The European Central Bank has cut its key interest rate by a quarter percentage point to a record low of 0.75 percent. The move followed a rate cut by China's central bank and new stimulus measures by the Bank of England.
The ECB cut Thursday in the refinancing rate is aimed at giving a further boost to the sagging European economy after a summit last week where leaders agreed on new steps to strengthen the euro currency.
The refinancing rate cut could mean lower borrowing costs for banks, businesses and consumers. Some economists say it may have only a symbolic effect, since rates are already very low. Lending activity remains weak because there's little demand from businesses for credit.
The ECB also cut its overnight deposit rate — what it charges banks for depositing their money with the ECB overnight — to zero. That is meant to encourage banks to invest their money in the economy rather than stash it with the ECB.
No more queues in front of ATMs - 23.01.2013 Reduced transaction duration is an important issue for customer satisfaction and for efficient use of Banking channels, especially at ATMs. Every measure taken to fasten cash withdrawals, most widespread used ATM transaction, is beneficial to both customers and banks.
Swiss bank Wegelin & Co. to close after US tax evasion fine - 04.01.2013 Switzerland's oldest bank is to close permanently after pleading guilty in a New York court to helping Americans evade their taxes. Wegelin & Co., which was established in 1741, has also agreed to pay $57.8 million in fines to US authorities. Source: BBC
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Suntech will extend banking system at Nordea Bank Poland S.A. - 09.10.2012 Polish based company Suntech S.A. has entered into an agreement with Nordea Bank Poland S.A. to extend the corporate banking system eConnect. Expansion of existing application will increase its usability, making it one of the most innovative solutions in its class on the market. Source: Suntech