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Banks must raise billions to avoid chaos, warns IMF

Banks must raise billions more in capital to fend off a recession relapse, warns the International Monetary Fund.

In an update to its Global Financial Stability Report and World Economic Outlook, and reported in the Telegraph, the IMF says with governments including the UK and the US borrowing so much in the next few years, there is an increasing chance of a sovereign debt crisis. As a result, the world’s biggest banks could face financial chaos and a funding crisis unless billions in capital is raised, says the IMF.

The report said the slow recovery to banks’ balance sheets could leave them open to a whole range of shocks in the coming months.


FSA final notice for Mortgage Times

The FSA has issued Mortgage Times with a final notice, revealing the network is in breach of its regulatory capital requirements with a shortfall o£971,060.

Axa exits enhanced annuities due to Solvency II fears

Axa is pulling out of the enhanced annuity market, claiming that Solvency II will red- uce the attractiveness of annuities for product providers and customers. Axa began piloting an enhanced product two years ago. The sector is dominated by Just Retirement, Partnership and Canada Life. Last week, Axa emailed advisers, stating that draft Solvency II […]


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