Fri, Jul 5, 2013 6:29 PM EDT 1:02
Switzerland's top court has ruled that the government can transfer the bank records of an American client of Credit Suisse to the U.S. tax authorities, giving a boost to the country's efforts to end U.S. investigations of Swiss banks. Ratings agency Moody's has placed Royal Bank of Scotland's credit ratings on review for downgrade after Britain's finance ministry said it was considering breaking up the bank. The government, which holds an 81 percent stake, has appointed Rothschild to examine whether to transfer RBS's remaining toxic loans into a so-called 'bad bank' leaving the 'good bank' better placed to lend. Answering critics who said they were running out of ways to promote growth and lending, the European Central Bank and the Bank of England did something neither had done before, committing themselves to keeping interest rates low indefinitely.