European Investment Bank Says It Won’t Be Part of Rescue Fund
News from Bloomberg:

The European Investment Bank said it doesn’t expect to be linked to the European Financial Stability Facility, the euro area’s main crisis rescue fund.

The bank won’t be used as part of a special purpose vehicle in connection with the rescue fund, the EIB said in a statement today on its website. The Luxembourg-based European Investment Bank is the European Union’s arm for financing investment projects like energy and road networks.

“The EIB has not been approached and has no plans to be involved in this,” the statement said. “The EIB will continue to focus on its mission which is financing viable investment projects.”

European officials including French Finance Minister Francois Baroin and EU Monetary Affairs Commissioner Olli Rehn have…………… continues on Bloomberg
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‘UBS resignation dispute over investment banking’
News from Economic Times:

AFP Sep 26, 2011, 08.03pm IST

GENEVA: Oswald Gruebel’s resignation as head of UBS over the weekend had less to do with a trading scandal than with a clash with the board on the role of investment banking to the business, analysts said on Monday.

Although Gruebel said he was resigning to take responsibility for a rogue trading scandal that lost his bank $ 2.3 billion (1.7 billion euros), “previously he said he would not resign” because of the fraud, Peter Thorne of Swiss brokerage Helvea told AFP.

Instead, Thorne said, Gruebel’s departure was linked to his disagreements with the bank’s board, who has seemed interested in reducing the size of the group’s investment banking unit.

Gr…………… continues on Economic Times

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