Banking in the European Union

Latest business news and information covering the EU's banking sector.

Banking secrecy's days numbered: Liechtenstein prince — 09 April 2013, 18:37 CET

Europe is heading towards the automatical transfer of banking data to fight tax evasion, Prince Hans-Adam of Liechtenstein said Tuesday, amid growing pressure to abandon banking secrecy.

Slovenia working 'day and night' to save banks — 09 April 2013, 18:23 CET

Slovenia's new Prime Minister Alenka Bratusek insisted Thursday that her government is working "day and night" to save a banking system which the OECD says is in urgent need of repair.

Austria to discuss lifting banking secrecy for foreigners — 09 April 2013, 21:35 CET

Austria will discuss lifting its banking secrecy policy for foreign depositors, says Chancellor Werner Faymann following EU criticism about the country's continued refusal to abandon the controversial measure.

Luxembourg tax-data exchange still under 'reflection': minister — 08 April 2013, 20:22 CET

Luxembourg Finance Minister Luc Frieden said Monday that his government's apparent willingness to ease banking secrecy under pressure from international rivals was still under "reflection."

'Immense stake' for US in eurozone recovery: Lew — 08 April 2013, 20:23 CET

US Treasury Secretary Jacob Lew used his opening meetings on Monday in a whistle-stop tour of eurozone leaders to remind EU partners of the "immense stake" the United States has in European recovery and reform efforts.

Under-pressure Austria ready to exchange more bank data — 08 April 2013, 20:25 CET

Austria is ready to discuss exchanging more data in an effort to tackle international tax evasion, but banking secrecy will remain in place, the chancellor said Monday following sharp EU criticism.

'Immense stake' for US in eurozone recovery: Lew — 08 April 2013, 14:37 CET

US Treasury Secretary Jacob Lew used his opening meetings on Monday in a whistle-stop tour of eurozone leaders to remind EU partners of the "immense stake" the United States has in European recovery and reform efforts.

'Unacceptable' for Austria to hold up EU bank secrecy reforms — 08 April 2013, 18:07 CET

It is unacceptable for Austria to refuse to reform its bank secrecy rules, said the Commission, after Luxembourg signalled it was ready to change in the face of growing uproar over tax evasion.

Bank secrecy must remain: Austrian vice-chancellor — 08 April 2013, 17:59 CET

Austria should maintain its banking secrecy, Vice Chancellor Michael Spindelegger said Monday as a debate raged over whether such a measure could still be justified after Luxembourg revealied that it was prepared to soften its position.

Greek banks to be recapitalised separately — 08 April 2013, 12:09 CET

Greece's central bank on Sunday said the country's main four lenders would be recapitalised separately, a move that put on hold a planned merger between two of them.

Luxembourg ready to revise bank secrecy — 08 April 2013, 12:08 CET

Luxembourg is prepared to lift the lid slightly on its controversial bank secrecy in an effort to help curb tax evasion by foreign depositors, its finance minister told a Sunday newspaper.

Panicked Cypriots queue at banks on new 'haircut' rumours — 05 April 2013, 15:48 CET

Panicked Cypriots queued outside banks on Friday on rumours that a new levy would be imposed on deposits as part of a bailout, but the authorities moved quickly to assure them this was not the case.

EU chief bemoans banking union delay amid Cyprus crisis — 03 April 2013, 17:00 CET

European Commission chief Jose Manuel Barroso on Wednesday bemoaned delays in creating a European Union banking union as the bloc grapples with crisis in cash-strapped Cyprus.

Laiki Bank UK branch avoids Cypriot fallout — 02 April 2013, 14:13 CET

Customers of the British unit of failed bank Laiki will be protected from the levy that was part of the eurozone nation's bailout deal, the Bank of England announced on Tuesday.

Greek central banker sees recapitalisation delay — 02 April 2013, 14:19 CET

Greece's central banker has forecast that an eagerly-awaited recapitalisation of the country's crisis-hit leading banks could be delayed by a few weeks to May.

Cyprus parliament to probe alleged loan write-offs: MP — 30 March 2013, 21:20 CET

Cypriot MPs will next week investigate a list of several million euros of alleged loans to politicians and others said to have been written off by the two banks at the centre of the island's financial crisis.

Russian cash not flooding Latvia amid Cyprus thaw: minister — 28 March 2013, 18:50 CET

Eurozone hopeful Latvia insisted Thursday the Baltic state was not in danger of becoming a new offshore haven for Russian cash amid the debt and banking crisis racking zone member Cyprus.

Cyprus bank curbs could end in a month: foreign minister — 28 March 2013, 18:50 CET

Tight capital controls slapped on Cyprus banks under onerous conditions demanded by eurozone lenders for a bailout could be lifted within a month, Foreign Minister Ioannis Kasoulides said Thursday.

IMF: Cyprus plan unique, hard to apply elsewhere — 28 March 2013, 21:47 CET

The International Monetary Fund said Thursday that the controversial plan to penalize depositors and bondholders to rescue Cyprus's banks was unique and not likely applicable elsewhere.

Bundesbank supplied Cyprus with banknotes — 28 March 2013, 17:16 CET

The German central bank or Bundesbank confirmed it supplied its counterpart in Cyprus with banknotes as the island's banks reopened Thursday after an unprecedented 12-day lockdown.

Bank workers in firing line as Cyprus bailout bites — 28 March 2013, 16:16 CET

As Cyprus reels under a bailout that painfully pares back its finance sector, many bankers, auditors and accountants are facing unemployment, with some being forced to consider leaving the island for good.

Russian cash not flooding Latvia amid Cyprus thaw: minister — 28 March 2013, 14:02 CET

Eurozone hopeful Latvia insisted Thursday the Baltic state was not in danger of becoming a new offshore haven for Russian cash amid the debt and banking crisis racking zone member Cyprus.

Cyprus bank deposits down 2.1% in February — 28 March 2013, 13:29 CET

Households and companies withdrew as much as one billion euros from their bank accounts in Cyprus last month, according to data compiled by the European Central Bank on Thursday.

EU to monitor Cyprus capital controls closely — 28 March 2013, 11:22 CET

The European Commission said Thursday it will closely monitor capital controls in Cyprus, which should last no longer than strictly necessary, as the newly-bailed out country prepares to re-open its banks after nearly two weeks.

Queues form as Cyprus banks reopen — 28 March 2013, 10:58 CET

Dozens of people queued outside Cyprus banks for their cash on Thursday ahead of their reopening after an unprecedented 12-day lockdown.