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Senate Banking Committee holds hearing on government actions related to AIG
  • Alston & Bird LLP
  • USA
  • March 6 2009

Yesterday, the U.S. Senate Committee on Banking, Housing, and Urban Affairs, chaired by Senator Christopher Dodd (D-CT), held a hearing entitled “American International Group (AIG): Examining What Went Wrong, Government Intervention, and Implications for Future Regulation.”

Senate Appropriations Subcommittee holds hearing on role of FHA in addressing housing crisis
  • Alston & Bird LLP
  • USA
  • April 6 2009

Late last week, the Senate Appropriations Committee’s Subcommittee on Transportation, Housing and Urban Development, and Related Agencies held a hearing today to address the role of the Federal Housing Administration (FHA) in addressing the housing crisis

Sumitomo Mitsui Financial Group announces possible capital raise after forecasting $3.9 billion loss
  • Alston & Bird LLP
  • Japan
  • April 9 2009

Today, Sumitomo Mitsui Financial Group (SMFG), one of Japan’s three megabanks, issued an updated forecast for the fiscal year ended March 31, 2009

G-8 Finance Ministers propose framework to strengthen global financial and economic cooperation at meeting
  • Alston & Bird LLP
  • Global
  • June 15 2009

Following its two-day meeting in Lecce, Italy, the G8 Finance Ministers released a statement over the weekend acknowledging the coordinated efforts taken by international community to address the global economic crisis and focusing on the actions that must be taken in the months ahead to ensure "the soundness of systemically important institutions" and that "consumer and investor confidence is fully restored and that growth is underpinned by stable financial markets and strong fundamentals."

G-20 finance ministers and central bank governors meet to discuss global economic recovery
  • Alston & Bird LLP
  • Global
  • November 9 2009

As a follow-up to the G-20 summit held in Pittsburgh in September, the G-20 finance ministers and central bank governors met this weekend in Scotland to discuss the G-20's new approach to economic cooperation

Ecofin Council adopts conclusions on capital requirements, remuneration policies and public finances
  • Alston & Bird LLP
  • European Union
  • November 11 2009

Yesterday, the E.U.'s Economic and Financial Affairs Council adopted various conclusions with respect to capital requirements and remuneration policies in the financial services sector, and the sustainability of public finances

EU Competition Commissioner Kroes addresses whether government intervention alleviated crisis in Europe
  • Alston & Bird LLP
  • European Union, United Kingdom
  • July 1 2009

Yesterday, in a speech at the International Banking Conference of British Bankers Association in London, E.U. Competition Commissioner Neelie Kroes stated that, while government intervention efforts had alleviated the crisis, the focus should now be directed towards helping “restore long-term viability to the system,” since European governments are “potential spending 16.5 of GDP on bailouts.”

Treasury Department releases fact sheet and letter in support of additional IMF funding
  • Alston & Bird LLP
  • USA
  • May 18 2009

Today, the U.S. Treasury Department released a fact sheet on IMF reforms and the New Arrangements to Borrow (NAB), highlighting the need for additional IMF funding as a trigger for “restoring a healthy world economy,” and alleviating the effects of the economic crisis on emerging markets and developing countries

Chrysler bankruptcy judge approves GMAC as preferred lender for dealers
  • Alston & Bird LLP
  • USA
  • May 13 2009

Yesterday, U.S. Bankruptcy Judge Arthur Gonzalez approved a motion by Chrysler LLC requesting that GMAC LLC become the preferred lender for its dealer network, and be permitted to provide wholesale, retail and other product-related financing for Chrysler dealers and customers to purchase vehicles

ASEAN3 announces $120 billion emergency liquidity fund for Asian economies
  • Alston & Bird LLP
  • Asia-Pacific
  • May 5 2009

At the Asian Development Bank’s (ADB) annual meeting, held today and yesterday, finance ministers from the Association of the Southeast Asian Nations (ASEAN) and Japan, South Korea, and China (collectively, with ASEAN, known as ASEAN3) have announced their agreement on an emergency $120 billion liquidity fund that the 13 Asian nations can draw upon to combat damaging effects of the global financial crisis