Keywords:

“We’re looking for a maximum reinforcement with the IMF and the central bank.”
Belgian finance minister Didier Reynders, on a new plan to raise $270b through the IMF to boost Europe’s bank rescue fund.



The following are notes from our Monday morning meeting.


Rabobank, the last to retain AAA status, was downgraded along with most large global banks, while S&P upgraded Chinese banks, recognising government support. Read our commentary here.

US judge Jed Rakoff said the court cannot accept the fact that the SEC’s $285m settlement terms with Citi over the implosion of a $700m fund are confidential.

South Sudan will set up a centralised payments system with RTGS, automated cheque processing, securities settlement and a national retail payments switch.

The US Senate passed laws to block foreign firms’ links with Iran's central bank, a week after the UK finance minister banned its central bank and all FIs from doing business with Iranian counterparts.

Credit Agricole is reportedly selling 64 loans made to Asian corporates worth $1.1b, and HSBC 17 worth $370m. European banks' share of syndicated loans in Asia ex-Japan dropped to 16% from 30% in 2008.

While Sumitomo Mitsui Trust has called off its December 15th $590m IPO of Nikko Asset Management in a weak market, Seven & I Holdings announced a listing of its Seven Bank unit.

China’s central bank cut reserve requirements for large commercial banks to 21% and smaller banks to 17.5% in a move to boost growth in a slowing economy that has seen inflation come down.

Taiwan Cooperative Bank and five other Taiwanese lenders applied with China’s bank regulator to make Rmb-based transactions through their branches in China from Q1 2012.

Myanmar authorised ATM services, with Kanbawza Bank, Co-operative Bank and Asia Green Development Bank opening five each in Yangon since November 1st.

The central banks of Malaysia and Singapore signed an MOU to allow their banks to access additional liquidity in the respective currencies.

Bangladesh Bank released guidelines on cash pick-up and delivery at customer premises, allowing service by both bank staff and agents.

Australia’s securities regulator censured Westpac for advertising margin loans, ETFs and self-funding instalments as “stress-free”.