NatWest Adds $2.8 Billion Provision for Pandemic Loan Losses

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(Bloomberg) — NatWest Group Plc joined its rivals in painting a grim picture of the coronavirus-stricken U.K. economy, taking a further 2.1 billion-pound ($2.8 billion) charge to cover soured loans and prepare for a severe recession.

Britain’s biggest corporate lender set aside double what analysts expected, and said impairments would be between 3.5 billion pounds and 4.5 billion pounds this year. It’s also bracing for a downturn as steep as 16.9%.

“Our performance in the first half of the year has been significantly impacted by the challenges and uncertainty our economy continues to face as a result of Covid-19,” Alison Rose, boss of the bank formerly known as Royal Bank of Scotland Group Plc, said on Friday.

Barclays Plc and Lloyds Banking Group Plc took similar charges earlier this week. Together, the three lenders have now set aside more than 10 billion pounds to cover failing loans amid the pandemic.

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Genworth Mortgage Insurance reports $90m first-half loss on big writedown

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Genworth Mortgage Insurance has suffered a $90 million loss in the first half after taking a $181.8m pre-tax writedown on the acquisition of new mortgage contracts in the first quarter due to the impacts of COVID-19.

Genworth made an $88.1m profit last year.

The company has also set aside $35.5m in loss reserving, due to the novel coronavirus.

“We responded quickly to the pandemic and have adapted our ways of operating in a manner that prioritises the well-being of our people and supports our lender customers and their borrowers in these challenging times,” Genworth chief executive and managing director Pauline Blight-Johnston said.

Genworth said its delinquency rate increased two basis points to 0.62 per cent during the half-year, with new delinquencies down 9.6 per cent to 4988 as loan repayment deferrals and legal moratoriums slowed customer loss management processes.

Genworth said it had $800m of excess loss reinsurance cover from

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Euro zone economy not yet out of danger from coronavirus: ECB’s Panetta

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BERLIN (Reuters) – The danger to the euro zone economy from the coronavirus pandemic is not yet over, European Central Bank board member Fabio Panetta told La Repubblica, adding that he saw no need to make any tweaks to the bank’s massive asset purchase programme.



a man wearing a suit and tie: Mario Draghi receives the Order of Merit of the Federal Republic of Germany in Berlin


© Reuters/ANNEGRET HILSE
Mario Draghi receives the Order of Merit of the Federal Republic of Germany in Berlin

Tackling the biggest economic collapse in living memory, the ECB is buying debt through a 1.35 trillion euro ($1.58 trillion) Pandemic Emergency Purchase Programme (PEPP) and paying banks to lend out its cash as it tries to protect the bloc’s economy from the coronavirus fallout.

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“It’s too soon to declare victory,” Panetta said in the interview circulated by the ECB on Monday, adding that the euro zone economy was likely to see a bigger contraction in the second quarter than in the first three months

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Banking Software Market 2020 Global Trend, Segmentation and Opportunities Forecast To 2026

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“Banking Software Market 2020-2026”

New Study Reports “Banking Software Market 2020 Global Market Opportunities, Challenges, Strategies and Forecasts 2026” has been Added on WiseGuyReports.

Banking Software Market 2020-2026

New Study Reports “Banking Software Market 2020 Global Market Opportunities, Challenges, Strategies and Forecasts 2026” has been Added on WiseGuyReports.

Introduction/Report Summary:

This report provides in depth study of “Banking Software Market” using SWOT analysis i.e. Strength, Weakness, Opportunities and Threat to the organization. The Banking Software Market report also provides an in-depth survey of key players in the market which is based on the various objectives of an organization such as profiling, the product outline, the quantity of production, required raw material, and the financial health of the organization.

Drivers and Constraints

The fundamental dynamics that are explored in the report hold substantial influence over the Banking Software market. The report further studies on the value, volume trends,

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