Banking in the European Union

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

Eurogroup talks on Cyprus start four hours late — 24 March 2013, 23:30 CET

Talks with Eurogroup partners on conditions for resurrecting a Cyprus bailout to avert a looming banking system meltdown finally got under way after a delay of four hours on Sunday, two European Union sources said.

Two main Cyprus banks slash ATM withdrawal limits — 24 March 2013, 22:13 CET

The two main banks at the centre of Cyprus's financial crisis slashed the daily cash withdawal limits from ATM machines on Sunday, state media reported.

Banking at heart of Cyprus economic collapse — 24 March 2013, 16:42 CET

The Cyprus banking sector, which has driven prosperity on the Mediterranean island for two decades, has in the end been the trigger for the collapse of the country's economy due to its exposure to the Greek debt crisis.

Cyprus bank lock-down a rare operation used before — 22 March 2013, 18:07 CET

Extended bank closures, such as the current nine-day shutdown in Cyprus, may be an extreme and rare measure, but they are not unheard of as governments seek to keep depositors from making runs on banks while officials sort out shaky financial sectors.

Russia holds back on Cyprus aid, awaits EU-IMF deal — 22 March 2013, 16:03 CET

Russia announced Friday that it would avoid assuming extra risk and wait for Cyprus and the European Union to strike a deal before pitching in to any bailout for the debt-ridden island.

Central bank urges Cyprus banking sector restructuring — 21 March 2013, 22:15 CET

The Cyprus Central Bank has proposed a restructuring of the island's crisis-hit banking sector, its governor Panicos Demetriades said on Thursday.

Cyprus banks face meltdown as ECB ready to pull plug — 21 March 2013, 17:37 CET

The European Central Bank warns it is ready to pull the plug on emergency funding for Cyprus banks as the island's politicians scrambled to raise billions of euros to head off financial meltdown.

NGOs harsh on Cyprus as others hold fire — 24 March 2013, 16:43 CET

In the heat of a crisis which has left it on the brink of bankruptcy, NGOs have accused Cyprus of a host of economic wrongdoings -- as a tax haven, a hub for money laundering, and of financial opacity.

Cyprus bank closure crippling business — 20 March 2013, 21:35 CET

Cyprus closed its banks this week to avert a run on savings and secure a bailout for its near-bankrupt economy, but the move has dealt another blow to companies already hit by the global financial crisis.

Cyprus bailout rejection threatens banks: minister — 20 March 2013, 12:42 CET

The rejection by Cyprus of an EU bailout deal could mean that its two top banks might never reopen, Cypriot Interior Minister Socratis Hasikos said on Wednesday, citing discussions with EU-IMF creditors on Tuesday evening.

ECB to continue financial support for Cypriot banks — 19 March 2013, 22:57 CET

The European Central Bank said Tuesday that it would continue to provide financial support for troubled Cypriot banks after the country's lawmakers rejected a bailout deal.

Europe a 'wicked stepmother' in Cyprus: Italian business — 19 March 2013, 22:59 CET

The head of Italy's employers federation on Tuesday said proposed bank levies in Cyprus would put Europe in the role of "a wicked stepmother".

EU reaches deal on bank supervisor — 19 March 2013, 22:59 CET

The European Parliament has approved setting up a single eurozone bank supervisor which supporters say will help stop troubled banks forcing their governments to seek bailouts.

Cyprus savers first to foot the bill for eurozone bailout — 19 March 2013, 10:44 CET

As savers in Cyprus rush to withdraw money in the light of a proposed bailout that requires hefty levies on their deposits, the plan raised concern across the eurozone as a possible precedent for other crisis-hit countries.

IMF urges EU to clean up banks — 15 March 2013, 19:25 CET

The International Monetary Fund said Friday that the European economy and financial system remained weak and urged the region to quickly clean up its banks in order to advance toward a banking union.

EU evictions ruling heartens debtors in Spain — 14 March 2013, 21:36 CET

Homeowners ruined by Spain's economic crisis and their defenders hailed a big step forward on Thursday after Europe's top court ruled that the country's eviction laws breached EU rules.

Commerzbank in EUR 2.5 bn capital increase — 13 March 2013, 16:27 CET

Commerzbank, Germany's second-biggest bank, said Wednesday that it will undertake a 2.5-billion-euro capital hike to repay further chunks of a state bailout it received during the 2008-2009 financial crisis.

Slovenia, Croatia sign deal over banking row — 11 March 2013, 18:07 CET

Slovenia and Croatia on Monday signed an agreement to resolve a long-standing banking row that threatened to hold up Zagreb's EU accession, scheduled for July.

Croatia, Slovenia find solution over bank row — 07 March 2013, 17:02 CET

Croatia and Slovenia have agreed to resolve a long-standing banking row that has threatened to hold up Zagreb's EU admission, Croatian Prime Minister Zoran Milanovic said on Thursday.

Spain banks need no more rescue money: Brussels — 05 March 2013, 20:05 CET

Spain will likely need no more money from Brussels to fix its financial industry after receiving 41.4 billion euros to shore up banks hammered by a 2008 property crash, the European Commission said Tuesday.

EU delays bank bonus cap as Britain offers hope for deal — 05 March 2013, 17:51 CET

EU governments on Tuesday delayed a decision to introduce controversial bank bonus caps after Britain, partly backed by Germany, sought adjustments in extra-time negotiations.

EU ministers tackle bank bonus cap, Britain holds out — 05 March 2013, 12:51 CET

EU finance ministers said Tuesday there was very little room for manoeuvre on plans to cap banker bonuses, leaving Britain's George Osborne looking isolated at talks on key new regulations for the banking industry.

Bid to curb bank bonuses returns to haunt EU — 05 March 2013, 11:13 CET

European Union finance ministers face a potentially stormy Tuesday session fighting over whether curbs on bankers' bonuses should be written into key new legislation controlling the security of banks' core reserves.

Bank of Ireland slumps into EUR 1.8 bn annual loss — 04 March 2013, 18:02 CET

State-rescued Bank of Ireland said on Monday that it plunged into the red in 2012 after it was hit by a soaring level of bad debts.

Brussels welcomes Swiss vote to curb executive pay — 05 March 2013, 12:54 CET

The European Commission on Monday welcomed a Swiss vote to curb executive pay as reflecting a change in European attitudes only days after an EU accord to limit bank bonuses.