Keywords: BoE, Sir Mervyn King, Citigroup, Interbank Card Centre Of Turkey, HCM City Development Bank, DaiABank

"I do hear an enormous scepticism even from quarters which are alleged to be behind it."
Outgoing Bank of England governor Sir Mervyn King questions Europe’s proposed financial transaction tax.

The following are notes from our Monday morning meeting.

According to a Citi prime finance survey, retail mutual funds will triple to $940b by 2017 and converge with hedge funds.

According to Intrum Justitia’s European Payment Index, European companies are said to have lost $450b in 2012, a 7% increase from 2011, due to late or non-payments, underlining fears SMEs expected to drive economic recovery are faltering.

Nigeria will introduce a new national ID card that also functions as a bank card with electronic payment capability.

According to Interbank Card Centre of Turkey, ATM cards in the country increased 40% from 2008-2012 to 36,334 due to introduction of a unified card network and an expansion of ATM services.

South Korean banks’ foreign currency loan-to-deposit ratio fell from 315% to 283% at end-2012, the lowest level since 2007, as they sought to boost liquidity management.

Chinese banks’ bad loans increased to $2.3b in Q4 2012 for the fifth straight quarter, as the domestic banking system grapples with rising defaults and shrinking loan profitability.

State Bank of Vietnam approved the merger of HCM City Development Bank and DaiABank as the country seeks to reform its troubled banking sector.

Philippine banks’ real estate exposure reached $20b as of 2012, or 20.9% of their total loan portfolio, exceeding the 20% loan cap.

Asian Banker Research found the number of ATMs in India increased by 18,429 from last year, bringing the total to 105,784 in 2012. Click here for more.

Australia's big four banks claimed $76m in offshore banking unit deductions in 2012, up 52% YoY, with the government seeking to tighten offshore banking regulations.