DUBLIN—Bank of Ireland on Friday agreed to buy “substantially all” of KBC’s Irish performing assets for 5 billion euros as the Belgian financial group confirmed it would become the latest lender to leave the shrinking Irish market. The two banks announced they were in talks about the deal in April, just weeks after NatWest began…
Analysis: Central Banks and Governments in Eastern Europe at Odds Amid Inflation
BUDAPEST—A surge in price growth in eastern Europe has opened a rift between central banks that have launched rate hikes to battle inflation and populist governments trying to defend a strong economic recovery. The standoff is most apparent in Hungary and the Czech Republic, where national elections have complicated the task of central banks, which…
NY Fed’s Logan Says Banks May Have Access to Standing Repo Facility by Early 2022
October 15, 2021
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The domestic standing repo facility established by the Federal Reserve this year could be open to banks by early next year, a top New York Federal Reserve official said on Thursday. The U.S. central bank began accepting applications from banks earlier this month for the program, which allows financial firms to borrow cash on an…
IMF Panel Urges Central Banks to Closely Monitor Inflation, ‘Act Appropriately’
WASHINGTON—The International Monetary Fund’s steering committee on Thursday urged global policymakers to monitor pricing dynamics closely, but to “look through” inflationary pressures that are transitory and will fade as economies normalize. The International Monetary and Financial Committee (IMFC), made up of 24 finance ministers and central bank governors from IMF member countries, said in a…
Wall Street Tracks Weekly Gains on Strong Banks Earnings, Retail Sales Data
October 15, 2021
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U.S. stocks climbed on Friday and the main indexes were set for weekly gains after Goldman Sachs capped a strong earnings season for big banks, while a surprise rise in retail sales raised optimism about economic recovery. Goldman Sachs gained 2.7 percent as a record wave of dealmaking activity drove a surge in the bank’s…
G20 Finance Chiefs Back Tax Deal, Pledge to Sustain Recovery, Watch Inflation
WASHINGTON—Finance leaders from the G20 major economies on Wednesday endorsed a global deal to revamp corporate taxation and pledged to sustain fiscal support for their economies while keeping a close eye on inflation. The G20 finance ministers and central bank governors also said in a communique issued after a meeting in Washington that the International…
Money Markets Ramp Up Global Rate Hike Bets, Add Pressure on Central Banks
October 12, 2021
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LONDON—As inflationary pressures mount worldwide, money markets are charging ahead with pricing aggressive interest rate rises, in most cases betting that policy will be tightened far sooner and at a much faster pace than rate-setters are signalling. Energy prices at multi-year highs and relentless supply chain snarls have raised fears of a future inflation spike,…
Analysis: Energy Costs Add to Emerging Central Banks’ Inflation Headache
LONDON―Higher energy prices are fanning inflation in several emerging markets, testing the resolve of their central banks and risking stymieing growth in Hungary, Poland, and the Czech Republic and more currency weakness in Turkey, analysts say. In a bold response to the price pressures, the Czech National Bank (CNB) on Thursday raised its main interest…
Banks, Chipmakers Drag European Stocks Lower on Growth Worries
October 4, 2021
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European stocks struggled on Monday after their worst weekly showing since February, hit by a growing number of risks including signs of inflation, elevated bond yields, and developer China Evergrande’s financial troubles. The pan-European STOXX 600 index fell 0.5 percent, holding near a two-month low hit in last week’s selloff. Banks, chipmakers, and luxury stocks…
Swiss Propose Liquidity Rules Costing Banks Little or Nothing Extra
ZURICH—Switzerland proposed updated rules to ensure major banks hold enough liquidity to absorb shocks, but the draft changes will cost banks little or nothing in additional capital and liquidity holdings, government documents showed on Thursday. The proposed revisions, which were sent into consultation on Thursday, aim to ensure that systemically important banks (SIBs)—which include Credit…
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