Chongqing suburbs, her wristwatch buzzed, reminding her that this would be her last ever commute. She leaned back and thought of the days when she started out in banking, in 2007, right at the start of GFC1, the first Global Financial Crisis. In her 43 year career, how the world had changed.
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A vote to leave the EU has left the population of the UK divided. The country’s banking sector will increasingly come to share in this division, with the largest financial institutions able to muddle on in capital markets even as smaller lenders find themselves beholden to events in domestic politics.
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The European Central Bank’s new funding programme has not ended up being what it was supposed to be — a way of departing from the old market order.
