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Ireland: President Signs Bank Guarantee Law

(Oct. 8, 2008) The Irish banking system is highly concentrated, with six major domestic banks operating throughout the country. On September 29, 2008, the governor of the central bank warned the Minister of Finance that the Irish banking system was facing an “unprecedented shortage of liquidity in financial markets” and that the risks to financial […]

European Union: Response to U.S. Financial Crisis

(Oct. 3, 2008) The repercussions of the recent financial crisis in the United States have already been felt across the European Union and in other markets as well. On September 30, 2008, in response to the failure of the U.S. House of Representatives to approve a US$700 billion bailout bill, Johannes Laitenberger, a spokesman for […]

Belarus: Individual Credit History Will Be Regulated by Law

(Aug. 29, 2008) On August 20, 2008, the lower chamber of the Belarus legislature approved the Credit History Law, which obligates all banks and credit institutions operating in Belarus to inform the National Bank of Belarus about borrowing and repayment records of banks' individual clients. The Law establishes the procedure under which all institutions interested […]

Germany: Internet Banking

(Nov. 2, 2007) On July 5, 2007, the Administrative Court of Frankfurt am Main upheld an administrative decision of the German Banking Supervisory Agency (Bundesanstalt für Finanzdienst-leistungsaufsicht) that forbade a Swiss provider of consumer loans to engage in loan transactions with German customers via the Internet (Verwaltungsgericht Frankfurt/M, docket No.1 E 4355/06 (V), as summarized […]

South America: Bank of the South

(Nov. 2, 2007) Argentina, Bolivia, Brazil, Ecuador, Paraguay, Uruguay, and Venezuela have agreed to create a regional development bank based on a proposal of Venezuelan President Hugo Chavez, in order to improve regional trade and growth with their own resources. The Presidents of the seven countries inaugurated the Bank of the South (Banco del Sur) […]