Christopher Spink covers financial restructuring across Europe, as assistant editor for International Financing Review. He is currently focusing on the Eurozone crisis as well as regulatory developments as part of IFR’s People & Markets team. Previously he wrote about M&A for another Thomson Reuters title Acquisitions Monthly. During his 15 year career Chris has also covered AIM companies and venture capital backed businesses, as head of research and deputy editor at Growth Company Investor. He also wrote best-selling book, "How to invest when you don’t have any money", when he worked at investment website The Motley Fool.
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Italy has stepped in to save senior bondholders in four small ailing banks, bailing out such creditors rather than imposing losses on them under new rules that will take effect next year under the European Union’s Bank Recovery and Resolution Directive.
A sample of Europe’s largest banks representing 70% of the sector’s assets still have €1trn of non-performing loans, according to new data gathered by the European Banking Authority. That equates to 5.6% of their total balance sheets.
Independent advisory houses are creating their own mini-wave of mergers and acquisitions, with some shops taking advantage of their recent listings to finance the purchase of smaller rivals, so beefing up their presence.