Vienna - As the first large Austrian bank to apply for government aid, Erste Group Bank AG said Thursday it will receive 2.7 billion euros (3.5 billion dollars) of public funds to strengthen its capital base.

The percentage of the bank's debts covered by equity through the cash injection will rise to 10 per cent by the end of the year, compared with the previous estimate of 7.5 per cent.

In return for the government help, Erste agreed to provide credit worth 6 billion euros to commercial and retail customers over the next three years.

Pakistan Government is trying hard to get financial help from the International Monetary Fund. The country is facing grim financial situation and has sought help with $300 million loan from the World Bank (WB). The loan had been approved but stalled after the opposition of IMF. As per the reports of BBC, the International Monetary Fund is not in the favor of providing financial help to Pakistan to repay its debts.

Pakistan's foreign currency reserves are continuously falling at a rate of $1.0 billion per month. The country needs around $15.0 billion from foreign lenders to restore normalcy in the financial system.

Madrid - Major Spanish banking group BBVA reported Wednesday that it remained in the black after nine months this year despite the turbulence on international financial markets.

BBVA (Banco Bilbao Vizcaya Argentaria) said it achieved net income of 4.5 billion euros (5.6 billion dollar), down 5.4 per cent from earnings in the corresponding period of 
2007.

Spain's second-biggest bank noted that last year's earnings were bloated by extraordinary income. Adjusting for that factor, then this year's nine-month earnings would have been 9.1 per cent higher.

Paris - A trader believed to have been responsible for a loss of 751 million euros (954 million dollars) to the French bank Caisse d'Epargne has been taken into police custody, France Info radio reported on Wednesday.

No details were available regarding the trader's identity or the charges he may face.

The loss was reported by in mid-October and incurred the wrath of President Nicolas Sarkozy, who demanded that the bank's senior managers "take responsibility." As a result, Caisse d'Epargne head Charles Milhaud and two other highly placed executives resigned.

Madrid - Major Spanish banking group BBVA reported Wednesday that it remained in the black after nine months this year despite the turbulence on international financial markets.

BBVA (Banco Bilbao Vizcaya Argentaria) said it achieved net income of 4.5 billion euros (5.6 billion dollar), down 5.4 per cent from earnings in the corresponding period of 2007.

Spain's second-biggest bank noted that last year's earnings were bloated by extraordinary income. Adjusting for that factor, then this year's nine-month earnings would have been 9.1 per cent higher.