Tag: European Central Bank (ECB)

• Friday, June 15th 2018 - 10:28 UTC

  ECB will stop its bond-buying scheme, €30bn a month, next December

  

  The European Central Bank (ECB) has confirmed it will end a huge program to stimulate the Euro-zone economy in December. The ECB will stop its bond-buying scheme, worth €30bn a month, despite a recent slowdown in the bloc's recovery.

• Tuesday, November 21st 2017 - 13:16 UTC

  ECB warns banks that they “need to have substance locally” in post Brexit

  

  European regulators have warned banks working on post-Brexit plans that they will “need to have substance locally” to serve European clients. The European Central Bank said some of the proposals it has reviewed are inadequate and risk creating “empty shells”.

• Tuesday, November 21st 2017 - 09:55 UTC

  London looses European Banking Authority to Paris and European Medical Agency to Amsterdam

  

  Paris has won a battle to host the European Banking Authority (EBA), which will relocate from London after the UK leaves the European Union. The French capital's victory follows a win earlier for Amsterdam, which will host the London-based European Medicines Agency (EMA).

• Wednesday, August 30th 2017 - 08:14 UTC

  Euro at its strongest against the US dollar for the first time since 2015

  

  The Euro has hit US$1.20 for the first time since January 2015 as the prospect of a US interest rate rise recedes. Hurricane Harvey's impact has led analysts to assume the US central bank will not want to risk curbing economic growth and fears over North Korea's activities have unnerved investors.

• Tuesday, August 1st 2017 - 18:39 UTC

  EU Banking and Medicine authorities moving out of UK

  

  An estimated twenty European Union countries are expected to submit bids to provide a new home for two agencies that will be relocated from the UK after Brexit. The European Banking Authority (EBA) and European Medicines Agency (EMA), based in Canary Wharf in London, employ just over 1,000 staff between them.

• Thursday, June 8th 2017 - 07:02 UTC

  Santander rescues Banco Popular, which was “failing or likely to fail”

  

  Spanish Banco Popular has been rescued from the brink of collapse by larger rival Santander for one Euro. Buying Banco Popular will cost Santander 7bn euros, around 2bn euros more than analysts had expected. Banco Popular was described by the European Central Bank as “failing or likely to fail” due to its dwindling cash reserves.The bank has struggled after billions in property investments turned sour.

• Thursday, March 30th 2017 - 06:47 UTC

  Brexit: London's financial sector calls for a transitional deal for the industry

  

  London’s powerhouse financial sector finds itself at a critical juncture with Article 50 about to be triggered, as the Square Mile braces itself for a jobs exodus and the potential loss of European trading rights following Brexit. City bosses and politicians have called on the UK Government to secure a transitional deal for the industry to prevent companies pre-empting uncertainty by upping sticks to rival financial centres across the globe.

• Friday, October 21st 2016 - 08:15 UTC

  Euro central bank leaves rates and stimulus program unchanged

  

  The European Central Bank left its key interest rates and its bond-buying stimulus program unchanged on Thursday as it seeks more data on the strength of Europe’s modest economic recovery. The decision came at a meeting of the bank’s 25 member governing council at its headquarters in Frankfurt, Germany.

• Friday, September 9th 2016 - 11:12 UTC

  Dragui leaves monetary policy unchanged; calls on Euro zone countries to unleash fiscal stimulus

  

  The European Central Bank made no changes to its current monetary policy on Thursday, leaving interest rates unaltered and taking no decision on whether to further stimulate the Euro-zone economy. The ECB’s governing council left the main refinancing rate at zero percent and the deposit rate at -0.4%, as expected.

• Thursday, May 5th 2016 - 12:27 UTC

  ECB will stop printing €500 notes in 2018 to help combat money launderers and criminals

  

  The European Central Bank has announced it will stop printing €500 notes in 2018. It says the move is to stop the notes being used by money launderers and criminals. In effect they are easily transportable. A million Euros in €500 notes weighs 2.2 kilograms and can be carried in a laptop bag.