Insolvent Banking

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Wednesday, 13 November 2019

Latest News for: Insolvent banking

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Jaypee Infratech insolvency: Lenders to meet on Nov 18 to comply with SC direction

Deccan Chronicle 13 Nov 2019

Crisis-hit Jaypee group firm Jaypee Infratech went into insolvency in 2017 after the National Company Law Tribunal (NCLT) admitted an application by an IDBI Bank-led consortium seeking resolution of the firm ... In the first round of insolvency proceedings, the Rs 7,350 crore bid of Lakshdeep, part of Suraksha Group, was rejected by lenders....

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Ukraine anti-graft body questions former central bank deputy governor

Daily Star Lebanon 12 Nov 2019

Ukraine's anti-corruption body has questioned former central bank First Deputy Governor ......

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Jaypee Infratech insolvency: Lenders to meet on November 18 to comply with SC direction

The Times of India 12 Nov 2019

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Ukraine Ex-Central Bank Official Among 7 Detained Over Loan To Troubled Bank

Radio Free Europe 12 Nov 2019

NABU wouldn’t provide further details, citing confidentiality clauses related to ongoing investigations into the recapitalization of VAB Bank ... Oleh Bakhmatyuk, whose assets include Ukraine’s largest egg producer and one of the country’s biggest farmland holdings, owned VAB Bank, which was declared insolvent in November 2014....

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Central Bank urges lenders to focus on restructuring distressed mortgages

The Irish Times 12 Nov 2019

Central Bank deputy governor Ed Sibley pressed bankers on Tuesday to refocus on restructuring distressed mortgages as lenders opt increasingly to sell off their trickiest debt to lower their levels of non-performing loans amid regulatory pressure ... “The Central Bank does not have a preference for loan sales,” Mr Sibley said....

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Central Bank pushed retail banks too hard, says Sibley

RTE 12 Nov 2019

The Central Bank's deputy governor has said the bank has had to push too many retail banks too hard over too long to put their customers first ... He pointed to the range of other options that are open to banks and customers, including restructuring and use of the Insolvency Service....

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China’s Troubled Banks Get a Lifeline From Local Governments

Caixin Online 12 Nov 2019

Regulators have learned it’s better to rescue troubled banks indirectly to limit the risk of contagion, she said ... The bank couldn’t be reached for comment ... Local governments may want to maintain bank licenses and thus encourage state-owned enterprises to become shareholders in banks to prevent them from becoming insolvent, Wan said....

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Jaypee Infratech insolvency: Lenders to meet on November 18 to comply with Supreme Court direction

The Economic Times 12 Nov 2019

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Resolution of financial service providers possible under IBC: Sahoo

The Times of India 11 Nov 2019

Currently, resolution of stressed financial institutions cannot be taken up under the Insolvency and Bankruptcy Code (IBC). Last week, a senior official said the government was mulling a special window to address debt woes of stressed non-banking financial companies under the insolvency law....

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Microfinance-Customers-Can-Access-GH20000-Of-Funds

Peace FM Online 11 Nov 2019

Depositors of the 347 microfinance companies (MFCs) and the 23 savings and loans institutions whose licences were revoked by the Bank of Ghana (BoG) this year for being insolvent can now access up to GH¢20, 000 of their locked-up funds with the affected financial institutions....

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Credit crunch worsens as loan growth slows to 6% in Q2

Live Mint 11 Nov 2019

Analysing the second quarter numbers, the Credit Suisse report said non-banking financial companies (NBFCs) witnessed a 36% drop in disbursements, while growth in bank lending slowed to 8% at the end of September. Credit Suisse said the slowdown in bank credit was driven by both public and private sector banks....

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Nationalisation of distressed NBFCs only plausible silver bullet

The Times of India 11 Nov 2019

While there is an absence of a legal framework to deal with the resolution of distressed NBFCs (India’s insolvency law, IBC, does not include NBFCs in its ambit), the template adopted by the banking system (via a mix of regulatory guidelines and government action) is somewhat similar to the one laid down in IBC....

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Liquidator of VBS draws bulk of creditors to second meeting in Polokwane

Independent online (SA) 10 Nov 2019

The South African Reserve Bank and the Public Investment Corporation claims were also accepted, amongst other corporate depositors ... Final sequestration orders were granted on five former bank executives, including Mr ... According to the Insolvency Act, I am now compelled to check all of the accepted claims against the records of the bank....