Thursday, April 17, 2014   

Euro zone bank footprint shrinking
(01-21 18:11)

The number of banks and financial institutions in the euro area continued to decline in 2013, falling by 3.8 percent from 2012, the European Central Bank said.
“On January 1, 2014 there were 6,790 MFIs (monetary financial institutions) resident in the euro area, compared with 7,059 on January 1, 2013,'' the ECB said in a statement.
The drop was sharpest in Cyprus, where the number of MFIs dropped by 26 percent, followed by a decline of 17 percent in Greece and 16 percent in Luxembourg, the central bank calculated.
Over the longer term, the number of financial institutions in the single currency area has declined by 31 percent since January 1, 1999, despite the enlargement of the euro zone with the accession of Greece in 2001, Slovenia in 2007, Cyprus and Malta in 2008, Slovakia in 2009, Estonia in 2011 and Latvia in 2013, the statement said.
The region's economic powerhouses, Germany and France, accounted for 42 percent of all euro area MFIs, about the same share as recorded a year ago, the ECB added.
Looking at the wider European Union, there were 8,746 MFIs in the EU on January 1, 2014, a net decrease of 330, or 3.6 percent since January 1, 2013.
Compared with the situation on January 1, 1999, when there were 10,909 MFIs in the EU, there has been a net decrease of 2,163 units or 20 percent, the ECB said.—AFP
   
Other Business breaking news:
Exports boost Italy's trade surplus (04-16 18:42)
Bitcoin exchange MtGox placed in administration (04-16 18:17)
Singapore institutional investors show interest in RQFII (04-16 18:14)
Hang Seng inches up, Shanghai slips (04-16 16:39)
Supermarket Tesco books higher net profit (04-16 15:48)
European equities open higher (04-16 15:47)
Nikkei soars (04-16 14:50)
European Parliament gives green light to 'banking union' reforms (04-15 19:12)
Imperial Tobacco announces closure of factories in Britain, France (04-15 19:03)
BOJ vows to reach inflation target (04-15 18:49)

More breaking news >>

© 2014 The Standard, The Standard Newspapers Publishing Ltd.
Contact Us | About Us | Newsfeeds | Subscriptions | Print Ad. | Online Ad. | Street Pts

 


Home | Top News | Local | Business | China | ViewPoint | CityTalk | World | Sports | People | Central Station | Spree | Features

The Standard

Trademark and Copyright Notice: Copyright 2014, The Standard Newspaper Publishing Ltd., and its related entities. All rights reserved.  Use in whole or part of this site's content is prohibited.   Use of this Web site assumes acceptance of the
Terms of Use, Privacy Policy Statement and Copyright Policy.  Please also read our Ethics Statement.