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[1/2] People are silhouetted next to the Deutsche Bank's logo prior to the bank's annual meeting in Frankfurt, Germany, May 24, 2018. REUTERS/Kai Pfaffenbach Acquire Licensing RightsSummaryCompanies Shares up 7%Investment bank revenue declinesRevenue at retail and corporate divisions riseSlightly more optimistic on 2023 revenueForecasts buybacks in 2024, flags greater capital returnFRANKFURT, Oct 25 (Reuters) - Deutsche Bank (DBKGn.DE) on Wednesday promised more share buybacks next year and said it may return more capital to shareholders than it had previously envisaged, causing its shares to surge. Revenue from investment banking slumped but grew in the lender's retail and corporate divisions on higher interest rates. Deutsche Bank shares were up 7% in morning Frankfurt trade as analysts cited positive news on potential buybacks and dividends. Though earnings dropped, Deutsche recorded its 13th consecutive profitable quarter, a notable streak after years of hefty losses.

Persons: Kai Pfaffenbach, Deutsche, James von Moltke, Mediobanca, Sewing, JPMorgan's, Tom Sims, Frank Siebelt, Jamie Freed, Jason Neely Organizations: Deutsche, REUTERS, Deutsche Bank, Reuters Graphics Reuters, Reuters Graphics Reuters Graphics Investment, Revenue, Goldman, Barclays, RBC, Thomson Locations: Frankfurt, Germany, FRANKFURT

☆ ECB's Nagel: possible to pay with digital euro in roughly 5 years
▼ + stars: | 2023-10-19 | by ( ) www.reuters.com time to read: 1 min

Joachim Nagel, Bundesbank president and European Central Bank policymaker, prepares for an interview at the Jackson Lake Lodge in Jackson Hole, Wyoming, where the Kansas City Fed holds its annual economic symposium, August 24, 2023. REUTERS/Ann Saphir/File Photo Acquire Licensing RightsBERLIN, Oct 19 (Reuters) - European Central Bank policymaker Joachim Nagel said on Thursday that he assumes it will be possible to pay with the digital euro in roughly five years. The president of Germany's Bundesbank told the Deutschlandfunk radio station that the digital version of the euro, which will let people in the 20 countries that share the single currency make electronic payments securely and free of charge, was "a huge IT project." Reporting by Frank Siebelt, Writing by Miranda Murray, Editing by Friederike HeineOur Standards: The Thomson Reuters Trust Principles.

Persons: Joachim Nagel, Ann Saphir, Central Bank policymaker Joachim Nagel, Germany's Bundesbank, Frank Siebelt, Miranda Murray, Friederike Heine Our Organizations: European Central Bank policymaker, Kansas City Fed, REUTERS, Rights, Central Bank, Thomson Locations: Jackson, Jackson Hole , Wyoming

The new German central bank (Bundesbank) vice-president Claudia Buch poses during a photocall at the Bundesbank headquarters in Frankfurt, May 20, 2014. Buch, who has been the vice-president of Germany's central bank for 10 years after a career in academia, was chosen last week over Spain's Margarita Delgado, the European Parliament's preferred candidate. The EU Parliament will have a final say on the appointment on Wednesday at a vote scheduled for 1400 GMT. At the hearing, Buch said she would immediately resign from her role as an alternate if appointed as chief supervisor. ECB President Christine Lagarde said last week that the 26-member Governing Council followed the rules in Buch's selection.

Persons: Claudia Buch, Ralph Orlowski, Buch, Spain's Margarita Delgado, Joachim Nagel, Christine Lagarde, Marco Zanni, Frank Siebelt, Hugh Lawson, Alexandra Hudson Organizations: REUTERS, Central, Single, EU, ECB, Reuters, Council, Democracy Group, Alexandra Hudson Our, Thomson Locations: Frankfurt, FRANKFURT, Spain

☆ ECB mulls changing spread between rates in step towards new era - sources
▼ + stars: | 2023-06-15 | by ( ) www.reuters.com time to read: +2 min

FRANKFURT, June 15 (Reuters) - European Central Bank policymakers began this week a debate on evening out the "corridor" between the ECB's three interest rates, in a first step towards an era in which money is scarcer, five sources told Reuters. The ECB currently pays banks a 3.5% interest on their deposits while lenders can borrow from the central bank at 4% for a week and 4.25% overnight. They also argued that their hands were full with interest rate hikes and a cut in the bank's balance sheet. But the topic was set to become more relevant in the coming months as liquidity is drained from the banking system. Reporting By Francesco Canepa, Balazs Koranyi and Frank Siebelt; Editing by Hugh LawsonOur Standards: The Thomson Reuters Trust Principles.

Persons: Francesco Canepa, Balazs Koranyi, Frank Siebelt, Hugh Lawson Organizations: Central Bank, Reuters, ECB, Staff, Thomson Locations: FRANKFURT

The bank's shares traded 7.3% lower at 0750 GMT, making it the worst performer on the DAX blue chip index. Finance chief Bettina Orlopp told analysts net interest income had probably peaked in the quarter and that further provisions for its mBank unit in Poland were possible. The bank said it sees "upside potential" in net interest income this year, and raised its forecast to 7 billion euros ($7.7 billion) from 6.5 billion. One of Germany's best-known banks, Commerzbank is in the middle of a major overhaul, cutting thousands of workers and hundreds of branches to save costs and lift profits. JPMorgan called the results strong but said the bank's increased guidance for net interest income was below market expectations and "would limit any upgrades" in analyst forecasts.

FRANKFURT, May 17 (Reuters) - Germany's Commerzbank (CBKG.DE) said on Wednesday that net profit nearly doubled in the first quarter, a better-than-expected result helped by higher interest rates. The bank said it sees "upside potential" in net interest income this year, and raised its forecast to 7 billion euros ($7.7 billion) from a previous 6.5 billion euros. Net profit of 580 million euros in the first quarter compares with a profit of 298 million euros a year earlier. Analysts had on average expected profit of 481 million euros, according to a consensus forecast published by Commerzbank. Many banks have reported increases in revenue and profit for the first quarter on the back of higher interest rates.

☆ All ECB policymakers but one approve small hike with more to come -sources
▼ + stars: | 2023-05-04 | by ( ) www.reuters.com time to read: +1 min

Austria's Robert Holzmann was the sole holdout as the euro zone's central bankers decided on a 25-basis-point rate increase, but he lacked voting rights due to a scheduled rotation on the ECB's Governing Council, the sources said. Holzmann did not immediately respond to a request for comment, and an ECB spokesman declined to comment. Some policymakers, they said, privately anticipate at least two if not three more hikes by the ECB, which has already raised rates seven times since last July by a total 375 basis points. Policymakers at Thursday's meeting were unanimous that the ECB should not sell bonds under its APP even after it stops replacing those that mature in July, the sources said. Reporting By Francesco Canepa, Balazs Koranyi and Frank Siebelt, editing by Mark HeinrichOur Standards: The Thomson Reuters Trust Principles.

☆ Stubborn inflation keeps ECB on course for more rate hikes
▼ + stars: | 2023-03-31 | by ( Francesco Canepa | ) www.reuters.com time to read: +3 min

"The pressure on the ECB to continue raising interest rates remains high," Commerzbank economist Christoph Weil said. Consumer prices in the euro zone rose by 6.9% in March after an 8.5% increase in February, implying the biggest drop since Eurostat started collecting data in 1991. Analysts polled by Reuters had expected headline inflation in the 20 countries that share the euro to come in at 7.1% and core inflation at 7.5%. Strengthening the case for more tightening, euro zone unemployment remained stubbornly low at 6.6%. This is a concern for policymakers who fear it could give workers greater bargaining power in salary negotiations and lead to higher wage increases that could perpetuate high inflation.

Investors had begun to doubt the ECB's commitment to another big rate hike this week after the collapse of Silicon Valley Bank (SVB) in the U.S. sent ripples through global financial markets. The source added that formal proposals for the meeting had not yet been distributed but policymakers had seen the new quarterly projections. They were likely to push back against committing to further rate increases and say instead that any new move would depend on incoming data. The ECB can push through decisions with a simple majority though President Lagarde has been known to seek the broadest possible consensus. Investors have sharply cut their bets on further rate rises since the SVB collapse, with the deposit rate now seen peaking at 3.65% in the autumn, compared with an outlook last week of more than 4%.

☆ ECB quizzes banks on ties to Credit Suisse, sources say
▼ + stars: | 2023-03-15 | by ( ) www.reuters.com time to read: +1 min

FRANKFURT, March 15 (Reuters) - The European Central Bank has contacted banks on its watch to quiz them on their exposure to struggling Swiss lender Credit Suisse (CSGN.S), two supervisory sources told Reuters. One of sources cautioned, however, that they saw Credit Suisse's problems as specific to that bank, rather than systemic. Credit Suisse was on course to shed nearly a fifth of its value on Wednesday after its largest shareholder said it could not provide any more support, pushing the Swiss bank's CEO to make new assurances on its financial strength. The Wall Street Journal first reported earlier on Wednesday that ECB supervisors were looking into financial ties between Credit Suisse and euro zone banks, citing people familiar with the matter. Reporting by Frank Siebelt and Francesco Canepa in Frankfurt; Rishabh Jaiswal in Bengaluru; Editing by Christina FincherOur Standards: The Thomson Reuters Trust Principles.

☆ Bundesbank convenes crisis team to assess SVB fallout
▼ + stars: | 2023-03-13 | by ( ) www.reuters.com time to read: +2 min

FRANKFURT, March 13 (Reuters) - The Bundesbank convened its crisis team on Monday to assess the possible fallout of the collapse of U.S. lender Silicon Valley Bank on the local market, even as no emergency action was foreseen in Europe. U.S. authorities launched emergency measures on Sunday to shore up confidence in the banking system after the failure of Silicon Valley Bank (SIVB.O) threatened to trigger a broader financial crisis. In the euro zone decisions are made by national supervisors for smaller banks and by the European Central Bank's Single Supervisory Board for large ones. He also noted euro zone banks generally had a more conservative mix of assets than Silicon Valley Bank, which mostly lent to risky tech startups. The source saw no direct implication of the SVB collapse for euro zone banks but cautioned this could change if the fallout in the United States extended to bigger banks, raising the risk of contagion.

"For energy, food and goods, there’s a lot of forward-looking indicators saying that inflation pressures in all of those categories should come down quite a bit." Other policymakers, including board member Isabel Schnabel and Dutch central bank chief Klaas Knot, have expressed concern core inflation could get stuck and perpetuate inflation. For the ECB to end rate hikes, Lane outlined three criteria. The bank needs lower inflation projections through its three-year forecasting horizon and to make progress in lowering actual underlying inflation. "Actual goods retail prices are still very strong, but the intermediate stage has been a good predictor of price pressures," Lane said.

☆ ECB's Holzmann expects at least two rate increases in H1 -newspaper
▼ + stars: | 2023-01-20 | by ( ) www.reuters.com time to read: +2 min

VIENNA, Jan 20 (Reuters) - European Central Bank policymaker Robert Holzmann expects at least two interest-rate increases of 50 basis points each in the first half of this year, he said in an interview with Austrian newspaper Die Presse published on Friday. Holzmann said that while headline inflation has eased, core inflation, which strips out volatile energy and food prices, had not. He said that as long as core inflation had not fallen significantly interest rates would have to keep rising. "Core inflation is currently at more than 5%, which is still two-and-a-half times our target," he said. Reporting by Francois Murphy; Additional reporting by Frank Siebelt in Frankfurt; Editing by Hugh LawsonOur Standards: The Thomson Reuters Trust Principles.

☆ ECB's Lagarde offers back-to-back rate hikes to woo dissenters
▼ + stars: | 2022-12-15 | by ( ) www.reuters.com time to read: +2 min

FRANKFURT, Dec 15 (Reuters) - European Central Bank President Christine Lagarde offered fellow policymakers back-to-back interest rate hikes worth 50 basis points each to secure a majority for Thursday's policy decision, four sources told Reuters. The stalemate ended when Lagarde offered to signal more 50-basis-point rises and a hawkish message on inflation during her press conference, convincing enough policymakers to back the proposal. The compromise helped her secure a majority for the decision although 8-10 policymakers out of 25 remained sceptical - an unusually high proportion. At a press conference after the decision, Lagarde said that, based on current data, she anticipated another 50 basis-point rise at the ECB's next meeting on Feb 2 "and possibly at the one after that, and possibly thereafter". This clashed with the ECB's promise to take decisions "meeting-by-meeting" and depending on the data.

☆ Germany calls for global regulation of crypto industry
▼ + stars: | 2022-12-14 | by ( ) www.reuters.com time to read: +2 min

FRANKFURT, Dec 14 (Reuters) - Germany's top regulator this week called for global regulation of the cryptocurrency industry to protect consumers, prevent money laundering and preserve financial stability. Branson said a "crypto spring" may follow what has been a "crypto winter" but that the industry that emerges is likely to have more links with traditional finance, further increasing the need for regulation. "Now is the time for serious cryptocurrency regulation," he said. Regulation of the industry has been loose and patchwork. Last month he said in an interview on the ECB's website that "not all crypto business models are serious".

[1/2] The logo of Deutsche Bank is pictured on an office of the company in London, Britain July 8, 2019. REUTERS/Simon DawsonSummarySummary Companies Wuermeling says banks should not tie their handsSees German banks maintaining capital ratiosFRANKFURT, Nov 23 (Reuters) - German banks should avoid making multi-year promises to their shareholders despite bumper profits this year as the outlook for the economy is worsening, Bundesbank board member Joachim Wuermeling told Reuters. "If you are bound by such promises, even though the environment has changed radically, you get into a very difficult dilemma." Wuermeling said German banks had only modestly raised their payout ratios in their own plans and most should manage to preserve their capital ratios even after taking into account large dividend increases in absolute terms. ($1 = 0.9740 euros)Reporting by Francesco Canepa and Frank Siebelt Editing by Tomasz JanowskiOur Standards: The Thomson Reuters Trust Principles.

☆ ECB policymakers see no need to aid Italy with new scheme: sources
▼ + stars: | 2022-09-29 | by ( ) www.reuters.com time to read: +3 min

But four sources close to ECB decision makers said they saw no need to activate TPI because the market reactions did not appear "disorderly" or "unwarranted" - two key conditions for activating the scheme. The spread, or risk premium, over German debt edged above 250 basis points, the level at which the ECB stepped in last summer. More specifically, countries must respect the European Union's economic prescriptions, have a sustainable public debt and not show any macroeconomic imbalances. Asked about Italy earlier this week, ECB President Christine Lagarde said the scheme would not be used to buy the bonds of countries that make "policy errors" - without singling any out. The ECB can also use proceeds from its Pandemic Emergency Purchase Programme to buy bonds from indebted countries like Italy above their designated quotas if needed.

☆ ECB seeks to cut subsidy to banks as rate hikes leave it on hook, sources say
▼ + stars: | 2022-09-23 | by ( ) www.reuters.com time to read: +4 min

Signage is seen outside the European Central Bank (ECB) building, in Frankfurt, Germany, July 21, 2022. To fight runaway inflation, the ECB has raised the rate it pays on the 4.6 trillion euros ($4.5 trillion) worth of banks' reserves that exceed requirements from -0.5% to 0.75% in less than two months. The ECB might also change the terms of TLTRO loans, although this would potentially damage the credibility of future programmes and invite legal challenges, the sources added. Any such move is likely to displease banks and might even land the ECB in court. Dutch bank ING saw "disrupting effects on Italian money markets" if the ECB stopped remunerating part of the money borrowed by Italian banks under TLTRO.

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