Insolvent Banking

Latest News for: Insolvent banking

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Banks may seek exit of Naresh Goyal, nominees from Jet board

The Times of India 21 Mar 2019

NEW DELHI ... “He wants to retain control without bringing any money,” said a source familiar with the discussions ... Lenders led by SBI had asked the promoters, who own 51% shareholding, to bring Rs 750 crore ... There are Rs 4,000 crore worth of creditors and nobody wants to take Jet Airways to IBC (Insolvency and Bankruptcy Code),” said a banking source ... ....

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IT stocks still attractive; pharma stocks seems to have bottomed out: Sampath Reddy

Moneycontrol 21 Mar 2019

Recently, major central banks such as the US Fed and ECB have been quite dovish in their statements, which is beneficial for emerging market (including India) flows, yields, and currencies ... Two beaten-down sectors in the recent past are finding their footing back on D-Street—PSU banks and metals....

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PMO, FinMin and SBI in a huddle as Jet Airways hits deep air pocket

Moneycontrol 20 Mar 2019

"Banks are trying to work out a way to revive Jet Airways through a change in management," said a top official on condition of anonymity ... Banks want to avoid taking the cash-strapped airline to NCLT under insolvency code (IBC) ... If the airline goes into insolvency, banks would not be able to recover any value," a source said....

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Jet Airways shares crack 7% after Etihad's exit signal

The Times of India 20 Mar 2019

According to an ET report, Etihad has formally asked State Bank of India (SBI) to purchase its stake in the airline ... Meanwhile, the government is looking to explore all options for Jet before initiating insolvency proceedings under the Insolvency and Bankruptcy Code (IBC)....

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NCLAT directs Essar Steel to call CoC meeting to reconsider distribution of funds

The Times of India 20 Mar 2019

The NCLAT was hearing an urgent application moved by Standard Charted bank, an operational creditor of the company ... This was was among the first 12 cases selected by the Reserve Bank of India to be resolved under the Insolvency and Bankruptcy Code (IBC)....

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Struggling Spanish supermarket chain DIA faces day of reckoning

This is Money 20 Mar 2019

By Isla Binnie and Andrés González ... L1's bid values DIA at just over 410 million euros ... Adding urgency, DIA needs to re-balance its negative equity position to avoid the threat of insolvency, after booking heavy losses in 2017 and 2018. DIA said on Tuesday its banks had agreed to extend existing loans if its rights issue goes ahead ... ....

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The Real Lock Box

Information Clearing House 20 Mar 2019

01/03/05 "ICH" -- When a bank is robbed by a common criminal, the police at all levels are on high alert and the thieves are pursued until they are caught ... In short, the money is in the bank, but the bankers won't release it because, in doing so, they will expose the fact that the bank itself is insolvent!....

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Seán Quinn’s family used group as ‘personal bank’ to fund lifestyles

The Irish Times 19 Mar 2019

‘Wholly insolvent’. The Quinn group was “wholly insolvent” in 2011 but the evidence will be that the companies were insolvent much earlier but that went unnoticed by banks and bondholders because significant transactions in the accounts were “falsified”, he said ... in the bank....

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Sean Quinn’s family used group as ‘personal bank’ to fund their lifestyles

The Irish Times 19 Mar 2019

... fact insolvent, he said ... The Quinn group was wholly insolvent in 2011 and the evidence will be the companies were insolvent at a much earlier stage but that insolvency went unnoticed by banks and bondholders because significant transactions in the accounts were falsified, he said....

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‘Borrowers cautious after IBC kicked in’

The Hindu 19 Mar 2019

With the advent of Insolvency and Bankruptcy code (IBC), borrowers are cautious about taking more money from banks, V.G. Kannan, chief executive of the Indian Banks’ Association (IBA), said ... The strict measures by RBI on lending are making banks and borrowers cautious....

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Our Choice

Information Clearing House 19 Mar 2019

--To reduce the counter-party risk in the money markets, a triage between insolvent banks that need to be shut down and a recapitalization of solvent banks is necessary, together with massive injections of liquidity in non-banks and the corporate sector....

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Stage Two of the Credit Crisis

Information Clearing House 19 Mar 2019

The holders of these bonds in many instances became insolvent and had to be bailed out by capital injections from central banks, most of the funds were lent by the Federal Reserve ... Again, European banks that are insolvent continue to create money out of thin air as all within the fractional banking system do....

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Grasping at Straws

Information Clearing House 19 Mar 2019

 The system is at the breaking point, and despite Wall Street's elation from the proposed $1 trillion dollar bailout to remove toxic mortgage-backed debt from banks balance sheets, the market is still correcting in what has become a vicious downward cycle ... Keeping insolvent banks on life support is not a rescue plan; it's insanity....