Christian Clausen News
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Swedish Finance Minister Anders Borg said Sweden’s banks need to prepare for even stricter capital rules than those due to be enforced from 2015.
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The U.S. Supreme Court bolstered the authority of federal administrative agencies, upholding Federal Communications Commission deadlines for local zoning authorities considering applications for new wireless facilities.
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Swedish Finance Minister Anders Borg said he won’t cave to pressure from banks or the European Union to harmonize standards and insists capital ratios in the largest Nordic economy need to be higher than those elsewhere.
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Nordea Bank AB is ready to buy back shares from the Swedish government should it reduce its stake further in Scandinavia’s biggest lender, Chief Executive Officer Christian Clausen said.
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Nordea Bank AB is trailing its biggest Swedish competitors in building capital reserves as the largest Scandinavian bank says it’s ready to return profits to shareholders.
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Nordea Bank AB, the Nordic region’s largest lender, said profit rose 2.7 percent in the first quarter after reporting smaller impairments at its Danish division and shipping unit.
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Regulators cleared Nasdaq OMX Group Inc.’s plan to pay $62 million to compensate brokers for its mishandling of Facebook Inc.’s public debut, dealing a defeat to Wall Street firms that say they lost many times that amount.
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Since Swedish regulators told their banks to target minimum capital buffers equivalent to 12 percent of their risk-weighted assets, banks across Europe have faced pressure to converge up in a race to the top.
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Europe’s banks need to keep dumping Italian bonds and other assets tainted by the region’s debt woes to avoid being sucked into the epicenter of the crisis, said Christian Clausen, president of the European Banking Federation.
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Banks in the European Union expect the bloc to delay applying the latest round of Basel bank capital rules as political negotiations on the measures drag on, the head of a lobbying group said.
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