Insolvent Banking

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Wednesday, 28 October 2020

Latest News for: Insolvent banking

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Deutsche Bank's return to financial health persists into Q3

Springfield News-Sun 28 Oct 2020

FRANKFURT, Germany (AP) — Deutsche Bank reported its third straight quarterly profit as loan losses diminished amid continuing government financial help for businesses during the coronavirus pandemic and as revenues rose at its investment bank ... He added that the bank was not seeing “cliff effects” as different support measures expire....

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DHFL lenders ask bidders to improve their offers

Moneycontrol 27 Oct 2020

The Reserve Bank of India (RBI) had in November 2019 referred DHFL to the National Company Law Tribunal (NCLT) for insolvency proceedings ... Kotak Bank ... The Reserve Bank of India (RBI) had in November 2019 referred DHFL to the National Company Law Tribunal (NCLT) for insolvency proceedings....

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World Bank’s ’insistence’ SA government commit to not bailing out SOEs welcomed

Independent online (SA) 27 Oct 2020

Cape Town – The Democratic Alliance (DA) has welcomed the World Bank’s insistence that the government commit to not bailing out insolvent state-owned entities (SOEs) using the $2 billion standard loan facility it has applied for, as well as to cutting the public wage bill ... The World Bank said it will only comment if an agreement is reached....

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DHFL Committee of Creditors to discuss four offers on Monday

Business Line 25 Oct 2020

The others in the fray are Adani Group, which is learnt to have offered about Rs 1,600 crore for the wholesale portfolio and slum redevelopment asset; Piramal Enterprises, which has offered about Rs 15,000 crore for the retail portfolio; and Hong Kong’s private banking firm SC Lowy....

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Need cautious approach in further IBC suspension extension beyond December 25: SBI MD

Business Line 24 Oct 2020

State Bank of India (SBI), the country’s largest commercial bank, has advised a cautious approach in taking crucial decisions such as any extension of insolvency and bankruptcy code (IBC) suspension beyond December 25, stating that one would have to weigh pros and cons in continuing a relaxed environment....

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Key debtors vow to pay, but banks are wary

Live Mint 23 Oct 2020

Lenders are sceptical about the offers made by the former promoters of Videocon group and Dewan Housing Finance Ltd (DHFL) to settle their dues if the banks withdraw the respective insolvency processes ... Instead, they promise to make the payment in future, which is unlikely to be accepted by any bank," said a banker on condition of anonymity....

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Over half Europe’s small firms fear for survival, survey finds

Metro USA 22 Oct 2020

The finding comes as warnings multiply of an impending wave of business insolvencies and as the International Monetary Fund and ... But as those measures are in some cases wound down, Germany’s Bundesbank and the Bank of England are among those warning of rising insolvencies....

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What is Allocated Gold and how Does it Work?

Vaultoro 22 Oct 2020

Unallocated storage, on the other hand, is the property of the bank ... Allocated storage deems bullion safe from a bank’s insolvency, among other things ... While it is possible to obtain allocated storage through a bank, this option is best avoided. Banks want to dissuade people ......

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COVID-19 impact: Restaurant association requests finance minister to review Kamath Committee recommendations

Moneycontrol 22 Oct 2020

The�expert panel led by veteran banker KV Kamath was appointed by the Reserve Bank of India (RBI) ... The existing bank sanction of the industry allows 6.5 till loan tenure ... The banks have already started debiting EMIs of establishments�that are having debt exposures and even resorting to coercive tactics to collect the repayments....

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Insolvency activity remains level despite Covid-19 - Deloitte

RTE 21 Oct 2020

David Van Dessel, a Partner at Deloitte, said that state-backed initiatives to support struggling companies affected by the Covid-19 crisis, as well as creditor forbearance, including forbearance from the banking sector, have played a major part in preventing an early surge in corporate insolvencies. ....

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What to do if you fear your farm is going to be repossessed

Irish Independent 21 Oct 2020

A Wexford farmer had his sizeable bank debts restructured and written down after the High Court approved his Personal Insolvency Arrangement (PIA) ... The farmer has total debts of €3.2m, which include €284,859 originally borrowed from Ulster Bank and secured on the farm....

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Warning of 180,000 jobs at risk due to international travel restrictions

The Irish Times 21 Oct 2020

“Without international access, they have not been able to operate ... He anticipated that insolvency rules will become an “enormous issue” when companies have to complete their audited accounts for 2020 ... “No business premise is going to talk about becoming insolvent in public, but your bank of recourse will become nervous about your prospects,” he said....

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The Debt Panel: 'We lost our jobs in 2009 and had to leave Dubai. How can we repay our old debts?'

The National 21 Oct 2020

When we left, we had two credit card debts and an overdraft, all with the same bank ... 'My bank gave me a credit card with a Dh60,000 limit that I didn't apply for' ... ‘My bank threatened to lodge a case against me for missing one payment’ ... Bank overdraft ... R Sivaram, executive vice president and head of retail banking products at Emirates NBD....