Brussels is stifling City of London, Cameron claims

 

David Cameron signalled new European battles ahead as he pledged to resist alleged attempts by Brussels to shackle the City of London in red tape. The Prime Minister echoed claims that the emergence of a two-tier Europe following the financial crisis could result in a wave of EU directives that would harm the Square Mile. The Government has said it is determined to prevent the 17 members of the eurozone acting as a bloc to thwart the interests of the 10 EU states, including Britain, that have retained their own currencies.

Knight Frank partners share £73m bonus pool

 

PARTNERS in the upmarket estate agent Knight Frank have landed a £73m payout after profits rose by 10 per cent in the last financial year, buoyed by foreign investors flocking to London’s luxury property market. The firm, which advises on both residential and commercial property deals, saw pre-tax profits rise to £101.9m in the year to March – its highest level since the credit crisis – while turnover increased seven per cent to £308.4m. “Equity rich buyers” seeking property in London helped boost the firm’s residential arm, which has instructed on deals including the sale of St John’s Wood Barracks in northwest London. The bonus pool is more than double the amount awarded in 2009, although it is now shared by more people as Knight Frank has extended its partnership. Nick Thomlinson, senior partner and chairman of Knight Frank, conceded he remained cautious about the outlook for the year ahead but said the group had strengthened its balance sheet and was focusing on growth in key markets like Asia. The firm also opened new offices in Dubai, South Africa, Austria and Switzerland.

Coty Prestige and the house of Cavalli unleash new global beauty brand

 

Italy Coty Prestige unveiled the new signature feminine fragrance from the house of Roberto Cavalli. The official reveal took place at the Cavalli private villa in Florence, at a press conference attended by Roberta and Eva Cavalli, Coty Prestige President Michele Scannavini, and fragrance face Elisa Sednaoui. The scent will be launched worldwide, both in domestic and travel retail markets, from February 2012. The brand has been earmarked as another global pillar for the Coty group. "We want to establish Cavalli as a global brand from the beginning; it’s not going to be niche. It’s going to be big, global, and well distributed in all continents. We want to make it a top 20 brand." Coty Prestige Senior Vice President Commercial Jean Mortier The Cavalli beauty licence was previously held by ICR-ITF. “This [introduction] is just the beginning of the rebirth of the house of Cavalli, and will be followed by other launches,” Coty Prestige Senior Vice President Commercial Jean Mortier told The Moodie Report, during an interview conducted at the event. “We want to establish Cavalli as a global brand from the beginning; it’s not going to be niche. It’s going to be big, global, and well distributed in all continents. We want to make it a top 20 brand.” The fragrance embodies all the codes of the Cavalli brand and, as expected, reflects the designer's well-known love of animal print. A tiger features in the TV ad campaign, and face Sednaoui wears a tiger print gown. "I am honestly so excited about this launch," declared Roberto Cavalli at the press conference. "Today I open my house to all of you, and show you my lifestyle, to help explain more clearly what Roberto Cavalli is all about. I am sure this new fragrance will be a big success." “This is so emotional for us,” noted Eva Cavalli, “and I want to thank Michele and the Coty team for everything they have done. It’s been hard work, but also a lot of fun…We are very proud of this fragrance.” Glamour and sensuality were recurring themes. Eva described Sednaoui as the perfect embodiment of the Cavalli woman. “She is beautiful, with a stunning body and hypnotic eyes,” she explained. “The Cavalli woman is strong, sensual and secure, knows exactly what she wants and can get it immediately. “There is something feline inside all of us; every woman wants to be a bit of a tiger, a little wild. That’s one of the reasons why Roberto loves animal print so much.” Roberto and Eva Cavalli showcase their fashion, lifestyle - and new signature fragrance - at their villa in Florence Coty’s Scannavini highlighted the close connection between the fashion and fragrance industry. “There are several similarities; they are getting closer and closer,” he noted. “It’s all about emotion. When you see a beautiful dress or a beautiful fragrance, the response is not really rational. And with this fragrance, we want to evoke the same emotion a woman would experience when she sees a [Cavalli] dress.” He added: “Fashion and fragrance continue to evolve. You always have your classics [dresses and fragrances], the ones you keep forever. But there is also room to experiment with new trends.” “I think they go in parallel,” noted Eva. “They complete each other – a fragrance needs fashion to complete the dream. But everyone can buy a fragrance, it’s [democratic], and allows women to feel special, in this case to be a part of the Cavalli universe. So we’re not just speaking about a fragrance, it’s a way to fulfil a dream.” Face Sednaoui declared herself “honoured and excited” to have been chosen by Cavalli to represent its new signature fragrance. The print campaign was shot by Steven Klein; the TV ad directed by Johan Renck. "I think the Cavalli woman is someone who dares to be herself, who has personality, style, opinions and self-confidence. All women should dare to be themselves, dare to go out there and have fun." Fragrance face Elisa Sednaoui “I think the Cavalli woman is someone who dares to be herself, who has personality, style, opinions and self-confidence,” she explained. “All women should dare to be themselves, dare to go out there and have fun.” Sednaoui had high praise for the Cavalli grown she wears in the ad campaign. “It was designed especially for me by Eva,” she explained. “The fabric is amazing, just like the quality of the design. I honestly felt like the tiger in me was coming out,” she laughed. “And every woman should dare to be a tiger sometimes, because then great things can happen.” The high quality of Cavalli couture is, according to Sednaoui, the key to the brand’s appeal. “The thing that comes to my mind is the quality of work that is behind every piece,” she explained. “The quality, the cut, the materials – Roberto has all this incredible knowledge [which allows him] to play with fashion and shape.” BOTTLING THE BRAND “A strong personality is the sexiest thing,” believes Roberto Cavalli, and his new signature fragrance aims to reflect that in all the right ways. Composed by Givaudan’s Louise Turner, the floral-amber juice features three key ingredients: orange blossom, Tonka bean and pink pepper. “It’s got lots of signature; it’s intense, it’s very Cavalli,” noted Turner at the launch event. “It’s very sensual, very feminine and has a good vibration. Like a Cavalli dress, you wear it to be noticed.” Turner was given a comprehensive brief for the fragrance, which included lots of background about the brand fundamentals, examples of Cavalli animal print, and various quotes from the designer. “It was clear to me that Roberto is someone who is very inspired by nature,” she explained. “We always tend to associate him with animal print, which he does love, but there’s an awful lot more to the house than that. It’s much more varied, very colourful, such a vibrant universe. Roberto uses nature in quite a figurative manner, which is quite evocative for me.” During the fragrance launch event, journalists were allowed unprecedented access to the Cavalli factory, atelier and archive Turner continued: “It is not difficult to have ideas about a house with such a strong identity. I think a strong brand image allows you to have a strong signature in your fragrance as well. I just needed to make sure that the fragrance tells the same story as a Cavalli dress.” Turner chose orange flower to anchor the heart of the juice. “For me, it’s very feminine and very colourful,” she explained. “It’s got lots of sensuality, it’s quite extravagant, and very Italian. It animates and adds dimension.” Tonka bean, which features in the base, was also selected for its sensual properties. It is complemented by vanilla absolute and benzoin to form an amber accord. A top note of pink peppercorn is said to deliver a touch of vibrancy and exuberance. Turner is known for her work with natural ingredients, and admits that she favours certain components over others. “I don’t really like animal notes,” she revealed, “and there are none in this fragrance. "It is not difficult to have ideas about a house with such a strong identity. I think a strong brand image allows you to have a strong signature in your fragrance as well." Fragrance nose Givaudan’s Louise Turner “I suppose every perfumer has a favourite palette of raw materials which they always draw on,” she continued. “But that palette does change. It’s like anything, you have your favourites, but they evolve. You can go off things too.” One element that doesn’t change, however, is the excitement Turner feels at the start of the creative process. “At the very beginning, when you first get the brief and are sifting through lots of ideas, that is very stimulating,” she confirmed. “It also feels good when you see your finished product in the bottle. “But best of all is when you smell your fragrance in the street, or watch someone buy it. What we create is very personal, and of course we want people to like it.” The fragrance is presented in a curved glass bottle, topped with a tiara-shaped cap formed by Roberto Cavalli’s golden seal. The neck is adorned with a tiger-print band. The outer carton is also gold, with the signature seal printed in relief on the front. The box sports a tiger-print base, beneath a turquoise “hip-belt” style ribbon. SETTING OUT THE STRATEGY Coty Prestige has made no secret of its ambitions for the Cavalli brand. “For this fragrance, we are looking at a big launch next February, both in local markets and in travel retail worldwide,” noted Mortier. “We have high hopes for it everywhere. “In geographic terms, we believe the brand will be very strong in Europe, especially in Italy, but also in Russia and the Middle East too – Cavalli even has a club in Dubai. The brand is known in North America, because Roberto is a real red carpet guy, and we also think South America could be very big, particularly Brazil and Mexico. In Asia, we are also confident that the animal print element and special DNA of this brand could help to capture the Chinese consumer, which of course is so important.” Mortier underlined the unique perspective the licence had brought to the Coty portfolio. “Robert Cavalli offers something different, something we didn’t already have within the group,” he explained. “That’s very important. There are so many me-too products nowadays, that if you introduce a new brand to the market, it has to be different, it has to stand out, and it needs to be very clear in terms of its DNA.” "There are so many me-too products nowadays, that if you introduce a new brand to the market, it has to be different, it has to stand out, and it needs to be very clear in terms of its DNA." Coty Prestige Senior Vice President Commercial Jean Mortier And while Coty has introduced a number of new products, and indeed new brands this year, Mortier is quick to point out the importance of supporting classic lines too. “Think back to what we have done this year, with ck one shock and Calvin Klein Forbidden Euphoria,” he instructed. “We always make sure that a certain amount of innovation is dedicated to reinforcing our big pillars. Innovation is necessary; it represents about 16% of our sales. But it’s a balancing act, and you have to look after everything else too.” The launch of Roberto Cavalli Eau de Parfum will be supported by extensive print and TV advertising. In travel retail there will be a number of HPPs, which are still being finalised. And digital media will also play a role. “Within Coty, we have had a team of people working on this for some time,” confirmed Mortier. “We have realigned our resources, in terms of digital media, behind all our brands. So we have new web-sites, but are also working on social media such as Facebook, which will be very important for this type of launch.” He added: “Basically, this sort of thing is critical today, you have to be there. But you also have to know how to play it. You have to monitor how much money you spend, and it has to be complementary to traditional media such as print, outdoor and TV.” Mortier confirmed that the signature feminine fragrance would be followed by other launches, including introductions under the Just Cavalli brand. “But first we want to install this fragrance at the right level and position, in terms of distribution, image and pricing. That’s the first priority.” Mortier did not rule out extending into other product categories, in due course. Colour would be the most obvious choice for diversification. “We have not had any discussions about this yet because we are so focused on the fragrance, but why not, I think it’s a possibility,” he acknowledged. “But it is very early days, and to enter the colour category you need to have a certain critical mass. So this would not be on the agenda for a few years, but yes, in theory colour, and within that, the nail sector, could be very interesting.” The fragrance launch concluded with a sumptuous dinner and late-night party, again at the Cavalli villa Skincare and make-up will play a much bigger role for Coty in the year ahead, although fragrance will remain core. The brand has just started rolling out its face and body brand philosophy. In 2012 the group will introduce a new make-up collection from Calvin Klein. And the acquisition of leading nail brand OPI (which will feature in travel retail) is set to open up another lucrative new sector. “We are in the middle of a big change, moving from a fragrance house to a beauty house,” confirmed Mortier. “It’s a big challenge, but very exciting. We aim to transform philosophy from a mainly US brand, to an international brand. That process has already started with the UK; next will be Australia, Canada, then Asia.” He continued: “We will enter the make-up category with Calvin Klein next February/March. And of course we also have OPI. Our goal is to double the nail business in travel retail. We think it is very under-developed, so there is big potential in the channel.” Looking back at the last fiscal year, which ended in June, Mortier seems satisfied with the group’s performance. “We had a very good year, with double-digit growth close to +20% in travel retail,” he reveals. “We really grew the business on all continents, but especially in Asia, thanks to Chloe and Marc Jacobs. I would say that the fiscal year starting from July has also begun very well, with all our early innovations performing strongly.” Mortier praised the efforts being made by certain travel retailers to drive footfall and penetration, and singled out World Duty Free Group and Aelia for their investment in the retail environment. “I see a lot money being spent on airport renovations, especially in Europe,” he confirmed, “although I still believe in some airports that fragrance is under-developed and needs more space.” Mortier also acknowledged the difficulties of trying to organise cross-category merchandising and events. “For example, we have tried with many of our licences to [capitalise on the synergies between the fashion and the fragrance],” he explains. “But it involves dealing with different buyers – and in some cases different concessions – so it’s very difficult. Which is a shame, because it works so well when we introduce fragrance into a domestic fashion boutique. After all, the consumer doesn’t differentiate, they see the brand as one.” Nonetheless, Mortier is determined to add some theatre to the travel retail environment with the launch of the new Cavalli fragrance. “I would love to bring a tiger to the airport,” he laughs, “but I don’t think that will be possible. But we will explore possibilities involving dresses and bags. And we might create some special accessories, a ring or necklace containing a solid perfume, for example. It represents another access point to the brand and we know from our experience with other designers that consumers love that sort of thing.” Such innovation is all part of the Coty mind-set. “I think we are seen by the business as very energetic, entrepreneurial and dynamic,” noted Mortier. “Our entire team is very reactive, and that’s good, because travel retail in particular is a very fast-moving business.” He concludes: “We are big, but not arrogant, I hope. We try to grow, to find solutions, to set new trends. We want to build brands, bring theatre to the store and create a real shopping experience for the consumer.” Roberto Cavalli is a brand that will allow them to do just that.

Failure to solve Europe's debt crisis will cost UK taxpayers billions

 

Britain has already injected £1.88bn into the European Investment Bank (EIB) and pledged another £35.7bn, equivalent to close to 2pc of UK GDP, to be drawn down as required. Although the EIB, which is the world's largest non-government borrower, ranks above other unsecured creditors, thanks to its "privileged relationship" status under the EU treaty, it could face huge losses in the event of a euro break-up. If the UK's stake in the European Bank for Reconstruction and Development (EBRD) is included then the total capital commitment for the taxpayer could rise by a further several billion pounds. On top of this the country could also be called on to stump up some of the cost of the EU's emergency funding facility the European Financial Stability Mechanism. "What the public doesn't realise is the quite simply staggering amounts of taxpayer money that has already been committed if things get significantly worse. This may be a doomsday scenario, but recent history has proven that many events thought extremely unlikely have a funny habit of coming to pass," said one London-based credit analyst. The EIB's most recent accounts reveal huge sovereign credit risk exposures to the endangered periphery states. Some €14.2bn of loans were made to, or guaranteed by, the Greek government. Another €7.7bn is backed by the Portuguese sovereign.

The slain Libyan leader Moamer Kadhafi secretly spirited out of Libya and invested overseas more than $200 billion

 

The slain Libyan leader Moamer Kadhafi secretly spirited out of Libya and invested overseas more than $200 billion -- double the amount that Western governments previously had suspected, The Los Angeles Times reported late Friday. Citing unnamed senior Libyan officials, the newspaper said US administration officials were stunned last spring when they found $37 billion in Libyan regime accounts and investments in the United States. They quickly froze the assets before Kadhafi or his aides could move them, the report said. Governments in France, Italy, England and Germany seized control of another $30 billion or so. Earlier, investigators estimated that Kadhafi had stashed perhaps another $30 billion elsewhere in the world, for a total of about $100 billion, the paper noted. But subsequent investigations by US, European and Libyan authorities determined that Kadhafi secretly sent tens of billions more abroad over the years and made sometimes lucrative investments in nearly every major country, including much of the Middle East and Southeast Asia, The Times said. Most of the money was under the name of government institutions such as the Central Bank of Libya, the Libyan Investment Authority, the Libyan Foreign Bank, the Libyan National Oil Corporation and the Libya African Investment Portfolio, the paper pointed out. But investigators said Kadhafi and his family members could access any of the money if they chose to, the report said. The new $200 billion figure is about double the prewar annual economic output of Libya, The Times noted. Kadhafi, who lorded over the oil-rich North African nation for 42 years, met a violent end on Thursday after a NATO air attack hit a convoy, in which he was trying to escape from his hometown of Sirte. He survived the air strike but was apparently captured and killed after a shootout between his supporters and new regime fighters.

¡Ole! Spain drives legality into mobile services with Sybase 365

 

Spain was one of the first countries to start to lay down laws relating to old non-registered pay-as-you-go SIM cards for anti-terrorism reasons i.e. you MUST tell the authorities your name and address and get a new SIM if you had one of the old anonymous ones. Following on from this "mobile legality" theme, news this week bubbles of Sybase subsidiary company Sybase 365 working with Spanish mobile operator Yoigo. The two firms have joined forces to offer registered SMS, a new service allowing companies to send customers confirmation text messages with the same legal standing as registered mail. According to Sybase, "Officially certified by the Spanish Real Casa de la Moneda (The Royal Mint of Spain) the Sybase 365 and Yoigo service recognises an SMS confirmation as legal proof of delivery of important documents and information. These certificates can then be used as evidence in judicial proceedings in Spain for enterprises wishing to demonstrate correspondence with their customers. This will enable companies and their customers to resolve disputes in a timely manner, avoiding the cost of court proceedings." With registered SMS, financial institutions, utility companies and enterprises will be able to use SMS where previously they would have used registered mail. Developers working to build in legally approved services into mobile (or desktop for that matter) applications should perhaps take note of Sybase 365's suggestion that an SMS provides a number of advantages over registered mail including five times better response rate over traditional mail and is read 288 times faster than email. "No other communication medium has the ability to reach more people than SMS, said Howard Stevens, senior vice president, global telco and international operations, Sybase 365. "Consumer acceptance and enterprise adoption of the mobile channel is fuelling the growth in volume, availability and sophistication of mobile services and the registered SMS services we're launching confirms this trend."

Catholic Church Child Trafficking Network

 

Spain is reeling from an avalanche of allegations of baby theft and baby trafficking. The trade began at the end of the Spanish civil war and continued for 50 years – hundreds of thousands of babies are thought to have been traded by nuns, priests and doctors up to the 1990s. This World reveals the impact of Spain’s stolen baby scandal through the eyes of the children and parents who were separated at birth, and who are now desperate to find their relatives. Exhumations of the supposed graves of babies and positive DNA tests are proof that baby theft has happened. Across Spain, people are queuing up to take a DNA test and thousands of Spaniards are asking ‘Who am I?’ Katya Adler has been meeting the heartbroken mothers who are searching for the children whom they were told died at birth, as well as the stolen and trafficked babies who are now grown up and searching for their biological relatives and their true identities.

Spain’s property bust is only getting worse.

AFP

Cranes erecting the Pelly tower under construction in Seville.

Spain’s property bust is only getting worse. The wonder is that the country’s economy and banks are still this resilient.

The Spanish government said Tuesday that housing prices remained in free-fall in the third quarter, dropping 5.5% from a year earlier, the biggest decline since 2009.

This makes Spain, in many senses, the worst case of a property bust in the developed world—the country is already deep in its third consecutive year of falling prices, with no rebounds.

Last year, the pace of decline slowed significantly, signalling some light at the end of the tunnel, but another metaphor is called for instead: that last year’s respite was nothing more than a dead cat’s bounce.

The good news should be the overall amount of the decline, since Spain’s government says prices are only down 18%, in nominal terms, since their peak in early 2008.

But that doesn’t include the effect of Spain’s persistent inflation, one of the highest in the euro zone, which makes the real drop closer to 30%—Spain’s government didn’t provide real price data in today’s release.

After earlier predictions of a short-term correction have been smashed, some analysts now say prices may keep falling for the next two years, eroding Spain’s household wealth and banking balance sheets.

Meanwhile, banks are struggling to keep up with the loss in value of the collateral against €400 billion worth of loans to construction and real estate firms, an amount that remains unchanged since 2008.

For Luis Garicano, a professor of economics and strategy at the London School of Economics, this number is perhaps the most dangerous of those related to the bust, since it indicates the banking sector exposure to such loans hasn’t diminished.

He estimates that a possible explanation is that banks have exchanged some non-performing loans for property that they now own, but not enough to offset the rising interest on the loans.

Many, if not most of these loans, are being rolled over to keep zombie developers in business, in the hope that the market will recover.

All the same, banks have also turned into property developers now.

Walk into any Spanish bank branch, looking for a mortgage, and you will see that is much easier to get it if you’ll just take one of the many, many houses the bank acquired from a bankrupt developer. But many will say why worry? The same house will be even cheaper next month.

Businessman David Stewardson jailed for £1m fraud

 

Midlothian businessman who provided security for some of the UK's biggest music festivals has been jailed for three years and nine months for fraud. David Stewardson, 56, from Mayfield, admitted carrying out VAT and income tax fraud worth more than £1m between 23 December 2004 and 6 July 2009. He was also illegally claiming state benefits during the four-and-a-half years he was involved in the scam. His firm, Westcoast, provided security at T in the Park and Glastonbury. Stewardson was the operator of Westcoast Group Security which had a turnover sometimes in excess of £1m a year. However, his lawyer claimed his client had been asked to front the company by a person who could not do so because they were bankrupt and that he would receive £150 a week for doing so. Fiscal Depute Isabel Clark said the bank became concerned because of the high amounts being put through the account and because the money was always withdrawn in cash. Continue reading the main story “ Start Quote He lives in a council house, has never been on holiday abroad and has a motability car” David Blair-Wilson Stewardson's previous solicitor The matter came to light when Stewardson was unable to provide documentation to the authorities about National Insurance and VAT payments. She added that Stewardson did not have any assets that could be found, but The Crown would move to forfeit any that were. Stewardson's solicitor at the previous hearing, David Blair-Wilson, told Sheriff Frank Crowe: "He is not a criminal mastermind. "He lives in a council house, has never been on holiday abroad and has a motability car. "He is not a man with yachts, Bentley motor cars or thousands in the bank." He added that the company had been owned previously by persons "known to the courts" and there had been prosecutions and shootings in Glasgow connected to it. Lot of pressure Stewardson, he said, had been told he would come to a similar fate if he did not comply. When Stewardson appeared for sentencing he was represented by solicitor Massimo D'Alvito, who told Sheriff Crowe that his client had been under a lot of pressure at the time of the offence and was a first offender. Sentencing Stewardson, Sheriff Crowe told him: "It is clear you were specially and cynically selected for this task by criminals who have defrauded the public of a seven figure sum in taxes. "Your involvement was not a one-off incident or covering a short period of time. "You operated this deception for over four and a half years and siphoned a substantial amount of money into the black economy with the consequence that a significant amount of money was lost to the public in tax revenue. "I find it astonishing that the banks handling your accounts, namely the Bank of Scotland and Clydesdale Bank, did not bring to the attention of the authorities at a much earlier stage the unusual and deeply suspicious way in which you operated these accounts, withdrawing large sums of cash on a regular basis as soon as cheques had been cleared." The sheriff added that he had declared forfeit £1,600 which was the only money recovered by the police when they searched his home and closed down the operation in July 2009.

Spanish banks in €6bn merger talks

 

Banco Popular, Spain’s fifth-biggest listed bank by assets, has offered to buy its smaller listed rival Banco Pastor in a merger that marks a new stage in the restructuring of the country’s financial sector. In filings published on Friday by the Comisión Nacional del Mercado de Valores (CNMV), the market regulator, the banks said they were proposing a friendly all-share deal in which Popular would offer to buy 100 per cent of Pastor. More ON THIS STORY Dismay at Spanish bank restructuring Spain nationalises three more savings banks In depth European banks Santander predicts return to big profits Global Insight Italy and Spain The CNMV had earlier suspended trading in shares of Popular, with a total market value of €4.99bn, and of Pastor, valued at €827m, apparently after news of the discussions leaked before the planned announcement on Monday. At Friday’s share prices, the Popular offer represented a one-third premium for Pastor and valued the target bank at 0.75 times book value, according to the Pastor camp, although Popular’s share price could fall once the suspensions are lifted. CaixaBank, the banking arm of the Barcelona-based La Caixa savings bank, was valued at 0.8 times book value at its flotation earlier this year, but Bankia, comprising Caja Madrid and six others, managed only 0.4 times when it was listed. Three savings banks seized by the official bank rescue fund last month were valued at between zero and 0.12 times book. Until now, the Bank of Spain and the Spanish government have focused on forcing unlisted savings banks to recapitalise themselves and merge with each other to reduce costs and improve efficiency after the collapse of the Spanish housing and construction bubble. Listed banks have been seen as potential buyers rather than takeover targets. “This is only the start,” said one person aware of the talks as the boards of the two companies held separate meetings. “There is going to be a huge shake-out in the banking sector.” Popular is a national Spanish bank that has focused on retail banking and lending to small and medium-sized businesses, while Pastor’s activities are concentrated in the north-western region of Galicia. Pastor – along with four Spanish cajas or savings banks – was one of the nine European banks that failed Europe-wide stress tests in July.