Switzerlands Mantegazza: Warning over escalating fines, according to The Independent. AA sees profits plunge 92% Monarch, the airline that owns package-holiday firm Cosmos, has been rescued by the vulture fund Greybull. The struggling group was sold by Switzerlands Mantegazza family. Greybull, known for part-funding a takeover of the struggling electrical chain Comet, will provide significant capital to turn Monarch around. Andrew Bailey, head of the Prudential Regulation Authority and Deputy Governor of the Bank of England, today called for greater co-ordination between global regulators on bank fines. He warned that escalating fines could get in the way of the need for banks to increase their capital bases.
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Tagged under Andrew Bailey, Monarch topics.