|Bid||0.00 x 0|
|Ask||0.00 x 0|
|Day's range||14.71 - 17.00|
|52-week range||14.71 - 17.00|
|PE ratio (TTM)||N/A|
|Forward Dividend & Yield||N/A (N/A)|
|1y target est||N/A|
The head of the European parliament has challenged the European Central Bank over how new guidelines for bank bad loans are being set, escalating a row between Italy and the ECB over the proposed measures. The ECB last week issued new proposals that will force banks from 2018 to set aside more cash against newly classified bad loans and said it may also present additional measures to tackle the sector's huge stock of bad debts. Italy - whose banks hold nearly 30 percent of the bloc's 915 billion euros (£817 billion) in bad loans - has reacted angrily to the proposals, asking the ECB to soften them following a public consultation that runs until Dec. 8.
Italy's Monte dei Paschi di Siena (BMPS.MI) said on Thursday it planned to launch a voluntary public offering on behalf of the state to swap shares former retail bondholders had been given as part of a state bailout into senior debt. Under the plan, Monte dei Paschi issued new shares to all subordinated bondholders whose debt was converted into equity to meet European Union rules shielding taxpayers by imposing losses on investors in the event of a rescue. The Treasury however committed to compensate retail bondholders who had bought the bank's junior debt without being fully aware of the risks, pledging to spend 1.5 billion euros to buy their shares.
Italy's central bank is calling on the European Central Bank to soften new requirements for banks to set aside more capital to cover newly classified bad loans, a source told Reuters. Italian banks hold nearly 30 percent of the euro zone's 915 billion euros (838.54 billion pounds) of problematic debts and investors are concerned new ECB guidelines announced on Wednesday will lead to further writedowns of soured loans. The source, who is close to the Bank of Italy, said it wanted secured loans to be exempted from the new rules, challenging one of the main planks of the ECB guidelines, which are the subject of a public consultation until Dec. 8.
Troubled Italian lender Banca Carige (CRGI.MI) set the terms of an offer to convert its junior debt into senior bonds on Friday as part of efforts to raise capital by the end of the year. After Rome rescued larger rival Monte dei Paschi di Siena (BMPS.MI) and liquidated two failing regional banks this year, Carige came into focus as the last large Italian bank still in difficulty following a deep recession. The European Central Bank has given Italy's ninth-largest bank until the end of December to strengthen its capital.
French Economy, Finance Trade Minister Bruno Le Maire (L) greets German Finance Minister Wolfgang Schaeuble during a Eurogroup meeting on July 10, 2017 in Brussels
On Tuesday, the EU competition commission approved the bailout of Monte dei Paschi di Siena (BMPS), which has been in deep trouble since the eurozone debt crisis
Investors were scrutinising the outlook for Italian bond yields closely on Wednesday after the European Central Bank bought more of that country's debt than usual in its flagship asset-buying program. The ECB bought more than two billion euros of Italian and French bonds than it was supposed to in June, moving further away from a rule aimed at ensuring that its stimulus is evenly spread across the euro zone. The conflict for investors is that Italy, seen as one of the biggest beneficiaries of the ECB's bond buying scheme, is expected to be amongst the losers as the central bank unwinds extraordinary stimulus.
A spate of dealmaking news swept European stocks on Tuesday, with Worldpay soaring after bid approaches, helping mitigate a broad based pull back from the previous session's strong gains. On Monday, European shares had their strongest day since April 24, when Emmanuel Macron won the first round of France's presidential election. "Today is a consolidation day after gains yesterday, as we don't have a U.S. market," said Angelo Meda, head of equities at Banor Capital.
Markets across Europe cheered as Italy's €17bn (£15bn) bail-out of two Italian banks was approved - but it raised questions over rules designed to end taxpayer-funded rescues. Shares (Berlin: DI6.BE - news) in the sector rose while Italian and other Eurozone bond yields fell - meaning lower borrowing costs for governments - as the package eased some of the fears over toxic loans choking the country's banking system. The rescue for customers and investors in the failing Veneto Banca and Banca Popolare di Vicenza produced a sigh of relief for other banks wary of having to shoulder the burden of their collapse.
Italian government will stage two Venetian banks', Banca Popolare di Vicenza and Veneto Banca, rescue with support from the country's biggest retail bank, Intesa Sanpaolo
One of Spain's biggest banks has been saved from collapse after it was bought by rival Santander for just €1. The deal will see Santander take on the bank's customers, branches and also its liabilities, estimated at around €5bn. It also means that Santander has now become the biggest banking group in Spain.
European shares inched up on Thursday, with blue chips in Milan taking the lead after better than expected Italian economic growth helped markets shrug off political worries. Italy's economy grew 0.4 percent ...
Italy's troubled third-largest bank, Monte dei Paschi di Siena (BMPS) has been in deep trouble since the worst of the eurozone debt crisis
Tonight marks the end of official campaigning in France's presidential election, with final polls suggesting centrist Emmanuel Macron has stretched out his lead over Marine Le Pen (Other OTC: PENC - news) to around 62-38. The dollar index, which measures the greenback against a basket of currencies, is marginally lower.
Several European banks are being closely monitored by the agency responsible for closing lenders which go bust in the euro zone, but none are failing or about to fail, the head of the Single Resolution Board (SRB) said on Wednesday. Elke Koenig did not mention any EU country by name but told the European Parliament's economic affairs committee the SRB was studying a number of banks in "shaky waters". Since the 2007-09 financial crisis, the EU has adopted rules to shield taxpayers from having to bail out lender again and attention in the single currency bloc has been focused on Italy's plans to bail out two regional banks.
Concern that Greece and its lenders are not seeing eye-to-eye on its future have grown in recent weeks, with the yield on its two-year government bond rising above 10 percent. A comment earlier this week by German Finance Minister Wolfgang Schaeuble that Greece should leave the euro if it cannot fulfil its bailout commitments has rattled investors, as has the continued stand-off between the IMF and euro zone lenders about how to deal with Athens's still-crushing debt load. Hungarian Prime Minister Viktor Orban will today deliver his annual state of the nation speech, traditionally the platform to lay out policies and the direction ahead.
A trade war between the United States and China and a strengthening dollar are among the biggest threats to a brightening global economic outlook, according to leading economists at the World Economic Forum in Davos. As political leaders, businessmen and bankers converge on the resort in the Swiss Alps this week, they can draw hope from a more benign economic picture and a rally in global stock markets on expectations of major stimulus under a new U.S. administration led by Donald Trump. The backdrop is brighter than it was a year ago, when concerns about a rapid economic slowdown in China led to what Credit Suisse CEO Tidjane Thiam described at the time as "the worst start to any year on record in financial markets ever".
UniCredit saw its share price nearly halved last year although it managed to claw back 25 percent of its value over the past three months
Hit by a severe crisis years ago, Spain's banking sector -- including its biggest bank, Banco Santander -- has recovered but new worries have since emerged
London's FTSE 100 has gained 14.3 percent over the year, while Frankfurt's DAX 30 added about 6.9 percent and the Paris CAC 40 won 4.9 percent