AIB becomes first Irish lender to kick off Covid – 19 writebacks
Allied Irish Banks (AIB) became the first Irish bank to unwind provisions on bad loans related to the COVID-19 crisis. This is after its first half return to profit included a net credit impairment writeback of 103 million euros. The bank posted a half-year pretax profit of 291 million euros ($345.62 million). Ireland’s other dominant lender, Bank of Ireland, took a further […]
BoE’s Broadbent sees reasons for inflation tide to ebb
Bank of England Deputy Governor Ben Broadbent said that a current spike in prices is unlikely to create longer-term inflation pressures but central bankers should keep a close eye on job market shortages after the pandemic. Splits have emerged among top policymakers at the British central bank on the need to remove stimulus for the […]
Open banking driving financial innovation
A new force is blasting through the European financial system. Open Banking is forcing traditional banks to share customer data, with permission to third-party service providers. Open Banking is changing the landscape of finance. In this London is at the forefront. Freedom Finance is a search engine for loans. Jake Ranson, Freedom Finance’s chief customer […]
Singapore bank DBS starts trading on London metal exchange
Singapore bank DBS said that it has commenced commodity trading on the London Metal Exchange (LME). This is after it became the first bank in Asia to be issued bourse membership registered outside London, as metals prices surge on global economic recovery. DBS has become one of four current LME Category 4 members. This allows […]
BOJ policymakers saw prospects of quicker recovery in April
The massive stimulus measures deployed by advanced nations may help quicken the pace of recovery in the Japanese and global economies. This was agreed by the Bank of Japan board members in their April policy-setting meeting showed on Wednesday. The central bank in the world’s third-biggest economy will keep monetary settings unchanged for the time […]
Asian bank’s trials with tokenized securities stuck in silos – industry body
Asian financial regulators should do more to support large-scale trials of tokenized securities, said an industry body. This is because banks and technology firm’s current experiments are stuck in different silos and that hinders the pace of change. Tokenized securities are products like shares and bonds. Their ownership proof is recorded on a distributed ledger. […]
Irish government to begin phased exit from Bank of Ireland holding
Finance Minister Paschal Donohoe said that the Ireland’s government will begin to sell down part of its 13.9% shareholding in Bank of Ireland. This is over the next six months, marking the state’s first sale of any bank shares since 2017. Ireland pumped almost 40% of its annual economic output into its banks a decade […]
mPos technology: unlocking possibilities for business
Contactless transactions are on the peak in the UK. Nine out of ten card transactions which were made in 2020 were all contactless. This had accounted for 57 per cent of all debit card and 35 per cent of all credit card transactions. The FCA has made an announcement in response to demand, and the […]
iS bank selects driverless AI platform from H2O.ai for income prediction, cash forecasting & check default prediction applications
Andrew Morris, Senior Vice President, EMEA, H2O.ai said that the decision by Ä°Ĺźbank to use Driverless AI will be its shining example of how a progressive-thinking finance organization in EMEA is embracing innovative AI and ML technologies to improve the accuracy of its business planning predictions. This makes them even more competitive in this increasingly […]
Morgan Stanley hires ex BofA banker Rizzo to drive European client push
Morgan Stanley hired former Bank of America banker Luigi Rizzo for a new client-facing role overseeing a drive to win business from a wide spectrum of companies across Europe, the Middle East and Africa (EMEA). Rizzo was at the helm of Bank of America’s European corporate and investment banking. He quit over there in late […]