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Despite a tepid response in a 2024 consultation, there are signs EU authorities are laying the groundwork
European and high yield chiefs to take the reins
Kevin Duignan to retire after 33 years, mainly in structured finance
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Lloyds Banking Group reports that two-thirds of Irish property loans will unlikely be repaid in full, up from 53% at the end of 2010.
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The Royal Bank of Scotland reduced the size of its commercial real estate loan portfolio by 14% in 2011 for a total reduction of 25% over the past three years.
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Dire predictions of the implications for covered bonds of imminent US legislation may have been overblown, bankers and lawyers have told EuroWeek. They said that the proposed Volcker Rule may not hit covered bond structures that use SPVs, as industry bodies fear.
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Mandy Spink is said to be leaving as head of large complex U.K. banks at the Financial Services Authority.
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Iceland’s Aerion Bank has launched a EUR1 billion ($1.33 billion) covered bond program, the first in the country by a domestic lender since its banking crisis.
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The Royal Bank of Scotland has reported that losses nearly doubled last year to £2 billion, up from £1.1 billion in 2010.
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Deutsche Bank has priced its EUR500 million ($655.6 million) covered bond at 22 basis points above midswaps.
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Four former employees of MF Global, the brokerage firm that went bankrupt late last year, have joined Knight Capital as part of that firm’s effort to expand its sales team in non-agency mortgage-backed securities, according to John Welde, Knight’s global head of structured product sales.
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Ireland’s Sealink Funding has filed additional lawsuits against several big banks, including JPMorgan Chase, Citigroup and Bank of America, over $949 million in residential mortgage-backed securities.