ECB President Mario Draghi Expects Europe's Economy to "Gradually Recover" in 2013
Research Driven Investing Provides Stocks Research on Lloyds Banking Group and Bank of Ireland
NEW YORK, NY -- (Marketwire) -- 01/16/13 -- The Euro Zone debt crisis was a major topic among investors in 2012. Europe's financial sector had dismal start to 2012, but has gained momentum in recent months as concerns regarding the region's debt crisis have begun to subside. Research Driven Investing examines investing opportunities in the Foreign Banking Industry and provides equity research on Lloyds Banking Group PLC (NYSE: LYG) and Bank of Ireland (NYSE: IRE).
At a recent conference in London Douglas Renwick, senior director of Fitch Rating's European sovereign credit analysis, stated it is "very unlikely" that the European Union will be broken up. Earlier this week the Euro surged to an 11 month high against the dollar as European Central Bank President Mario Draghi stated he expects the euro zone economy to begin recovery in 2013.
"The economic weakness in the euro area is expected to extend into 2013," said Draghi at a recent press conference. "Later in 2013 economic activity should gradually recover. In particular, our accommodative monetary policy stance, together with significantly improved financial market confidence and reduced fragmentation, should work its way through to the economy, and global demand should strengthen."
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Lloyds Banking Group is the largest retail bank in the UK with strong positions in a number of sectors. The company recently announced it has a drawn down of a further £ 2 billion under the Government's Funding for Lending scheme. "We are passing on the full benefits of funding for lending to businesses and homebuyers as part of our commitment to the scheme and to help foster growth in the economy," said CEO António Horta Osório.
Bank of Ireland is regulated by the Central Bank of Ireland. In the UK, Bank of Ireland is authorized by the Central Bank of Ireland and authorized and subject to limited regulation by the Financial Services Authority. The company recently reported that it will exceed its 2013 SME lending target of EUR 3.5 billion.
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