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The European Central Bank is offering renewed support to the idea of the EU creating a ‘bad bank’ or an asset management company to manage a flood of non-performing loans engulfing European banks, fuelling expectations that this will be part of the European Commission’s forthcoming NPL strategy. Jon Hay and Owen Sanderson report.
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Banca Monte dei Paschi di Siena confirmed on Thursday that it was looking at options to strengthen its capital position, with the full support of the Italian government. Trading had already been heating up in its tier twos, as investors have been forced to consider whether a capital raise will require burden sharing under EU state aid rules. -
The Reserve Bank of Australia has announced plans to explore the potential uses and implications of a central bank digital currency using distributed ledger technology. The RBA follows the Banque de France, which last year worked with Société Générale to settle a crypto covered bond — a product that offers a number of ways to deploy blockchain technology.
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Credit Suisse names Philippines head – MUFG hires from Mandiri – HKEX expands WVR scheme
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The Alternative Credit Council (ACC) has recommended allowing CLOs to obtain a ‘simple, transparent and standardised’ (STS) certification to increase the flow of funding to European borrowers. Investors have pushed back on such proposals, however, citing the heavy due diligence needed to invest in STS deals.
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The Chinese central bank and the banking and insurance regulator plan to increase oversight on the booming domestic online micro-lending market, in a bid to curb risks in the sector. The two are also among regulators that held talks this week with financial technology giant Ant Group, which owns two microloan companies.
