News
Iceland suspends bank shares, offers guarantee
Iceland has halted trading on stocks in its beleaguered banks and guaranteed all customer deposits in a bid to stop a raft of selling on signs the country's banking system is near to collapse.
Ex-Fed's Volcker demands regulatory overhaul
Paul Volcker, a former chairman of the Federal Reserve, has urged regulators to enhance supervision on both a national and international level in the aftermath of the global turmoil.
Fed to offer further funds, pay interest
The Federal Reserve on Monday announced further measures to shore up ailing money markets, pledging to inject $600 billion in longer-term funds.
Denmark, Germany step up deposit guarantees
The Danish and German authorities have become the latest countries to raise their deposit guarantees to prop up their battered banking sectors.
Old Lady bows to markets, expands collateral pool
The paralysis in money markets has forced the Bank of England to accept poorer quality collateral, underlining the extent to which interbank conditions have worsened in recent weeks.
Ireland's Hurley justifies 100% guarantee
John Hurley, the governor of the Central Bank and Financial Services Authority of Ireland, has defended Dublin's pledge to guarantee all deposits in its six biggest lenders.
Banks push for global bailout
Banks have urged officials from around the world to cooperate on a global response to the financial crisis.
Zimbabwe halts e-transfers, inflation at 531 bn%
The Reserve Bank of Zimbabwe on Friday halted electronic transfers as the currency plunged to a fresh low. News of the stoppage follows a new estimate puts Zimbabwean annual inflation at 531 billion percent.
Wells Fargo bids for Wachovia
Wells Fargo, a US bank, looks set to snag Wachovia from Citigroup, the world's biggest lender, after offering $15.1 billion for the troubled bank. The move could see the Federal Deposit Insurance Corporation (FDIC), which manages the US's deposit…
House passes bailout plan
The House of Representatives, the lower house of the US Congress, has backed a revised version of the Treasury's $700 billion plan to tackle the financial crisis.
Trichet comments raise prospect of December cut
The European Central Bank (ECB) kept rates on hold again on Thursday, but more-dovish-than expected comments from Jean-Claude Trichet, the central bank's president, signalled the Governing Council could cut before the end of 2008.
EU economists demand systemic response
A group of Europe's most prominent economists on Thursday urged Brussels to re-capitalise the continent's battered banking sector or risk the crisis spiralling out of control.
Senate endorses Treasury plan
A large majority of US senators on Wednesday backed the Treasury's $700 billion plan to tackle the financial crisis.
Call for mutual model to protect UK deposits
Senior City of London figures have called for the UK to set up a deposit protection scheme run by the banks, independently of any financial regulator.
Bank appoints Magic Circle partner as legal chief
Graham Nicholson, a partner at Freshfields Bruckhaus Deringer, one of the City of London's most prestigious law firms, will become the Bank of England's chief legal adviser at the start of next year.
RBI quashes rumours second-biggest bank at risk
The Reserve Bank of India on Tuesday moved to soothe concerns that ICICI Bank, a Mumbai-based lender, was in trouble after reports emerged of a run on the bank.
FDIC pushes for more deposit insurance
The Federal Deposit Insurance Corporation (FDIC), which manages the US's deposit insurance fund, has added its support to calls for Congress to raise the guarantee on deposits.
EU reveals plans for tougher rules for banks
The European Commission wants to impose more stringent rules on European Union banks in a bid to make the region's financial system more stable.
Riksbank deputy to step down
Irma Rosenberg, the first deputy governor at the Riksbank, will leave the institution at the end of the year.
US stocks up on signs Congress will pass plan
US stock markets regained some ground on Tuesday on indications that lawmakers would pass the Treasury's plan to buy troubled assets later this week.
Ireland guarantees all deposits, halts share slide
The Irish government has taken the highly unusual step of guaranteeing all bank deposits in a bid to abate stresses in the Irish financial system which have triggered a loss of confidence in the country's banks.
European authorities rescue Dexia
The Belgian and Luxembourg authorities on Tuesday presided over their second bank bailout in as many days, rescuing Dexia, the world's largest lender to local government, along with their French counterpart.
HKMA offers emergency liquidity
The Hong Kong Monetary Authority (HKMA) on Tuesday announced five steps to counter paralysis in the territory's money markets.
Malaysia's Zeti to head BIS's Asia Council
Zeti Akhtar Aziz, the governor of Bank Negara Malaysia, is to chair the Bank for International Settlements' (BIS) Asian Consultative Council.