Insurance

FDIC surveys bank overdraft programmes

The Federal Deposit Insurance Corporation (FDIC) has gathered data on the types, characteristics, and use of overdraft programmes operated by the1,171 banks supervised by the deposit insurance regulator.

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…

Citigroup rescues teetering Wachovia

US regulators managed to avert another bank failure on Monday, persuading Citigroup, the world's biggest bank, to rescue Wachovia, another large US lender, which looked likely to collapse in the coming days.

Norges's Gjedrem: rethink deposit guarantee

Reducing commercial bank deposit guarantees per customer would bring the Norwegian system more into line with guarantee schemes in other countries, said Svein Gjedrem, the governor of the Norges Bank.

Singapore's Heng: people must plan ahead

Singapore's maturing population needs good retirement planning services to remain financially independent, said Heng Swee Keat, the managing director of the Monetary Authority of Singapore.

US regulators issue guidance on Basel II

The four US regulators responsible for the Basel II framework have published final guidelines on how banks adopting the advanced approaches can best carry out the supervisory review process.

Swiss Re's Raaflaub to head new regulator

Patrick Raaflaub, the head of group capital management at Swiss Re, a reinsurance company, will direct Switzerland's new super regulator the Financial Market Supervisory Authority (FINMA).

FDIC's Bair calls for mortgage transparency

Sheila Bair, the chairman of the Federal Deposit Insurance Corporation, the body responsible for deposit insurance in the US, has called for a return to common sense and back-to-basics lending standards.

Caribbean budgets need disaster insurance

The natural-disaster-prone economies of the Caribbean need insurance to reduce the vulnerability of their public finances and improve debt sustainability, a new IMF working paper says.

Bernanke admits concern over monolines

The threat of a downgrade to some of the biggest monoline insurers impacting the banking industry is forcing the Federal Reserve to monitor developments closely, a letter from Ben Bernanke, the chairman of the Federal Reserve, reveals.

UK chancellor outlines regulatory changes

In a bid to prevent another Northern Rock, Alistair Darling, Britain's chancellor of the exchequer, has pledged to make the government ultimately responsible for actions to counter banking crises.

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