Treasury says 3 more investment firms approved for toxic asset purchase programOctober 4th, 2009 3 more investment firms approved for asset programWASHINGTON — Three more large investment firms have raised sufficient capital to participate in the joint partnership with the government to purchase toxic assets from banks. The Treasury Department said Alliance Bernstein LP and BlackRock Inc., both headquartered in New York City, and Wellington Management Co., based in Boston, had all raised the $500 million minimum to begin operations.
Treasury says 2 investment firms have raised minimum amounts needed for toxic asset programSeptember 30th, 2009 Treasury: 2 firms can start buying toxic assetsWASHINGTON — The Treasury Department said Wednesday that two large investment funds have raised the minimum amounts needed to begin purchasing toxic assets from banks, finally launching this part of the government's financial rescue effort. Invesco Ltd.
FDIC urges buyers of failed banks to offer temporary mortgage aid for unemployed borrowersSeptember 11th, 2009 FDIC urges mortgage help for unemployedWASHINGTON — The Federal Deposit Insurance Corp. is encouraging companies that buy failed banks with troubled home loans to extend temporary help to people who have lost their jobs and can't pay their mortgage bills.
ECB says euro system covered bond purchases around euro100 million in first weekJuly 14th, 2009 ECB says covered bond purchase around euro100 millionFRANKFURT — The European Central Bank said Tuesday euro system central banks spent less than euro100 million ($140 million) in the first week of a program to purchase covered bonds from private banks. The previously announced program will spend euro60 billion on the purchase of covered bonds, a relatively safe type of asset-backed security.
Judge tentatively approves deal to shift some Delphi assets to the new General MotorsJuly 13th, 2009 Judge OKs shift of some Delphi assets to new GMNEW YORK — A bankruptcy judge has approved a deal to shift some of auto parts supplier Delphi's assets to the General Motors Co. that emerged from Chapter 11 bankruptcy protection last week.
German parliament approves government plan for banks' bad assetsJuly 10th, 2009 Parliament OKs German bank assets planBERLIN — A plan to allow German banks to offload bad assets into special government-guaranteed vehicles cleared its final legislative hurdle on Friday. The legislation passed the upper house of parliament, which represents Germany's 16 states, after winning approval from the lower house a week ago.
Germany, France call for looser accounting, bank capital rules during downturnJuly 6th, 2009 Germany, France seek looser accounting rulesBRUSSELS — German and French finance ministers are calling for looser accounting rules that would allow European banks to follow American rivals and avoid reporting heavy losses on troubled assets they cannot sell. Germany's Peer Steinbrueck and France's Christine Lagarde wrote to the European Commission on Monday, calling for urgent action from the independent agency that sets accounting standards in Europe.
German cabinet approves euro86.1 billion in fresh debt in 2010 budgetJune 24th, 2009 German cabinet approves 2010 budgetBERLIN — Germany's cabinet has approved a budget for 2010 that foresees taking on record debt to help safeguard the country against the global financial crisis, the finance minister said Wednesday. The new budget anticipates euro86.1 billion ($120.35 billion) in fresh debt, more than double the euro40 billion for the current year and the largest credit to be taken out by the German government since World War II.
German gov't approves plan to help state banks offload bad securities; against restructuringJune 10th, 2009 German government approves state bank planBERLIN — Germany's government has approved a plan to take over troubled assets from state-owned banks in exchange for agreements to restructure and merge their operations. Government spokesman Thomas Steg said Wednesday that Chancellor Angela Merkel's cabinet had approved a plan to allow the nation's seven public sector banks to move up to euro600 billion ($846 billion) worth of bad assets off their balance sheets.
German finance minister: major restructuring and wave of mergers for state-owned banksJune 9th, 2009 Germany expects radical change for its state banksLUXEMBOURG — German Finance Minister Peer Steinbrueck said Tuesday that the German government foresees major restructuring and a wave of mergers for the country's state-owned banks. Germany has eight public sector banks, or Landesbanken, owned by regional governments such as Bavaria and Berlin that play a key role in Europe's largest economy by funding local businesses.
Details on the 7 regional banks that were subjected to federal 'stress tests'May 8th, 2009 7 regional banks subjected to federal stress testsHere are details about the seven regional banks subjected to federal "stress tests" to see how they would fare if the recession worsened. Five of the seven — Regions Financial Corp., SunTrust Banks Inc., KeyCorp, Fifth Third Bancorp and PNC Financial Services Group Inc.
Bankruptcy judge approves proposed sale of Magna Entertainment assetsMay 4th, 2009 Judge approves Magna Entertainment asset saleWILMINGTON, Del. — A Delaware bankruptcy judge has approved proposed sale procedures for certain assets of horse track owner Magna Entertainment Corp.
Treasury says more than 100 applications from firms seeking to manage toxic securities programApril 29th, 2009 Gov't: high interest in managing toxic securitiesWASHINGTON — The Treasury Department on Wednesday said that more than 100 applications have been received from firms seeking to manage the government program to help purchase toxic securities from banks. Treasury has said it will select at least five firms to serve as managers for the program that's seen as a crucial element in dealing with the worst banking crisis to hit the country in seven decades.
Australia approves Chinese bid to acquire miner Oz Minerals with conditions attachedApril 23rd, 2009 Australia approves Chinese purchase of Oz MineralsCANBERRA, Australia — China's Minmetals won government approval Thursday to take over struggling miner Oz Minerals on condition that it uses mostly Australian managers and expands operations at some sites. The purchase adds to a growing string of recent foreign acquisitions by China's cash-rich resource companies.
Treasury selects 3 asset management firms for bailout program that buys bank stockApril 22nd, 2009 Treasury picks asset management firms for bailoutWASHINGTON — The Treasury Department on Wednesday selected three management firms to handle bank assets obtained as part of the $700 billion financial rescue program. The assets include stock warrants that Treasury has received as part of its program to buy nearly $200 billion in preferred shares in banks to help bolster their capital reserves and resume more normal lending to consumers and businesses.
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