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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,
Caisse d’Epargne chairman and CEO quit
The chairman and CEO of Caisse d’Epargne resigned on Sunday night after a lengthy board meeting called to assess the consequences of the €600m unauthorised trading loss. Charles Milhaud, who in nine years as chairman had sought to transform the collection of local mutual savings institutions into a universal bank to challenge bigger rivals,
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,