By Reuters Staff
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WASHINGTON, Jan 14 (Reuters) - The Treasury Department announced on Thursday it was overhauling its stake in Fannie Mae and Freddie Mac, charting a course for the housing giants to slowly rebuild their capital with an eye towards eventually letting them issue public stock and escape government control.
The changes would allow the pair to retain profits in exchange for giving the Treasury a larger stake, but envisions years of rebuilding capital cushions before they could pay out dividends to investors or exit government control.
Government officials also acknowledged that a number of complicated issues must still be resolved by the incoming Biden administration. (Reporting by Pete Schroeder Editing by Chris Reese)
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WASHINGTON, Jan 14 (Reuters) - The U.S. Treasury Department said Thursday it was altering its stake in Fannie Mae and Freddie Mac, charting a course for the housing finance giants to move away from government control, while acknowledging numerous issues will have to be solved by President-elect Joe Biden’s administration.
The changes, agreed with their regulator the Federal Housing Finance Agency (FHFA), would allow the pair to retain profits in exchange for increasing the Treasury’s stakes. But the plan implies it will still take years for the pair to build enough capital to be able to pay dividends to investors or exit government control.
Bank to become first major lender to impose negative rates from 250,000 Sfr Credit Suisse also plans to lower threshold on euro account charges (Adds detail, Credit Suisse comment)
ZURICH, Jan 12 (Reuters) - Switzerland’s biggest bank UBS said on Tuesday it will close roughly a fifth of its Swiss branches this quarter and start charging negative rates on clients holding more than 250,000 Swiss francs ($280,646.61) or euros in cash from July.
The bank announced the changes as the coronavirus pandemic boosts online banking over foot traffic and as persistently low interest rates, now expected to remain lower for longer, put pressure on the finance industry.
Bank to become first major lender to impose negative rates from 250,000 Sfr Credit Suisse also plans to lower threshold on euro account charges (Adds detail, Credit Suisse comment)
ZURICH, Jan 12 (Reuters) - Switzerland’s biggest bank UBS said on Tuesday it will close roughly a fifth of its Swiss branches this quarter and start charging negative rates on clients holding more than 250,000 Swiss francs ($280,646.61) or euros in cash from July.
The bank announced the changes as the coronavirus pandemic boosts online banking over foot traffic and as persistently low interest rates, now expected to remain lower for longer, put pressure on the finance industry.
UBS will close roughly a fifth of its Swiss branches this quarter and start charging negative rates on clients holding more than 250,000 Swiss francs ($280,646.61) or euros in cash from July, Switzerland's biggest bank said on Tuesday.