Currencies

Dollar rises as markets turn eyes to Opec

European bourses are mirroring a tentative Asia session as the dollar continues to be supported by better US economic data and investors turn their attention to a meeting between Opec members. Sentiment is underpinned by US index futures suggesting the S&P 500 will gain 3 points to 2,207.3 when trading gets under way later in […]

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Banks

Basel Committe fail to sign off on latest bank reform measures

Banking regulators have failed to sign off the latest package of global industry reforms, leaving a question mark hanging over bankers who complain they have faced endlessly evolving regulation since the financial crisis. Policymakers had hoped to agree the contentious new measures at a crunch meeting held in Chile this week, but a senior official […]

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Banks, Financial

Banking app targets millennials who want help budgeting

Graduate debt, rent and high living costs have made it hard for millennials to save for a house, a pension or even a holiday. For Ollie Purdue, a 23-year-old law graduate, this was reason enough to launch Loot, a banking app targeted at tech-dependent 20-somethings who want help to manage their money and avoid falling […]

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Economy

Eurozone inflation climbs to highest since April 2014

A welcome dose of good news before next week’s big European Central Bank meeting. Year on year inflation in the eurozone has climbed to its best rate since April 2014 this month, accelerating to 0.6 per cent from 0.5 per cent on the back of the rising cost of services and the fading effect of […]

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Financial

Wealth manager Brewin Dolphin hit by restructuring costs

Profits at wealth manager Brewin Dolphin were hit by restructuring costs as the company continued to shift its focus towards portfolio management. The FTSE 250 company reported pre-tax profits of £50.1m in the year to September 30, down 17.9 per cent from £61m the previous year. Finance director Andrew Westenberger said its 2015 figure was […]

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Categorized | Economy

Citibank’s Ireland arm to fall under ECB supervision


Posted on November 21, 2016

Citibank’s Irish subsidiary has been identified as a “systemically” important lender which will come under the scope of the European Central Bank’s regulatory supervision.

The ECB, which is the supervisory authority for the eurozone’s most important banks, said Citibank Holdings Ireland will fall under its direct purview from next year as the total number of lenders it supervises falls to 127 from 129.

Banks not considered systemically important fall under the regulatory scope of national authorities.

The ECB carries out regular assessments of Europe’s banks to decide which will be included under its new Single Supervisory Mechanism, established as part of the eurozone’s banking union plans.

The total number of banks considered systemically important has fallen due to the merger of German lenders WGZ Bank and DZ Bank and the restructuring of State Street Bank Luxembourg and RFS Holding, said the ECB.

As part of its regulator powers, the ECB has the power to set higher capital requirements, grant banking licenses and enforce compliance with EU rules for banks under its remit.