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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Russia is mobilising state resources and tweaking prudential rules so that banks can avoid capital hits from the current turmoil. Similar measures helped Western banks in 2008. The risk is that the Kremlin will demand credit growth and forgo prudent borrowing.
The ECB wants to follow its stress test with further harmonisation of European lenders. But as the central bank toys with QE, financial stability may take a back seat. The reform agenda of supervisory chair Danièle Nouy will have to accommodate fears for the area’s growth.
A quarter of Europe’s insurers would fail to meet a basic gauge of capital health if Japan-style low-yield conditions were to persist, recent stress tests found. But actual euro zone yields are even lower. With the bloc on the brink of deflation, that’s not a reassuring sign.
- UK bank review winners and losers hard to untangle
- Carney the showman risks stage-managed policy
- FCA boss has lucky escape in briefing fiasco
- UK doesn’t look ready for a rate hike
- BoE independence faces stiff test
- “London levy” targets distortive foreign inflows
- UK’s latest small firm loan ploy flogs dead horse