Mysterious ICBC Banking

Technical disruptions at China’s largest state-owned lender caused temporary panic among customers at the weekend, with some expressing fears of a hacking or deliberately engineered credit squeeze.

Various banking services at ICBC – including internet, mobile and phone banking as well as automated teller machine services – were “paralysed” on Sunday morning for nearly one hour.

Unable to withdraw cash from ATMs or get through to the customer help hotline, some customers believed the outage was longer, but state broadcaster CCTV reported it was 45 minutes.

Cities said to be affected by the problems included Shanghai, Beijing, Wuhan, Chengdu and Xiamen, the Shanghai Daily newspaper reported.

The bank issued a statement via Sina Weibo on Sunday, reassuring customers that electronic channels were undergoing “system upgrades” since 10.38am and that certain services would be affected. The bank said it had restored all systems by 11.23am.

The glitch at the bank – one of China’s “big four” state lenders and largest in the world in terms of profit and market value – sparked concerns of a national credit crunch as it came just days after interbank lending rates had hit new record highs.

Others fanned worries that China’s financial system had been compromised by cyberattacks or hacking. The outage came just weeks after fugitive intelligence-leaker Edward Snowden told the South China Morning Post that the US National Security Agency had been hacking mainland Chinese and Hong Kong networks for years.

Online rumours circulating among financial insiders on forums such as Zhihu, China’s version of Quora, suggested that it was a deliberate show of force by the bank in response to Premier Li Keqiang’s bid to encourage private capital via “non-government affiliated banks” and a general overhaul of the financial system.

Courtesy of SCMP – More at:http://www.scmp.com/news/china/article/1267756/mysterious-icbc-banking-glitch-sparks-panic-frustration-among-customers

#banking, #beijing, #chengdu-and-xiamen, #china, #icbc, #wuhan

Barclays Scandal Continues

LONDON (Reuters) – Barclays, already rocked by an interest rate rigging scandal, unveiled new U.S. regulatory investigations into the bank’s financial probity on Wednesday and said its profit was hit by charges for mis-selling insurance.

#ace-finance-alert, #banking, #barclays, #reuters

Who Is Really Responsible For The Libor Scandal

Who Is Really Responsible For The Libor Scandal

This report issue by the ” Treasury Committee” makes for interesting reading if you have the time! It shows how contradiction after contradiction of evidence given was so easily made to be misinterpreted by the three parties! In their own words and as this extract shows ,we could be led to believe that no one person was responsible or that everyone was aware and thus was responsible!

EXTRACT:

The evidence that Mr Tucker, Mr Diamond and Mr del Missier separately gave about this manipulation describes a combination of circumstances which would excuse all the participants from the charge of deliberate wrongdoing. If they are all to be believed, an extraordinary, but conceivably plausible, series of miscommunications occurred.

This was unambiguous to say the least and told us nothing more than we already did not know!

Personally l believe the connection goes back a lot further and a lot more must be revealed before we are able to know, where it started.          

#banking, #barclays, #libor, #report, #treasury-committee

” How Close To The Edge Are We To Falling Off “

As each eurozone country in turn finds that they are deeper in debt than they first believed, we hear today that the bailout for Greece has made them worse off. Maybe and it is only a suggestion we should leave well alone and maybe just maybe it will sort it self out.

As we know many things in this world always do, l was taught as a child ” Leave Well Alone” l never found out who well was but before l could someone else we call a dogooder interfered and all was undone -ah well.

Amplify’d from www.bbc.co.uk

The European Union’s economic affairs commissioner has said Europe must “resist alarmism” amid the latest fears over the Irish Republic’s debts.

He told ministers his country was working with European partners to deal with the debt issue.

He also reiterated that the Republic of Ireland had not asked for bail-out money and that the Irish economy was well funded until next year.

Mr Cowen tried to play down the growing sense of crisis across the eurozone, telling the Irish parliament that these were just a continuation of ongoing discussions it had been having with European institutions for some time.

Having spent the last 36 hours in Dublin I can report a sense of deep resentment at the pressure being put on the Irish government. Ministers genuinely believe they have a strategy that can work”

But he added: “We all have to work together in order to survive with the eurozone, because if we don’t survive with the eurozone we will not survive with the European Union.”

When Ireland explicitly guaranteed the Irish banking system just over two years ago, the finance minister, Brian Lenihan, said it was ‘the cheapest bank bailout in the world’. It is turning out to be very expensive”

Read more at www.bbc.co.uk

 

#bail-out, #banking, #eu, #eurozone, #ireland