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LONDON - The clear signal from the U.S. Federal Reserve that it will soon stop pumping money into the global economy and data pointing to Chinese growth slowing sparked sharp falls in bonds, shares and commodities on Thursday.
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BEIJING/HONG KONG - China reiterated its opposition on Thursday to a European Union plan to limit airline carbon dioxide emissions and called for talks to resolve the issue a day after its major airlines refused to pay any carbon costs under the new law.
Danish bank Jyske takes over rival Sparekassen Lolland
COPENHAGEN (Reuters) - Denmark's second biggest bank Jyske Bank (JYSK.CO) has agreed to take over Sparekassen Lolland after the unlisted rival failed to meet the financial watchdog's solvency requirements, the banks said on Friday.
Denmark has the most fragmented banking industry in the Nordic region with more than 100 banks and many in the industry are predicting further consolidation in the wake of the financial crisis.
The two banks said on Friday that the country's financial services regulator had concluded after an inspection that Sparekassen Lolland needed to make further loan impairment charges and provisions for guarantees.
As a result Sparekassen Lolland said it would be impossible to meet its solvency requirements within the time allowed.
"Consequently, it is not possible for Sparekassen Lolland to continue as an independent financial institution," Jyske Bank said.
The FSA had set a deadline for the bank of Sunday, Jan 27 at 0500 GMT to meet the minimum capital solvency requirement of 8 percent of assets.
Jyske Bank will take over all of Sparekassen Lolland's customers, assets and liabilities, except for share capital and subordinated capital, it said in the statement.
The take-over comprises all 45,000 customers of Sparekassen Lolland's branches and 70,000 customers of online bank FinansNetbanken.
The bank's balance sheet amounts to 12.9 billion Danish crowns ($2.33 billion) while loans and advances total 7.1 billion crowns and deposits 9.7 billion crowns.
All necessary approvals from the authorities had been obtained, the banks said, offering no details of a takeover price.
Sparekassen Lolland's branches and FinansNetbanken will be open for business as usual, it said in the statement. ($1 = 5.5380 Danish crowns)
(Reporting by Johan Ahlander)
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