EU puts Bulgaria, Croatia on a track to adopt the euro as early as 2023

Bulgaria and Croatia were accepted into a waiting room to the eurozone on Friday, as European Union officials agreed to put the countries on a path to adopt the euro as an official currency as early as 2023.

Banks’ declining interest revenue, asset quality will accelerate digitization: S&P Global

The global banking sector may see structural shifts that last beyond the COVID-19 pandemic, as declining revenues and asset quality push banks toward consolidation and digitization, according to S&P Global in a mid-year report released Thursday.

BIS recommends FDIC-like deposit insurance to manage failing European banks

An international banking institution offered reforms to better handle failing banks in the European Union in a report published Thursday, suggesting that the EU should implement deposit insurance and standardize nation-level insolvency laws.

ECB was right to fine French bank but gave poor reasons, EU court rules

Europe's second-highest court ruled Wednesday that the European Central Bank gave "inadequate reasons" for imposing €4.8 million ($5.4 million) in regulatory fines on French bank Crédit Agricole and its subsidiaries in 2018.

UBI Banca doubles down on rejection of Intesa’s takeover bid

Unione di Banche Italiane on Tuesday fired back at larger rival Intesa Sanpaolo, further escalating the tension between the two banks over the latter’s takeover bid, saying once again that the offer does not sufficiently benefit the smaller institution’s shareholders.

European banking heavyweights take on credit card and tech giants with pan-European payment system

Sixteen major European banks banded together to produce a payment system encompassing card payments, merchant transactions, and peer-to-peer payments, according to a joint statement released on Thursday.

ECB seeks to encourage bank mergers by clarifying rules

The European Central Bank has provided new details for how it will judge proposed bank consolidations, in an effort to catalyze more mergers in the struggling European financial sector.

BIS Innovation Hub expanding through central banks in Europe, North America

The Bank for International Settlements will establish new “Innovation Hub” locations in Europe and North America as it looks to accelerate work on digital currencies and other financial technology across central banks, BIS said Tuesday.

Wells Fargo alone among big banks to shrink dividend following stress test results

Wells Fargo confirmed Monday that it will be the only Big Four U.S. bank to reduce its planned third-quarter dividend, after the Federal Reserve released the results of its annual stress test and capped payouts to ensure institutional resilience amidst the economic downturn in a move that fell short of other central banks’ restrictions, leaving the door open for most planned shareholder returns — for now.

EU lagging on digital economy transition: European Central Bank

Many countries in the European Union are falling behind when it comes to the adoption of digital technology that may bolster markets, according to a report released Monday by the European Central Bank.

More needs to be done to implement resolution reforms at global banks: Financial Stability Board

Some of the world’s most important banks are struggling to ensure that they could continue smooth operations in the event of a failure, the international Financial Stability Board said Sunday in an examination of reforms put into place following the global financial crisis of 2008.

Fed suspends share buybacks, caps dividends for banks after sensitivity analysis

The U.S. Federal Reserve on Thursday said it will require large banks to suspend share buybacks and avoid increasing dividend payments in the third quarter of 2020, citing a need to ensure banks’ resilience to coronavirus-related economic devastation.

ECB releases bond-buying debate details to fend off German court challenge

The European Central Bank is debating changes to its bond-buying program as part of an effort to untangle itself from a dispute with a German court which has ruled that the central bank overstepped its mandate.

ECB sets up liquidity backstop for central banks outside eurozone

The European Central Bank is setting up a precautionary liquidity backstop for central banks outside the eurozone in an attempt to prevent stress that could adversely impact monetary policy in the event of market shocks caused by COVID-19.

Central banks to cut frequency of dollar-lending operations

Several central banks across Europe and Japan plan to reduce the frequency of their seven-day liquidity operations starting next month, the banks said Friday, because of improving market conditions as coronavirus concerns ease.

Intesa Sanpaolo gets green light from Italy’s insurance regulator to take over UBI

Italy’s insurance regulator has given Intesa Sanpaolo the latest green light to proceed with its proposed acquisition of the smaller bank UBI Banca, Intesa Sanpaolo said on Wednesday.

Intesa and BPER revise terms to allay competition concerns over UBI deal

Italian bank Intesa Sanpaolo plans to increase the number of branches it will sell to smaller rival BPER Banca to appease concerns by the country’s antitrust regulator over its acquisition of UBI, another Italian bank.

Korean central bank organizes panel to explore cryptocurrency launch

The Bank of Korea on Monday said it has created a panel of experts to explore potential legal ramifications of issuing a central bank digital currency, as it tries to catch up to other nations that are currently leading the field.

Intesa’s bid for UBI said to face antitrust concerns

Intesa Sanpaolo’s plans to take over smaller Italian bank UBI has hit a snag after the country’s antitrust regulator reportedly sent out a preliminary verdict document highlighting concerns about how the move may undermine competition in the domestic banking and insurance market.

European Central Bank considers EU-run ‘bad bank’ for absorbing unpaid accounts

European Central Bank officials are considering establishing an asset management company led by the European Union to take on troubled accounts, as the prospect grows of unpaid loans freezing up bank liquidity and threatening their solvency.

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