Santander UK has laid out the safety measures it has in place to prevent potential difficulties at its Spanish parent spreading to its British customers. The bank moved to reassure UK customers after Kent County Council said it would no longer use the bank for overnight deposits after the Spanish government was forced to take measures to ensure the country's banks are safe from collapse. On Friday, the government in Madrid announced all toxic loans at the country's banks will be placed in ‘bad bank’ holding companies and banks will be required to raise and set aside an extra €30billion (£24billion) against their good mortgage loans.
Friday, May 18, 2012
George: It's the 64th commemoration of the Nakba, the catastrophe when Palestine was wiped off the map by the so called state of Israel. Palestinians in their hundreds of thousands were driven out of their country, most of them never to return. Those hundreds of thousands are now millions, who are scattered around the region and around the world as refugees, as exiles, without passports or papers or status, but one thing they have not lost and that is the determination to return to their homes. Click on read more for part 2
Companies engaged in financial crime may be able to negotiate plea bargains under legislation being put forward by the Ministry of Justice.
By Jonathan Russell: The department yesterday published a consultation on a new law allowing companies to self-report their involvement in financial crime. The long-awaited step is the first in a process that should lead to the introduction of US-style deferred prosecution agreements.
Solicitor General Edward Garnier QC said: "If we can encourage companies to self-report and come clean, pay penalties and mend their ways, the time and expense of investigations and prosecutions will be better spent elsewhere, enabling us to bring more individuals and companies to justice."
By NICHOLAS KULISH and MELISSA EDDY
BERLIN — Chancellor Angela Merkel of Germany said Wednesday that she was ready to discuss stimulus programs to get the Greek economy growing again and that she was committed to keeping Greece in the euro zone, signaling a softer approach toward the struggling country. The fierce rhetorical salvos out of Germany in the past week gave way to conciliatory gestures by Ms. Merkel, who throughout the crisis has shown a propensity for managing through brinkmanship. “I have the will, the determination to keep Greece in the euro zone,” she said in an interview on CNBC on Wednesday, in what appeared to be an attempt to relax an increasingly tense situation.
Submitted by Tyler Durden:
Tim Geithner outdoes himself this evening with three hypocritical, self-defecating-deceiving, and typically ignominious clips courtesy of his interview with Jeffrey Brown of PBS NewsHour. While we knew TurboTax was beyond him, the Treasury debacle-in-chief admits he doesn't understand how the debt limit has bubbled back up (seeing it as part of a partisan political agenda); admits that perhaps the NY Fed has a 'perception problem' with Jamie Dimon on the board; and his piece-de-resistance his cognitive dissonance erupts as he touts Obama's economic and jobs record: "look how well we are doing relative to any other major country". It seems the election cycle is well and truly upon us and revisionism and populism will once again trump sensibility and forthrightness.
First, the renewed debate over the federal debt limit:
JEFFREY BROWN: Here we are again this week where the debt limit question has bubbled up. Do you see --
TIMOTHY GEITHNER: Can you believe it?
JEFFREY BROWN: Can you believe it?
TIMOTHY GEITHNER: I can't. I can't. I don't understand it. I don't understand it.