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’France injects €10.5bn into top six banks
France’s government said it would inject €10.5bn into the country’s six largest banks. Crédit Agricole would receive €3bn, BNP Paribas €2.55bn, Société Générale €1.7bn, Crédit Mutuel €1.2bn,
Natixis, Na-tast-ic
Is it a case of “anything you can do, I can do worse better” at Natixis?
The French bank, which needs to replenish capital after about €3bn worth of subprime-related writedowns, said today it will go ahead with its planned rights issue.
Monoline CIFG downgraded
Monoline woes not over: Moody’s have downgraded CIFG Guaranty and family, cutting the bond insurer’s critical Aaa rating by four notches:
New York, March 06, 2008 — Moody’s Investors Service has downgraded to A1,
AAA moment of truth for the monolines
Specialist bond insurance companies such as MBIA and Ambac face a moment of reckoning in the coming weeks, reports the FT on Monday.
Moody’s and Fitch ratings agencies will shortly complete their reviews of how such companies are rated,
Banks throw lifeline to bond insurer CIFG
Caisse d’Epargne and Banque Populaire, two French mutual banks, have pledged to inject $1.5bn into CIFG, a bond insurer, after it was warned by credit rating agencies it risked losing its vital AAA rating if it did not increase its capital cushion.