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ING To Split In Two And Repay State Aid

The bailed-out Dutch financial services group ING is splitting itself in two, breaking up its banking and insurance arms.

State aid: Commission opens in-depth investigation into aid package for German HSH Nordbank AG

The DG Competition cast doubt on crisis-hit HSH Nordbank’s restructuring efforts on Friday, warning that it needed reassurances on the German bank’s long-term survival prospects and that it would step up scrutiny of its recent bail-out.

DG Competition: Rules concerning Tier 1 and Tier 2 capital transactions for banks subject to a restructuring

Following questions from market operators regarding the possibility for banks which are the subject of pending European Commission investigations regarding the grant of restructuring aid to repay bonds before maturity, the Commission would like to recall that its Communication on restructuring aid to financial institutions of July 2009 sets out that "banks should not use state aid to remunerate own funds (equity and subordinated debt) when their activities do not generate sufficient profits”.

State aid for banks - Penance for their sins

 

Competition watchdogs are the new masters of European banking. RESCUE first, ask questions later. Over the past year bank supervisors, central bankers and national treasuries have queued up to bail out European banks’ shareholders and bondholders in a bid to avert panic. That has left the European Commission’s competition watchdogs in Brussels with more responsibility for ensuring that yesterday’s rescues do not encourage tomorrow’s risk-taking.

 

H M Treasury: New Chief Executive of Asset Protection Agency

New Chief Executive – Asset Protection Agency

absract 5 sardiniaHM Treasury today announces the appointment of Stephan Wilcke as Chief Executive of the Asset Protection Agency (APA) with effect from 28 September 2009. Stephan Wilcke joins from credit asset manager Cairn Capital where he was a senior advisor, having previously held partnership positions at private equity firm Apax Partners and financial services consultancy Oliver Wyman. He will be taking over from Jeremy Bennett who has been integrally involved with HM Treasury in the creation of the Asset Protection Scheme and who had agreed to act as Chief Executive up to the point of the establishment of the Agency. Source: H M Treasury

EU Commission DG Competition State aid: Overview of national measures

State aid cases - situation as of 9 September 2009

Decisions adopted by the Commission in 2008/2009

 

Member State

Lenihan set to face questions on NAMA

Minister for Finance Brian Lenihan is to appear before the Joint Oireachtas Committee on Finance when this is posted to answer questions on the proposed legislation to establish the National Asset Management Agency.

Making the Bad Bank Operational: The Logistics in Ireland

Outsourcing Valuation and Bad Loan Management back to the Banks which created them? Construction Companies too big to fail!!!

The German Bad-Bank Model

German Bad Bank Model

The German government on Wednesday adopted a “bad bank” scheme to rid the country’s institutions of their toxic assets in its latest attempt to tackle the crisis of confidence that is crippling the financial sector and weakening Europe’s largest economy. Yet mounting hostility against the plan from within the Social Democratic party, junior partner in the coalition of Angela Merkel, chancellor, means it could still undergo substantial changes before implementation. The draft bill – foresees the creation of several, institute-specific bad banks. Any bank that chooses to will be able to park its least liquid assets – and the risks associated with them – for up to 20 years. In exchange, these special-purpose vehicles would issue the bank with a bond whose value would be guaranteed by Soffin, the federal authority that manages the government’s bank rescue fund created last October. By pushing the text through cabinet on Wednesday, the government hopes parliament can turn it into law by early July at the latest, the last opportunity to pass the legislation before a summer recess and the September 27 general election.

 

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