The dollar is entering the third week of losses today as multiple factors are pushing the currency down, from optimism in Asian stock markets, to concerns regarding the U.S. dollar as the main world reserve currency. A report to be released today in the United States is likely to indicated a sharp rise in the nation’s monthly home sales, which would prompt investors further to high-yield, since an improved scenario in the real estate market is a solid signal that the recession in ending in America and consequently in a global dimension.
The optimism is high, the questioning regarding the U.S. dollar as the main reserve currency, and speculations that foreign-exchange volatility will fall weighed altogether to create a negative outlook for the greenback in the beginning of this week. According to specialists its hard to say if the dollar will decline versus the euro to last year’s levels, when it hit $1.60, but certainly, with the current scenario we will be likely to see the dollar going further down.
EUR/USD traded at 1.4285 as of 11:53 GMT from 1.4215 in the beginning of the session. USD/CHF declined to 1.0661 from 1.0725.
If you want to comment on the U.S. dollar’s recent action or have any questions regarding this currency, please, feel free to reply below.
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hellishdollar
What Forex Taught Me
1. No Ego
Ego is when you dont want to admit that you have made a mistake. In forex, mistakes are common. It is very hard to forecast something that has a lot of factors involve. If you have made a mistake, admit it and turn your position if you see fit. If you dont want to admit your mistakes, you will end up broke
2. The Future is unknown
That is the truth the hard truth. Unless you can see the future like the movie next we are all the same. There are some people with skills that can forecast the movement of forex and make money but the truth is, its too high of a risk. Better to trade based on price action
U.S. Dollar Down Before Home Sales Report
How To Get Started In Currency Trading
If you want to get into currency trading, but are afraid of losing money, then you can open a Virtual Trading Account. You can find this option online. This will give you a no commitment and a no-cost option. A Virtual Trading Account has the same capabilities of a real account, but it gives you the option of learning about currency trading markets and allows you to test your skills without the risk of losing money.
Online Currency Trading
Do you want to get into currency trading? Are you wondering if it is even possible that you can trade currency online? The answer is yes. It is entirely possible to conduct all of your currency trading business online. How can you get into online currency trading?
Quoting Conventions In Currency Trading
In the currency trading market, currency trading is always done in pairs. Also, all trades are the result of the simultaneous buying of one currency and the selling of another currency. The “basis” for the buy or the sell is called the base currency. If it helps, you can think of the currency pair as an instrument that can be bought or sold.
What Is Currency Trading?
Have you ever heard of currency trading? If not, would you like to know what it is? Currency trading is commonly called foreign exchange, Forex, or FX, for short. All the currency in the world has a value that is relative to the other currencies in the world. By currency trading, you are purchasing and selling large amounts of currency to leverage the shifts in relative value in order to make a profit.
What Is Rollover In Currency Trading?
You’ve probably been learning a lot about the currency trading market. You may even have begun to invest in it, but what is rollover? How can knowing what a rollover is benefit you?
What Is The Margin In Currency Trading?
Unlike in stock markets, the margin deposit isn’t a down payment on the purchase of equity. Instead, it is a good faith deposit. This margin allows the traders to hold a position much larger than their account value. If the funds in the account happen to fall below the margin requirements, then your broker may close some or all of your open positions. This will prevent your account from falling into a negative balance, even in a fast moving market.
Why Trade Currencies?
You trade currencies for hedging and speculative purposes. During the regular course of a business day, corporate treasurers, private individuals, and investors have currency exposure. If you have bought Euros and you expect the exchange rate to go down, then you can sidestep your currency exposure by selling your Euros for the U.S. dollar.
Wireless Currency Trading
Do you invest in currency trading? Would you like to take the currency trading market with you wherever you go? Then wireless currency trading may be the perfect solution for you.
Stock Investing
The three largest stock exchanges by market capitalization are the New York Stock Exchange, Tokyo Stock Exchange, and NASDAQ. Through these stock exchanges, well over trillions of dollars worth of stock are traded on a daily basis. For stock and forex brokerages, the approach to investing is quite different than the stock investing practices that are accomplished by an amateur investor with a small nest egg.
Forex Trading - Technical Indicators
Many of the common charts encountered in the toolkit of Forex traders are composed of a graphed series of technical indicators. So, in order to understand those charts, the student of Forex investing will do well to study those indicators.
Choosing Between Credit and Debit Cards
Knowing the principle differences between credit and debit cards can help you make wiser financial decisions, thus saving you money. Unfortunately, too many consumers seem to mix up these two types of payment tools, especially when it comes to using credit cards and meeting payment obligations on them. Both, credit and debit cards have their advantages and drawbacks.
If you want to avoid common pitfalls and stay away from financial troubles that strip most vulnerable Americans of their homes and happiness, it is time to get some education.
Trying to understand what you really need, a credit or a debit card, you should look into your priorities, spending habits and special needs. The basic and crucial difference between the two lies in the”working mechanism”. For example, when you pay with a debit card, it is the same as if you were paying with your own hard cash. Except that the cash is in the form of a small plastic and is actually kept in a special checking account with your bank.
How do you get the money in your checking account? There are several ways you can do it. You can make direct cash deposits, arrange transfers from other bank accounts or have your employer transfer your paycheck to the account. You can load the account any time and each time you need more funds available. Remember, using a debit card, you spend your own money without owing anything like interest to your bank. There are some fees though associated with debit card servicing but they are not significant.
A credit card works as a loan. You don’t own the money on the card – you borrow it from a bank. Hence, there come all these APRs (the price for using a credit line), fees and other charges that cover card service, as well as your borrowing risk. As it is kind of a loan, you do not have to pay the purchase price back immediately. Usually, you have up to 30 days before your first minimum payment is due.
At this point cardholders begin to abuse the basic credit card rule – the rule to pay each monthly bill before the due date with more than the minimum required.
The different “working mechanisms” of credit and debit cards determine their pricing and risk. Those who do not make timely payments on credit cards are likely to dig a hole of debt that’s impossible to get out of. And people do make late payments and even miss them.
When default APRs and penalty fees apply to already great balances, your financial wellbeing becomes dependent on external factors such as consumer debt counseling services and various debt management programs.
With all this, the advantages of credit cards are evident. You can easily purchase an item or a service which you were not able to afford before. Plus, you can benefit from various kinds of rewards which accumulate with each card purchase and build up into a value redeemable for brand name merchandize and free services.
State Farm Bank Visa Business Card
Earn up to 2%** in State Farm Dollars®
No Annual Fee
Free additional cards for employees
Cash advance privileges via ATMs and convenience checks
Worldwide Visa credit card acceptance
Access to online reporting tools
Detailed Year-End Summary Statement
Security
Zero Fraud Liability Protection
Identity Theft Protection
Lost/Stolen Card Protection
Visa Liability Waiver Program
Purchase Security/Extended Protection
Travel & Emergency
Travel and Emergency Assistance Services
Free Auto Rental Insurance
24 Hour Good Neighbor Service®
Student Visa Credit Card
Features
New card designs available
A competitive rate
Cash advance privileges via ATM
24 Hour Good Neighbor Service®
Online access anytime
Zero Fraud Liability Protection
Lost/Stolen card protection
Worldwide Visa credit card acceptance
Good Neighbor Visa Credit Card
Features
Low Purchase APR*
No Annual Fee 
Zero Fraud Liability Protection
Online Discounts
Lost/Stolen card protection
Worldwide Visa credit card acceptance
24 Hour Good Neighbor Service®
Online Access Anytime
Free built-in protection features
Free Identity Theft Protection
Free Account Fraud Monitoring
Free $250,000 Travel Accident Insurance
Free Auto Rental Insurance
Cash advance privileges via ATMs and convenience checks
Platinum Rewards Visa Credit Card
Features
Earn State Farm Dollars® with every purchase
Competitive rates on purchases
No Annual Fee
Zero Fraud Liability Protection
Online Discounts
Lost/Stolen card protection
Worldwide Visa credit card acceptance
24 Hour Good Neighbor Service®
Online access anytime
Warranty Manager Program
$250,000 Travel Accident Insurance
Free Auto Rental Insurance
Cash advance privileges via ATMs and convenience checks
Did I uncover your credit card details on the web today!
I found more than that: login details to people’s web hosting accounts and e-commerce site memberships as well. It was really freaky to think it was all just staring at me, thanks to a flukey Google search. Nothing more complicated than that. (And no, don’t email me for the search details!)
For whatever reason, a hacker has broken into a number of sites and stored the resulting DB dumps into text files that Google came along and indexed, all because this guy’s site’s directories were set to display their contents when no default file is present.
I have emailed Victoria Police with all the details. But after thinking about it some more, I have a simple observation and a suggestion…
First the observation that if a hacker is dumb enough to have your private login or credit card details online and indexable by Google, then they’re likely to be in a text file and unencrypted. If your credit card is listed, it’s probably had the spaces removed, since that’s how it will be stored (by idiots who don’t use a salted hash).
What is Credit Card?
Nationalized banks in India
Nationalized banks in India
- Allahabad Bank
- Andhra Bank
- Bank of Baroda
- Bank of India
- Bank of Maharashtra
- Canara Bank
- Central Bank of India
- Corporation Bank
- Dena Bank
- Indian Bank
- Indian Overseas Bank
- Oriental Bank of Commerce
- Punjab & Sind Bank
- Punjab National Bank
- Syndicate Bank
- Union Bank of India
- United Bank of India
- UCO Bank
- Vijaya Bank
- State Bank of India (nationalized in 2007)
Private Sector Indian Banks
Private sector banks
- Axis Bank (formerly UTI Bank)
- Bank of Rajasthan
- Bharat Overseas Bank
- Catholic Syrian Bank
- Centurion Bank of Punjab (Merged with HDFC bank)
- City Union Bank
- Development Credit Bank
- Dhanalakshmi Bank
- Federal Bank
- HDFC Bank
- ICICI Bank
- IndusInd Bank
- ING Vysya Bank
- Jammu & Kashmir Bank
- Karnataka Bank Limited
- Karur Vysya Bank
- Kotak Mahindra Bank
- Lakshmi Vilas Bank
- Lord Krishna Bank (now Centurion Bank of Punjab)
- Nainital Bank
- Nedungadi Bank (now Punjab National Bank)
- Ratnakar Bank
- Rupee Bank
- Saraswat Bank
- SBI Commercial and International Bank
- South Indian Bank
- Tamilnad Mercantile Bank Ltd
- Thane Janata Sahakari Bank
- Bassein Catholic Bank
- United Western Bank (now IDBI Bank)
- YES Bank
List of Co-Operative Banks in India
Contents
1. In States
1.1 Andhra Pradesh
1.2 Arunachal Pradesh
1.3 Assam
1.4 Bihar
1.5 Chhattisgarh
1.6 Goa
1.7 Gujarat
1.8 Haryana
1.9 Himachal Pradesh
1.10 Jammu and Kashmir
1.11 Jharkhand
1.12 Karnataka
1.13 Kerala
1.14 Madhya Pradesh
1.15 Maharashtra
1.16 Rajasthan
1.17 Sikkim
1.18 Tamil Nadu
1.19 Tripura
1.20 Uttarakhand
1.21 Uttar Pradesh
1.22 West Bengal
2. In Union Territories
2.1 Andaman and Nicobar Islands
2.2 Chandigarh
2.3 Dadra and Nagar Haveli
2.4 Daman and Diu
2.5 Lakshadweep
2.6 Pondicherry
2.7 National Capital Territory of Delhi
In States
Andhra Pradesh
- Eluri co-operative bank.
- Andhra Pradesh Mahesh Co-Op Urban Bank Ltd.
- Charminar Coop.Urban Bank Ltd.
- Vasavi Coop Urban Bank Limited.
- Mulkanoor co-operative Rural Bank and Marketing Society Ltd.,
Arunachal Pradesh
- The Arunachal Pradesh State co-operative Apex Bank Ltd.
Assam
- The Assam Co-operative Apex Bank Ltd.
Bihar
- The Bihar State Co-Operative Bank Ltd. The Motihari Central Cooperative Bank Limited
Chhattisgarh
- The Chhattisgarh RajyaSahakari Bank Maryadit
Goa
- The Bicholim Urban Co-operative Bank Ltd.
- The Goa state co-operative bank ltd.
- The Margao Urban co-operative bank ltd
- Candolin Urban Co-operative Credit Society
- Citizen Co-op Bank
- Goa Urban Co-operative Bank
- Goan Peoples Urban Co-op Bank
- Saraswat Co-op Bank
- Shamrao Vithal Co-op Bank
- Womens Co-operative Bank
Gujarat
- Valsad District Central Co-operative Banks Ltd
- Textile Traders Co-operative Bank Ltd
- Navnirman Co-operative Bank Ltd
- Mahesana Nagrik Co-operative Bank Ltd
- Nagrik Bank LTD. (Rajkot)
- MERCANTILE CO-OPERATIVE BANK LTD
- Ahmedabad District Cooperative Bank Ltd.
- Junagadh Commercial Co-operative Bank Ltd.
- Amreli Dist Co-Operative Bank Ltd.
- Surat national co-operative bank Lt
Haryana
- The Haryana State Co-operative Apex Bank Ltd.
Himachal Pradesh
- Kangra Co-operative Bank Ltd.
- Jogindra Co-operative Bank
Jammu and Kashmir
- The Jammu and Kashmir State Co-operative Bank Ltd.
Jharkhand
Karnataka
- Sirsi Urban Bank
- Suco Bank
- The Karnataka State Co-operative Apex Bank Ltd
- Guardian Souharda Sahakari Bank Niyamitha
Kerala
- Kerala State Co-Op Bank
- Dist. Co-Op Bank,Trivandrum (Thiruvanandapuram)
- Dist. Co-Op Bank,Quilon (Kollam)
- Dist. Co-Op Bank,Pathanamthitta
- Dist. Co-Op Bank,Alleppey (Alapuzha)
- Dist. Co-Op Bank,Kottayam
- Dist. Co-Op Bank,Idukki
- Dist. Co-Op Bank,Ernakulam
- Dist. Co-Op Bank,Trichur
- Dist. Co-Op Bank,Palghat (palakkade)
- Dist. Co-Op Bank,Malappuram
- Dist. Co-Op Bank,Calicut (Kozhikode)
- Dist. Co-Op Bank,Wayanad
- Dist. Co-Op Bank,Cannannore (Kannur)
- Dist. Co-Op Bank,Kasargode
- Pala Urban Co-Op Bank
- PERIYE SERVICE CO-OP BANK, KASARAGOD DIST.
- Cherpulasseri Service Co-op Bank
- Cheruthazham Service Co-Op Bank
- Ottapalam Co-op Bank, Ottapalam
- Valapuzha Service Co-op Bank
- The Co-operative Service Bank Limited, Parakode.
- People's Urban Co-operative Bank Ltd, Thrippunithura
- Madappally Service Co-operative Bank Ltd. Kottayam District. Estd. 1920.
- Kottakkal Co-operative Urban Bank Ltd, Kottakkal, Malappuram Dist
- Kanakkary Service Co-op Bank
- Pallippurathusserry Service Co-op Bank
Madhya Pradesh
- The Madhya Pradesh Rajya Sahakari Bank The Mananthavady Farmers Service Co.operative bank ltd. Mananthavady; Wayanad
Maharashtra
- The Nasik District Central Co-op Bank Ltd., Nasik.
- The Bassein Catholic Co-Operative Bank Ltd., Papdy, Vasai.
- Abhyudaya Co-op. Bank Ltd.
- Bharat Co-op. Bank Ltd.
- The Deccan Merchants Co-operative Bank Ltd., Mumbai
- Kodoli Urban Co-op. Bank Ltd. Kodoli.(erstwhile Nagari Sahkari Bank Kodoli)
- Shri Balbhim Coop Bank Ltd., Kolhapur
- The Maharashtra State Co-op Bank Ltd
- Shree Warana Sahakari Bank Ltd. Warananagar
- Solapur Siddheshwar Sahakari Bank, Solapur
- Solapur janta Sahakari Bank, Solapur
- Saraswat Co-Op Bank
- Ichalkaranji Janata Sahakari Bank Ltd
- Vasantdada Shetkari Sahakari Bank Ltd.,Sangli
- Shamrao Vitthal Cooperative Bank
- Samarth Sahakari Bank, Solapur
- Punjab and Maharashtra cooperative bank ltd
- Panchaganga Sahakari Bank, Kolhapur
- Dwarkadas Mantri Nagari Sahakari Bank Ltd.,Beed
- Deogiri Nagari Sahakari Bank Limited, Aurangabad
- Ajintha Urban Co-operative Bank Limited, Aurangabad
- Lokvikas Nagari Sahakari Bank Limited, Aurangabad
- The Akola Urban Co-operative Bank Limited, Akola
- Autangabad District Central Co-operative Bank Limited, Aurangabad
- Adarsha Mahila Nagari Sahakari Bank Limited, Aurangabad
- Abhinav Co-operative Bank
- Dombivli Co-operativ Bank
- The Cosmos Co-operative Bank Limited, Pune, Maharashtra, India
- Nanded district co-operative Bank.Nanded,Maharastra
- The Nagar Urban Co-operative Bank Ltd,Ahmednagar
- Shahar Sahakari Bank Ltd, Ahmednagar
- The Ahmednagar Merchnats Co-operative Bank Ltd,Ahmednagar
- The Bhingar Urban Co-Operative Bank Ltd,Ahmednagar
- The Rajapur Urban Co-Operative Bank Ltd.Rajapur (Ratnagiri)
- Vikas Sahakari Bank Ltd., Solapur
- Vita Merchant Co-Operative Bank Ltd. Vita
- Vyapari Sahakari Bank Ltd., Solapur
- Mammandir Co-Operative Bank Ltd., Vita
- Mahesh Sahakari Bank Ltd., Solapur
- The Pandharpur Urban Co-Operative Bank Ltd., Pandharpur
- The Pandharpur Merchants Co-Operative Bank Ltd., Pandharpurar
- Ahmednagar District Central Co-Operative Bank Ltd., Ahmednagar
- Bhingar Urban Co-Operative Bank Ltd.,Bhingar,Ahmednagar
- Thane Janata Sahakari Bank, Thane
- Wai Urban Co-operative Bank Ltd., Wai, Satara
- The vita urban co op. bank ltd,vita ,sangki
Rajasthan
- The Rajasthan State Co-operative Bank Ltd. integral co op bank jaipur central co-operative bank
Sikkim
- The Sikkim State Co-operative Bank Ltd.
Tamil Nadu
- The Tamil Nadu State Apex Co-operative Bank Ltd.
- The Shamarao Vital Co-operative Bank Ltd.
- Chennai Central Co-operative Bank Ltd.
- Tripura
- The Tripura State Co-operative Bank Ltd. this is good privatise co operative bank but please trust it in your self
Uttarakhand
- Pithoragarh Gramin Bank.
- Dist. Sahkarita Bank.
Uttar Pradesh
- NAVYA ETDS SOFTWARE
- AKVS MARKETING PRIVATE LIMITED
West Bengal
- The West Bengal State Co-operative Bank Ltd.
Banks Of India In Union Territories
Andaman and Nicobar Islands
- Andaman and Nicobar State Co-operative Bank Ltd. Maulana Azad Road, Portblair. (India) It has around 41 branches on these islands, some of which are in Billiground, Baratang, Hut Bay, Nancowry, Ferrer Gunj, Kadamtala and Diglipur.
Chandigarh
- Chandigarh Urban Cooperative Bank
- Punjab State Cooperative Bank
Dadra and Nagar Haveli
Daman and Diu
Lakshadweep
Pondicherry
- Pondicherry State Cooperative Bank
- Mahe Service Co-operative Bank, Mahe
National Capital Territory of Delhi
- Delhi State Co-operative Bank
Global Bank Regulators Likely to Strengthen Capital Standards Over Time
Global banking regulators are committed to strengthening capital requirements over time.
• The Basel Committee on Banking Supervision put out a press release yesterday providing colour on initiatives banking supervisors might undertake long term in response to the events of the last two years.
• We had highlighted most of these issues in a July 2008 report ("Bank capital ratios high but face pressure"), and do not believe that they have implications for share prices near term.
• The new capital requirements, if implemented, would lead to lower and more stable ROEs for the global banking system versus the pre-crisis model, in our view.
• The impact on Canadian banks is less clear as they already operate under stricter capital constraints than many of their global peers.
G20 rioters to hang banker effigies from lampposts as city staff are told to wear disguises
Thousands of City staff told to stay at home next week
Bankers told not to wear suits and 'dress down'
Additional 2,500 police deployed at cost of £10million
City workers are being urged to stay at home or to dress down during next week's G20 summit to avoid being targeted by anti-capitalist protesters.
Unprecedented measures are being put in place to prepare for thousands of demonstrators targeting the City and Canary Wharf.
About 3,000 anti-capitalist protesters are expected, with groups next Wednesday marching to the Bank of England, holding 'flashcamps' outside the European Climate Exchange in Bishopsgate, and marching on the US Embassy.
Demonstrators have vowed to hang effigies of bankers from lampposts along the protest route.
Banks have been warned to take extra security precautions to protect their staff after vandals attacked former RBS chief Sir Fred Goodwin's Edinburgh home.
Security specialists at Kroll, the risk consultancy, said high profile bankers were 'easy targets'. Companies linked to the financial crisis are taking extra security measures for prominent staff.
An extra 2,500 police, including riot units and intelligence officers, are being deployed at a cost of £10million to tackle any violence, while security consultants are giving firms constant updates on threat levels.
The demonstrations, as 20 world leaders meet at the ExCeL Centre in Docklands to discuss how to end the world recession, are expected to be the biggest in London this decade.
Demonstrators will target the ExCeL centre the next day. Banks, insurers, accountancy firms and brokerages have all circulated emails to staff with security instructions.
One warns: 'The front door is to be permanently locked during these two days.'
Face of the financial crisis: Sir Fred
The London Chamber of Commerce have warned businesses to take security precautions, including making sure staff carry ID, keep movement in and out of the offices to a minimum and cancelling all but essential meetings.
Colin Stanbridge, chief executive of the LCCI, said: 'There will be concern among businesses at the protests but the vast majority of firms will have robust security arrangements in place.'
The financial advisory group Bluefin, which employs 500 staff in London-has told employees not to go to its office in Mark Lane in the City unless absolutely necessary.
A spokesman for the bank UBS said: 'We are telling people to be cautious. If you have client meetings do you need to have them here?"
Chris Knight, professor of anthropology at the University of East London, is organising protests under the banner G20 Meltdown.
He said: 'We are going to be hanging a lot of people like Fred the Shred from lampposts and I can only say let's hope they are just effigies. If he winds us up any more I'm afraid there will be real bankers hanging from lampposts.'
Meanwhile, the group claiming responsibility for vandalising the former Royal Bank of Scotland chairman's home has threatened further action against 'criminal' bank bosses.
A statement claiming to be from the group responsible for damage at his £3million mansion warned of further attacks, saying: 'This is just the beginning.'
The threat sparked fears of a terror campaign against those blamed for the collapse in the financial system.
Security adviser Dai Davies, a former head of Scotland Yard's Royalty Protection squad, said: 'Risk assessments will have to be carried out by the police on individuals who are concerned about their safety. If there is cause for concern then appropriate advice will be given and pre put in place.
'The developments at Sir Fred Goodwin's home will almost certainly make some other high-profile bankers want to review their own private security arrangements.'
Banks in Dubai
| Bank | Address | Telephone | Fax | Website/Email | |
| Abu Dhabi Commercial Bank | Al Reqqa Street, Dubai | 04 2958888 | 04 2959310 | www.adcb.com | |
| Citibank (Main Branch) | Khalid Bin Al Waleed Street, Bur Dubai, Dubai | 04 5074110 | 04 3528654 | www.citibank.com/uae | |
| Commercial Bank of Dubai | Deira, Port Saeed, P.O. Box 2668, Dubai | 04 2121000 | 04 2121111 | www.cbd.co.ae | |
| Commercial Bank International (Main Branch) | Al Reqqa Street, Deira, Dubai | 04 2275265 | 04 2279038 | www.cbiuae.com | |
| Emirates Bank (Main Branch) | Beniyas Road, P.O. Box 2923, Dubai | 04 3160316 | 04 2264302 | www.ebi.ae | |
| First Gulf Bank | Al Yamamah Tower, P.O. Box. 52053, Deira, Dubai | 04 2941234 | 04 2949595 | www.fgb.ae | |
| HSBC | HSBC Bank Building Baniyas Square, Deira, Dubai | 04 2227161 | 04 2281714 | www.uae.hsbc.com | |
| Lloyds Bank | Al Wasl Road, Jumeirah, Dubai | 04 3422000 | 04 3422660 | www.lloydstsb.ae | |
| Mashreq Bank (Main Branch) | Omar Ibn Al Khatab Road, Next to Al Ghurair Center, Deira, Dubai | 04 2223333 | 04 2226061 | www.mashreqbank.com | |
| National Bank of Abu Dhabi | Bank Street, near Burjuman Centre, Dubai | 04 3599111 | 04 3517388 | www.nbad.com | |
| National Bank of Dubai | Baniyas Road, Deira, Dubai | 04 2222111 | 04 2283000 | www.nbd.com | |
| Royal Bank of Canada | API World Tower, Office 1002, 10th Floor, Sheikh Zayed Road, Dubai | 04 3313196 | 04 3313960 | www.rbcprivatebanking.com/dubai | |
| Standard Chartered Bank | Al Mankhool Road, P.O. Box 999, Dubai | 04 3520455 | 04 3527523 | www.standardchartered.com/ae | |
| Union National Bank | Al Maktoum Street (Al Maidan Tower), Dubai |
World Stocks Plummet After Global Banks Take Action in Bid to Avoid Recession
Saviour: The Bank of England has acted as a lender of last resort to Northern Rock
Change of heart: Mervyn King
Stocks worldwide have plummeted in the wake of yesterday's unprecedented decision by leading central banks to pump billions into money markets in a bid to avoid a worldwide recession.
The Bank of England has joined the U.S. Federal Reserve, the European Central Bank and their counterparts in Canada and Switzerland to pump at least £55billion into money markets.
However this morning the FTSE 100 fell more than 70 points to 6458.7 and the markets in Japan, Hong Kong and Taiwan all suffered nervous starts to the day's trading.
Investors are worried that the shock decision by the world's banks could mean that the credit crisis is likely to get worse.
It is hoped that the loans - £ 22.7billion of which will go to the UK - will help make lending between banks easier, avoiding any repeat of the Northern Rock crisis.
The Rock ran into trouble because the current economic climate has encouraged banks to hoard their cash, rather than lend it to each other.
Northern Rock could therefore not borrow the money it needed from other banks, and was forced to go to the Bank of England as a "lender of last resort" at punitive rates.
The central banks' decision is designed to stop other lenders getting into the same situation - and to avoid panic among both consumers and the City.
It came amid signs that Gordon Brown is bracing himself for a slowdown that could dent his credentials as the architect of Labour's record of economic stability.
A Bank of England spokesman said: "This co-ordinated set of actions is a response to stresses in the inter-bank markets, which have increased in recent weeks, reflecting sentiment about the global financial sector.
"The actions demonstrate that central banks are working together to try to forestall any prospective sharp tightening in credit conditions."
A source at the Bank added that the latest move is not designed to prop up any individual lender, but is rather aimed at alleviating pressures in the overall market.
This is significant, because the Bank is worried that City observers could interpret the massive loan as a covert way of getting cash to a particular lender which has got itself in trouble.
The co-ordinated move took the City by surprise, fuelling fears that the global credit crunch is threatening the economic health of the world's major powers.
With the housing market in turmoil, it was seen as a pre-emptive strike to prevent a worldwide financial meltdown on the back of the American "sub-prime" mortgage crisis.
Bankers hope it will make mortgages easier to arrange amid signs that credit is drying up on the High Street.
Downing Street welcomed the move as an example of the kind of "global co-operation and preventative action" that Mr Brown has called for in the past.
It came only a week after the Bank of England cut interest rates by a quarter point.
The Federal Reserve also reduced U.S. rates by a quarter point - the latest in a series of aggressive cuts.
Yesterday's announcement marked the first joint international effort to support the markets since the September 11 terror attacks.
Observers said the scale and nature of the cash injection is unprecedented.
It underlines the parlous state of the global banking system, where some lenders have been brought to the brink of collapse because of the problems in America's mortgage market.
Experts estimate the record defaults on so-called sub-prime loans advanced to Americans with poor credit histories could lead to up to £200billion of losses at global banks.
Giants such as Wall Street's Citigroup and Switzerland's UBS have gone cap in hand to Asian and Middle Eastern investors asking for cash to support their businesses after racking up tens of billions in losses.
Britain has been far from immune, with the run on Northern Rock leading the Bank of England to hand over billions of pounds of taxpayers' money to keep it afloat.
The Bank will next week offer £11.35billion to selected commercial lenders with a UK presence.
A similar auction for another £11.35billion will take place in the New Year.
Banks will "bid" for the cash and will have to pay a premium rate.
Major British-based lenders will also be able to apply for help from the other central banks.
The loans will last for three months and the Bank could step in again if the cash injection fails to have the desired effect.
The banks will still have to provide collateral and meet certain conditions in order to get help, and only those judged to be in sound financial condition will be able to participate.
The Bank of England held a similar auction for three-month loans in September.
However, there were no bidders, because banks were worried that the stigma attached to the auction would reduce confidence in them so soon after the run on Northern Rock.
That auction had a punitive minimum rate set at one per cent above the Bank's base rate, whereas the new auctions do not have a minimum rate.
The Bank has been accused of being slow off the mark in dealing with the stress in financial markets, and some experts described its decision to participate in the global loan scheme as another Uturn from its hardline stance.
Governor Mervyn King has been reluctant to rescue big banks which are in trouble because of their foolish investments - but with the world markets under increasing pressure, he has been forced to act.
The British Bankers' Association welcomed the move, calling it a "constructive and imaginative initiative".
It added: "It is also importantly an international solution to an international issue."
Julian Jessop, of analysts Capital Economics, said the move is welcome, but that further interest rate cuts would be needed to have a real effect.
He added: "Central banks have combined to reduce the risk that the credit crunch tips the most vulnerable economies into recession. But even if these measures are successful, the world economy is still facing a marked U.S-led slowdown in 2008.
"It does not resolve the more fundamental weaknesses in the world's major economies.
"Official interest rates will still have to be cut significantly further in the U.S. and the UK, and are likely to fall earlier than generally expected in the eurozone too."
Pakistan Banks’ Association
Pakistan Banks’ Association (PBA) represents the Pakistan Banking Industry. Established in 1953, its main objective is to coordinate the efforts of the banking industry, and to share a common vision of progress and development with its members. PBA Membership is institutionalized and is available only to the Banks operating in Pakistan. Currently there are 48 members, categorized into 6 groups (one of these groups is under formation). Its governing body is an Executive Committee (EC) comprising of 14 members, represented by the Chief Executives of the respective member institutions. PBA’s Principal Executive is the Chairman of the Executive Committee, elected periodically from within the EC. Presently, PBA has 10 functional Sub Committees, each chaired by a member of the Executive Committee. Remaining members of the Sub Committees are relevant Executives of member banks. Find more about PBA and it’s governance in the PBA Profile Section. Particulars of members such as their corporate and management profiles, branch networks and financial statements are available in the PBA Members Section. Over the years the role of PBA has broadened considerably. It is now referred to by the State Bank of Pakistan in formulation of regulations for the banking industry, and has been entrusted with the function of regulating and monitoring certain services provided to the banking industry by outside service providers. These service providers include ‘Professional Valuers’, who are evaluators allowed to appraise the values of assets collateralized to banks, and Security Agencies offering security services to the Banking Industry. For details visit the PBA Panels Section.
UBL : DEBT AND CAPITAL MARKETS
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