european central bank

Greece Made 'Strong Start' to Austerity Measures, Delegation Says

Greece has made a "strong start" in its austerity program and is on course to receive a 9 billion euro ($11.8 billion) installment of emergency loans, a joint European and IMF delegation said. The Greek government is ahead of schedule in many areas as it battles to reduce its debt levels and budget deficit, the statement from the EU, IMF and European Central Bank delegation said.

Investor Confidence in Allied Irish Banks, Bank of Ireland Improved

The recent European stress tests show that investor confidence towards Irish banks Allied Irish Banks (AIB) and Bank of Ireland (BKIR) has improved, Fitch said. In its semi-annual review of Irish banks, the rating agency said that this improved investor confidence may strengthen the banks%u2019 ability to raise funds, The Irish Times reported.

Europe's Stress Tests to Detail Three Scenarios

European regulators will give details of three different scenarios when they publish the results of their stress tests on European banks, Bloomberg News reported. Banks will give their estimated Tier 1 capital ratios under a benchmark for 2011, an adverse scenario and a third test that includes "sovereign shock," Bloomberg News said, citing a template that was prepared for the banks.

Greece Successfully Sells 1.25 Billion Euro of Bonds

Greece raised 1.25 billion euro ($1.57 billion) of bonds, its first debt auction since taking international bailout loans. The sale of 26-week treasury bills was oversubscribed 3.64 times, the Associated Press reported. The yield on the bonds was 4.65%.

European Central Bank Keeps Rates Low

It may be because of the slowing European economy, the drive for austerity by the continent's national governments, or planned tax increases. But whatever the reasons, the European Central Bank said Thursday it would hold its benchmark interest rate steady at 1%.

European Central Bank President Trichet Warns EU Budget Slackers

European Central Bank President Jean-Claude Trichet issued a warning to EU member nations Monday, telling them that there will be penalties for countries that fail to follow the financial guidelines defined by the EU. Those penalties could include the loss of voting rights.

Rising Stress Over European Bank Stress Tests

Ever since the Greek debt crisis began worrying investors last month, there have been increasing concerns that European banks could be facing huge losses. Many large banks are being stress tested, and investors are hoping that the results will be made public.

China and EU to the monetary rescue

The global recession has dramatically reduced demand and tightened credit, but now monetary officials in the world's three largest economies have...