George Hay writes about the banking and property sectors. He joined from Thomson Financial News, where he was a companies correspondent. Before that he worked at United Business Media, where he was news editor of Building Magazine. He has a first in English Literature from Edinburgh University, and was nominated in two categories at the 2009 Business Journalist of the Year Awards. Follow George on Twitter @gfhay
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The best European lenders will pass Sunday’s exercise outright based on their Dec. 31 balance sheet. Potentially some big names will fail that test, but pass on capital raised since. As for banks still deemed outright failures today, their bosses cannot expect to keep their jobs.
Large lenders in France face shouldering the biggest chunk of a new fund to resolve trouble-hit European banks. But the larger the contributions, the more clout their state has over deploying the funds. That should cut the chance of profligate banks in other states getting a free ride.
The bailed-out Portuguese lender has lost 80 pct of a 3.3 bln euro interbank loan to its Angolan arm. Putting banks into national silos is often seen as unwise. But if they are this reckless, pushing them to match assets and liabilities locally isn’t such a bad idea.
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