News | Latest Breaking News Stories & Headlines

David Drumm's trial is expected to last up to five months

New jury sworn in for David Drumm trial

A new jury has been sworn in for the trial of former Anglo Irish Bank chief executive David Drumm.

The Payments Services Directive 2 is a reworking of the payments rules to reflect rapid advances in technology

Bank rules aim to increase choice in customer payments

New European Union rules from January 13 aim to prise open banking to more competition by allowing outside firms to make payments and offer other financial services by directly accessing a customer's account.

Business • 12 Jan 18

British Prime Minister Theresa May has told global banks that they were a priority for her in the Brexit talks

May tells bankers they are a priority for Brexit

British Prime Minister Theresa May has told bankers from firms such as Goldman Sachs that they were a priority for her in the Brexit talks.

Business • 12 Jan 18

The banks have already faced a grilling in recent months by cross-party parliamentary committees over scandals including providing misleading financial advice, insurance fraud and rate-rigging

Rebel Australian politicians to force banking probe

Rebel government politicians in Australia have vowed to force a powerful inquiry into the country's scandal-hit banking sector, further turmoil for Prime Minister Malcolm Turnbull as he languishes in the polls amid a citizenship crisis.

Business • 20 Nov 17

The Commission proposal would reduce the sharing of banking risks and set strict conditions that states must meet before their banks gain access to safety nets funded at the EU level

EU weakens plan on bank protection, risks ECB clash

The European Commission has proposed watered-down measures to help guard European Union banks against future crises, after two years of fruitless talks among the 28 EU states on more ambitious plans.

Business • 11 Oct 17

Germany's Wolfgang Schaeuble had raised concerns that sharing risks would mean rich German banks propping up weaker rivals

EU revises plan on banking safety net

The European Commission has proposed new measures to strengthen the EU banking sector against future crisis after two years of fruitless talks among the 28 EU states on more ambitious plans.

Business • 11 Oct 17

A series of state-led steps involving capital injections and a plan to bailout Monte dei Paschi, the world's oldest bank, have provided some relief to the Italian banking system

Italian banks may take 10 years to fix bad debt issue

Italian banks could take ten years to reduce their level of non-performing loans (NPLs) to the European average, Morgan Stanley has said, adding that setting up a "bad bank" could help.

Business • 17 Jul 17

The new International Financial Reporting Standards aim to make banks safer and avoid a repeat of the 2007-09 crisis

European banks expect hit from new accounting rules

European banks expect new accounting rules due to kick in next year to eat into their capital and push up the amount of money they must set aside against bad loans by nearly a fifth.

Business • 13 Jul 17

The ECB and Bank of England say banks have to do more to get ready for Brexit

Banks' preparations for Brexit need to improve - ECB

The ECB and Bank of England have warned that the Brexit plans of some banks are not good enough as they scrutinise their strategies to limit risks from an abrupt cutting in cross-border financial links.

Business • 30 Jun 17

The Association for Financial Markets in Europe (AFME), a banking industry lobby group, commissioned the study

EU firms face higher banking bills after Brexit: report

A report has concluded that a hard Brexit could cost banks up to €35 billion and European customers were being overly optimistic if they thought lenders would pick up the bill, an industry source said today.

Business • 23 Jun 17

New Central Bank research show that borrowers who have switched their mortgages reported a 'positive experience'

Banks could do more on switching - Central Bank survey

New Central Bank research shows that lenders could be doing more to facilitate consumers who are thinking about switching their mortgage to either another bank or to a different product.

Business • 11 Apr 17

Bank of England Governor Mark Carney said that banks have to be ready for 'hard Brexit'

Carney calls for UK-EU bank rules pact after Brexit

The Bank of England Governor has called for Britain and the European Union to reach a sweeping deal to recognise each others' bank rules after Brexit or risk a potentially damaging hit to financial services across Europe.

Business • 07 Apr 17

4,334 valid complaints were received by the Financial Services Ombudsman Ger Deering last year

Ombudsman criticises banks for denial of some services

Banks and insurance companies have been criticised by Financial Services Ombudsman Ger Deering for denying services to consumers.

Business • 31 Mar 17

Banks in the UK are trying to reassure their London staff over possible Brexit disruption

London banks tell staff not to panic over Brexit

Banks in Britain have tried to reassure their London staff over possible Brexit disruption, including a shift in jobs to continental Europe, as Theresa May triggered formal EU divorce proceedings yesterday.

Business • 30 Mar 17

Sharon Donnery, deputy governor of the Central Bank, made her comments in London today

Warning against post-Brexit 'race to bottom' for banks

Financial firms must not base a decision to move from London after Brexit on expectations of being less heavily regulated, the Central Bank's Sharon Donnery has said.

Business • 23 Mar 17

Iceland's Prime Minister Bjarni Benediktsson reflects on 'pleasant turning point in the economic rebuilding' of the country

Iceland to lift capital controls from 2008 crisis

Iceland said yesterday that all capital controls put in place to stabilise the economy during the country's 2008 financial meltdown will end next week.

Business • 13 Mar 17

The report has been written by law firm Freshfields Bruckhaus Deringer for TheCityUK

Hard Brexit would see 'leaching' of banks from UK

A draft report on the impact of Brexit on Britain's financial industry warns banks and staff would "leach" away, undermining the wider UK economy, if they do not have access to European Union markets.

Business • 07 Mar 17

The IMF said the Irish economy continued to grow at a healthy pace last year, mainly driven by domestic demand.

Ireland's capacity to repay loans strong - IMF

Despite some risks facing the economy, the International Monetary Fund has said that Ireland's capacity to repay the rest of its bailout loans is strong.

Business • 03 Feb 17

ECB confirms it is talking to banks looking to move some operations from London to the euro zone

ECB talking to UK banks post Brexit vote

The European Central Bank is talking to banks looking to move some operations from London to the euro zone following Britain's decision to leave the European Union.

Business • 15 Nov 16

Bank of England's deputy said the City of London financial district was a complex 'ecosystem' that had taken years to create

Too hard for EU to replicate UK financial sector

Large chunks of London's financial sector are unlikely to move to the European Union for the foreseeable future, Bank of England Deputy Governor Jon Cunliffe said today.

Business • 12 Oct 16

Capital market conditions for the Irish banks have materially improved, Moody's said

Moody's upgrades Irish banks' deposit ratings

Rating agency Moody's has today upgraded the deposit ratings of three Irish banks - AIB, Bank of Ireland and Permanent TSB.

Business • 20 Sep 16

London accounts for 69%, or $928 billion, of the off-exchange euro-denominated interest rate derivatives market

No big slowdown after Brexit vote - bank bosses

There has been no fundamental slowdown in markets so far because of Britain's decision to leave the European Union, top officials from the financial services sector said today.

Business • 14 Sep 16

European Commission's new financial regulatory chief says financial stability is his main priority

EU financial stability is priority after Brexit

Maintaining the European Union's financial stability is the top priority following Britain's vote last month to leave the bloc, the European Commission's new financial regulatory chief has said.

Business • 19 Jul 16

Italy is in talks with the EU to allow public support for its weakest banks, including Monte dei Paschi di Siena

No acute bank crisis in Italy - EU's Dijsselbloem

Italy's troubled banks do not represent an acute crisis and lenders should stop asking for public money to solve their problems, the leader of euro zone finance ministers said today.

Business • 12 Jul 16

The Brexit vote leaves question marks over London's status as Europe's premier financial centre.

UK's financial sector reels after Brexit shock

Britain's 2.2 million financial industry workers face years of uncertainty and the risk of thousands of job cuts after the country voted to quit the European Union.

Business • 24 Jun 16