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‘Credible’ is the word many are using to describe the European Central Bank’s Asset Quality Review and the European Banking Authority’s stress tests, writes Graham Bippart.
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The Bank of England (BoE) will begin work next year figuring out how to provide Islamic banks with Shariah-compliant liquidity facilities. Even without knowing what rates or requirements the prospective facilities will involve, the UK’s Islamic lenders — long starved of Shariah-compliant liquid assets — say anything will be better than holding cash.
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The UK’s Financial Conduct Authority released a consultation paper on Wednesday morning seeking comment on a possible permanent ban on the sale of CoCos to retail investors. The consultation paper also clarifies some aspects of the ban that are unclear in its existing temporary form.
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Deutsche Bank said profits in its investment bank were up 4%. But the rise was modest, thanks to a €250m increase in expenses, which it said was down to higher regulatory spending and legal fees. This includes fixed salary increases to meet the European Union’s bonus cap, which limits bonuses to twice fixed pay. -
Provisioning for litigation costs has pushed UBS's third quarter results into a pre-tax loss, the bank said on Tuesday. Even strong performances in investment banking and wealth management were unable to offset the damage done by the extra legal provisioning.
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‘Credible’ is the word many are using to describe the European Central Bank’s Asset Quality Review and the European Banking Authority’s stress tests. But in the same breath that analysts are using to trumpet the regulators’ successes in holding Europe’s major banks to the flames and eliciting an immediate and broadly positive reaction from investors, some are also saying the system is still deeply flawed — and potentially unsustainable.
