Clearwater says banks willing to finance plan: related news

Clearwater says banks willing to finance plan

Fisheries magnate John Risley says he's had several offers from banks willing to finance his purchase of publicly traded Clearwater Seafoods Income Fund units, but so far the interest rates offered are too high to restart the frozen deal. Mr. Risley, co-owner of the Halifax-based holding firm trying to privatize the income trust, has been scrambling to replace Glitnir Bank of Iceland since the investment banker went into receivership due to the credit crunch. On Thursday, Clearwater announced Glitnir was pulling out of its commitment to provide a $25-million loan to buy out unitholders in the struggling fisheries income trust. However, Mr. Risley said he's still confident the deal will go through. "We've had several offers. We haven't had to look very far because the telephone has been ringing off the hook," he said.

Clearwater says banks willing to finance plan

Fisheries magnate John Risley says he's had several offers from banks willing to finance his purchase of publicly traded Clearwater Seafoods Income Fund units, but so far the interest rates offered are too high to restart the frozen deal. Mr. Risley, co-owner of the Halifax-based holding firm trying to privatize the income trust, has been scrambling to replace Glitnir Bank of Iceland since the investment banker went into receivership due to the credit crunch. On Thursday, Clearwater announced Glitnir was pulling out of its commitment to provide a $25-million loan to buy out unitholders in the struggling fisheries income trust. However, Mr. Risley said he's still confident the deal will go through. "We've had several offers. We haven't had to look very far because the telephone has been ringing off the hook," he said.

German finance minister says private banks ready to accept aid

The German finance minister Peer SteinbrĂĽck says quite a few leading private banks intend to take apply for assistance under Berlin's 500 billion euro financial bail-out package. German media reports that the banks are planning coordinated action to avoid individual institutions being singled out for punishment on the stock market. Hypo Real Estate is the first private bank to apply for aid under that program. The German government is also working on a rescue package for businesses to follow its bank bailout scheme. It foresees among other things, amendments to car taxes to help the automobile sector, which has suffered recent heavy losses. Berlin says one German job in six depends on the car industry.

Canada says plan to aid banks needed now

TORONTO, Oct 10 (Reuters) - Canada Finance Minister Jim Flaherty on Friday said that the government's plan to buy up to C$25 billion in insured mortgages from banks is clearly needed now to help loosen the credit market. Flaherty, speaking at a news conference in Ottawa, said the nation's banks 'clearly think so.' ($1=$1.16 Canadian) (Reporting by Richard Valdmanis; Editing by Theodore d'Afflisio) Keywords: FINANCIAL/CANADA BANKS tf.TFN-Europe_newsdesk@thomsonreuters.com cmr

CAR rise keeps Indian pvt sector banks risk-free

Even as reputed banks tumbling and shutting shop across the world, capital adequacy ratio (CAR) could put to rest any doubt about the health of private sector banks in India. Not only many banks in the country have seen their capital adequacy ratio growing in FY08, private sector banks’ CAR grew more than that of the public sector banks (PSB). A study of CAR of 18 private banks and 27 PSBs during 2007-08 and 2006-07 by FE shows the average CAR of private banks rose from 13.32% to 15.32%.

110 banks have asked for $170b under bailout plan

WASHINGTON (Agencies): At least 110 banks have requested more than $170 billion from the Treasury Department's rescue fund, and many more are expected to have submitted applications before Friday's deadline. The requests would come from the $250 billion the Treasury set aside from the $700 billion fund to purchase stock in banks. Analysts at Keefe, Bruyette & Woods estimated that 62 banks have received full or preliminary approval from the Treasury for $173 billion from the Troubled Asset Relief Program. The government said Monday that American International Group Inc. also would receive $40 billion from the program. That $40 billion, however, won't come from the $250 billion set aside for the banks. Another 48 banks have applied for about $6.

Irish FinMin says to extend banks guarantee plan

DUBLIN, Oct 9 (Reuters) - Irish Finance Minister Brian Lenihan said on Thursday he would extend the government's 400 billion euro ($547.6 billion) banks guarantee scheme to foreign-owned banks with significant operations in Ireland.

Belarusian banks have sufficient liquidity - National Bank of Belarus

MINSK. Oct 10 (Interfax) - Despite the ongoing financial crisis in Russia and Europe, the National Bank of Belarus believes that the country's banking system has enough liquidity, Sergei Dubkov, the head of the National Bank's banking supervisory director, told Interfax. "The Belarusian banking system is carrying out all prudential standards. The banks are not experiencing substantial liquidity problems," Dubkov said. "The currency standing of Belarusian banks has been kept at a substantial level. This is true of both state banks and banks with foreign ownership, including RussianBelarusian banks have the opportunity of raising funding from parent companies, including that of leading Russian financial market players. Belarusian banks have retained opportunity of borrowing on other foreign markets.

Greece: to modify banks support plan based on capital adequacy

The government has proceeded with some modifications on the draft law on the already announced support plan to the banks, declaring the participation in the plan mandatory for the banks that do not exhibit the required capital adequacy, press reports said on Friday.

TOPWRAP 1-U.S. firms up plan to buy into banks to stem crisis

WASHINGTON, Oct 11 (Reuters) - The U.S. government pushed on Saturday to finish a plan to buy direct stakes in American banks as finance ministers from around the world struggled to find ways to stop the deepening financial crisis and shore up markets. Treasury Secretary Henry Paulson said the U.S. government would buy shares of financial institutions if necessary to halt market turmoil that has wiped out trillions of dollars of wealth and threatens to throw the global economy into major recession. 'We're going to do it as we can do it in a proper way that will be effective. Trust me, we're not wasting time, we're working around the clock,' Paulson said late on Friday after a meeting of finance ministers from the Group of Seven rich countries in Washington.

Equifax to Change U.S. Retirement Plan and Offer Enhanced 401(k) Plan

today announced that it is redesigning its retirement program for active U.S. employees effective January 1, 2009. The changes will affect approximately 4,000 of the Company's approximately 7,000 employees. Equifax will freeze its qualified defined benefit pension plan for U.S. employees who do not meet certain grandfathering criteria for retirement eligible employees, and will provide these employees and certain other employees not eligible to participate in the Plan with an enhanced 401(k) savings plan. The pension plan amendments will freeze service credit, but will continue to credit for the participant's salary increases over time. Grandfathered employees will remain in the current pension and 401(k) plans. (Logo:

Bank Checks

The Treasury Department, in its boldest move yet, is expected to announce a plan on Tuesday to invest up to $250 billion in banks, according to officials. The United States is also expected to guarantee new debt issued by banks for three years — a measure meant to encourage the banks to resume lending to one another and to customers, officials said … Of the $250 billion, which will come from the $700 billion bailout approved by Congress, half is to be injected into nine big banks, including Citigroup, Bank of America, Wells Fargo, Goldman Sachs and JPMorgan Chase, officials said. The other half is to go to smaller banks and thrifts. The investments will be structured so that the government can benefit from a rebound in the banks’ fortunes.

Gainey & McKenna Announces Analog Devices, Inc. 401(k) ERISA Class Action Litigation Update

NEW YORK, Oct. 10, 2008 (GLOBE NEWSWIRE) -- Gainey & McKenna and Squiteri & Fearon, LLP are counsel to the Plaintiff and the proposed class of all participants in the Analog Devices, Inc. (``ADI'') Investment Partnership Plan (the 401(k) ``Plan'') who purchased or held shares of Analog stock in the Plan at any time between October 5, 2000 and the present. They have filed a class action in the United States District Court for District of Massachusetts which arises from the options backdating at Analog and alleges that Analog and other fiduciaries of the Plan violated their fiduciary duties to the Plan's participants. The lawsuit alleges that Analog and certain individuals who were responsible for managing and administering the Plan failed to disclose important information to the participants of the Plan, including information about Analog'

Austria banks start reining in retail forex loans

VIENNA, Oct 14 (Reuters) - Austrian banks have stopped lending to domestic retail customers in foreign currencies in a move to curtail their exposure to market movements, following a strong recommendation from Austrian regulators. The country's major banks -- including UniCredit's Bank Austria, Erste Group Bank and cooperative Raiffeisen -- decided to stop forex retail lending, banks and regulators said, and smaller banks are expected to follow. 'This plea is not new, we and the central bank have warned for years about foreign currency loans,' said Kurt Pribil, head of financial watchdog FMA, in an interview on Austrian radio ORF. 'We have called on the banks again to rethink their policy in the face of the current crisis.' Austrian retail clients have built up 34.

Germany unveils $681 billion bank rescue plan

LONDON (MarketWatch) -- German Chancellor Angela Merkel on Monday outlined a 500 billion euro ($681 billion) rescue package for German banks. The plan includes 400 billion euros to guarantee loans and up to 80 billion euros to be used to recapitalize the German banking sector. In addition the package includes a 20 billion euro provision to cover potential losses. Merkel said the plan is aimed at stabilizing markets and added banks that take advantage of the plan will have to abide by certain requirements, including restrictions on management pay and a commitment to maintain lending. She also said countries need to work more closely on overseeing international firms and the IMF should take a bigger supervisory role when dealing with those firms.

Finance crisis: Two more US banks collapse, making 19 this year

New York - Two more regional US banks - in California and Texas - have collapsed amidst the worst finance crisis since the Great Depression, bringing to 19 the total number of US banks that have gone under in this year alone.

Finance crisis: Two more US banks collapse, making 19 this year

New York - Two more regional US banks - in California and Texas - have collapsed amidst the worst finance crisis since the Great Depression, bringing to 19 the total number of US banks that have gone under in this year alone. More collapses are expec...

Banks will meet liquidity needs of MFs, says IBA

In an effort to soothe nerves of the country’s mutual funds (MFs) and the non-banking finance companies (NBFCs), the bankers today assured that they would come forward to support these financial institutions’ funding needs including liquidity to meet redemptions. With an access to additional Rs 40,000 crore of liquidity after the central bank’s slew of liquidity measures yesterday, the public sector banks today said that it is extremely comfortable for the banks to fund the MFs and NBFCs, and also to achieve a higher credit growth during the financial year.

Banks to recall loans if depositors demand money, head banker says

Turkish Banks Association (TBB) President Ersin Ă–zince says it is really hard nowadays for the banks not to demand their loans back or hike interest rates.

Firms up plan to buy into banks

WASHINGTON (Reuters) - The U.S. government pushed on Saturday to finish a plan to buy direct stakes in American banks as finance ministers from around the world struggled to find ways to stop the deepening financial crisis and shore up markets.

CBN orders banks to submit account details of wonder banks

The Central Bank of Nigeria (CBN) has directed banks to submit the account details of 28 fake finance companies/ fund managers also known as wonder banks

U.S. firms up plan to buy into banks to stem crisis

WASHINGTON (Reuters) - The U.S. government pushed on Saturday to finish a plan to buy direct stakes in American banks as finance ministers from around the world struggled to find ways to stop the deepening financial crisis and shore up markets.

UPDATE 1-Greece's big banks agree on rescue plan-govt

ATHENS, Oct 22 (Reuters) - Greece's largest banks have agreed to a 28 billion euro ($35.9 billion) rescue plan after the government clarified the terms of the scheme, the finance ministry said on Wednesday.

TOPWRAP 1-U.S. firms up plan to buy into banks to stem crisis

WASHINGTON, Oct 11 (Reuters) - The U.S. government pushed on Saturday to finish a plan to buy direct stakes in American banks as finance ministers from around the world struggled to find ways to stop the deepening financial crisis and shore up markets.

TOPWRAP 1-U.S. firms up plan to buy into banks to stem crisis

WASHINGTON, Oct 11 (Reuters) - The U.S. government pushed on Saturday to finish a plan to buy direct stakes in American banks as finance ministers from around the world struggled to find ways to stop the deepening financial crisis and shore up markets.

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