HSBC Holdings Plc’s Swiss private bank was an “open door” for money laundering and terrorist finance because managers failed to exercise controls, said Herve Falciani, a former software technician accused of stealing data.
The International Monetary Fund’s Christine Lagarde used the word “challenging” to describe the Cyprus rescue to which she pledged $1.3 billion. She might say the same about where the IMF stands with the U.S. Congress.
Banks in Portugal, Spain and Italy may come under funding pressure after a deal earlier this week in Cyprus rescued the island’s financial system at the expense of bank creditors, the Institute of International Finance said.
Josef Ackermann, the former chief executive officer of Deutsche Bank AG who now chairs Zurich Insurance Group AG, said allowing the euro to fail would be more costly than deepening the region’s fiscal and political ties.
Following is the text of Bank of Canada Governor Mark Carney’s speech in Washington to the Institute of International Finance. The document was released today in Ottawa. Several footnotes have been removed.