Following is the text of a speech to be delivered today by Bank of Canada Governor Mark Carney to the International Center for Monetary and Banking Studies in Geneva, Switzerland. The text was released in Ottawa. The footnotes and charts from the original version have been removed from this text.
Five days before Christmas, ex-Deputy Prime Minister Rodrigo Rato was asked by a prosecutor probing the collapse of Bankia SA whether he’d done business with Jaime Castellanos, chairman of Lazard Ltd.’s Spanish unit.
Bank of England Governor-designate Mark Carney appointed Charlotte Hogg as chief operating officer and the central bank’s most senior female employee, in a move reshaping the institution even before he begins work on July 1.
Charles Wyplosz , the director of the International Centre for Monetary and Banking Studies in Geneva, said political interference has undermined European bank stress tests and he doesn’t have faith in the results.
Private investors in Greek bonds will need to take losses ranging from 40 percent to 60 percent, according to Charles Wyplosz, director of the Geneva-based International Center for Money and Banking Studies.
Spain’s 41 billion-euro ($54 billion) rescue of lenders, prompted by record losses at Bankia, won’t spell the end of troubles for the nation’s financial industry as the economy remains mired in recession.