Tier 1 Capital News
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Sweden’s financial watchdog decided to triple the risk-weight floor for mortgages, or the money Swedish banks need to set aside to protect against housing loan losses, after household debt burdens continue to swell.
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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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Deutsche Bank AG, continental Europe’s biggest bank, was cut to neutral from overweight by JPMorgan Chase & Co., which said tighter regulation threatens capital levels.
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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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Banks may have too much freedom to determine appropriate levels of risk weighted capital under international banking rules, said Stefan Ingves, governor of Sweden’s central bank.
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Commonwealth Bank of Australia, the nation’s largest lender by market value, reported third-quarter cash profit of A$1.9 billion ($1.9 billion) on more profitable lending and controlled expenses.
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Royal Bank of Scotland Group Plc, the recipient of the biggest banking bailout in the world, will eliminate more jobs and close additional branches before its restructuring is complete, Chairman Philip Hampton said.
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The Prudential Regulation Authority may be spurred to intervene directly in the Co-Operative Bank Plc, as the U.K.’s new bank supervisor faces its first test of credibility barely a month after it was created.
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Carson Block, the short-seller who runs Muddy Waters LLC, said he’s betting against the debt of Standard Chartered Plc because of “deteriorating” loan quality, triggering a 13.5 percent jump in the cost of insuring against losses on the debt of the British lender.
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