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Home » Daily Briefing » Morning Briefing 27 May 2016

Morning Briefing 27 May 2016

Morning Briefing

The SWIFT financial messaging system may have been used to attempt a fourth cyber fraud bank attack as well as the 2014 attack on Sony Pictures, according to a blog post by cybersecurity firm Symantec. The company did not name the bank in the Philippines that it said was attacked last year. Authorities in the United States attributed the Sony attack to North Korea, and a number of reports this morning are suggesting that computer code used in that attack is similar to code used by hackers in the recent Bangladesh Bank heist.

"There is a pretty hard connection now to the Sony attacks and the actor behind them" and the Bangladesh heist, Eric Chien, technical director at Symantec, said in an interview, according to Reuters.

The Bank of England has said that it will go ahead with rules that require banks to ringfence their retail operations by 2019 as well as setting aside a systemic risk buffer of up to three percent of their risk-weighted assets, if they have assets in excess of £175 billion. The buffer is only likely to see an additional £9 billion being raised across the entire UK banking system, according to the Financial Times, and has been the subject of criticism by Sir John Vickers, who headed the Independent Commission on Banking.

Criteria, the parent company of Spain's CaixaBank, has said it will reduce its stake in the bank from 56.8 to 40 percent by year-end 2017 to avoid the implications of new regulations intended to create further degrees of separation between Spain's banking foundations and traded banks.

The new regulations will see holding companies (Criteria, for example) subject to the same rules as banks, requiring them to diversify investments and hold a reserve fund.

Atlante, the newly created Italian bank rescue fund, is in negotiations to provide last-resort support to a €1 billion IPO for Veneto Banca, sources have told Reuters. The proposal under discussion would see Atlante take any unsold Veneto shares. This followed the failed listing of Banca Popolare di Vicenza last month, which resulted in Atlante taking 99 percent ownership of the regional bank.

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