Russia’s B&N Bank, which is being rescued by the central bank, said on Wednesday it will write off subordinated debt worth $226.56 million owed to its shareholders, Reuters reported. B&N - the second bank to be rescued by the central bank in less than a month after Otkritie - does not have publicly traded subordinated debt in issue, unlike Otkritie where some of the junior debt will be written off during the bail out.

As Spain confronts its Catalonian rebellion, investors are staring down a decision on whether to bet on a peaceful resolution to the secession upheaval or prepare for the consequences if the region splits off. For some, it’s reminiscent of the early stages of the euro-zone debt crisis, when investors found themselves reading up on the ins and outs of Greek politics and EU treaty articles to gauge the probability of a political and economic shake-up and its likely effects, Bloomberg News reported.

British trade union Unite said on Wednesday it would launch legal action on behalf of over 1,800 workers who lost their jobs when Monarch Airlines went in to administration earlier in the week, Reuters reported. The airline collapsed on Monday and made 90 percent of the staff on Monarch Airlines and Travel Group redundant after falling victim to intense competition for flights and a weaker pound.

Deutsche Bank AG needs to find extra collateral to remain a counterparty for top-rated asset-backed debt that’s tied to anything from mortgages to car loans, according to Fitch Ratings. The bank’s credit rating, which Fitch downgraded last week, is no longer sufficient for AAA structured notes and Deutsche Bank needs to put up additional collateral for some notes within 14 days, according to a statement on Tuesday, Bloomberg News reported. The lender has already decided to do so in one transaction backed by Dutch mortgages, according to a separate statement.

Arup, the London-based global engineering company, is being sued in Australia for $2bn by the receivers of a Brisbane toll road that failed because its traffic forecasts proved optimistic, the Financial Times reported. BrisConnections, the company that built a toll road linking Brisbane’s central business district with its airport — which was finished in 2012 — went into administration the following year with debts worth more than $3bn.

The creditors of debt-ridden oil services group CGG have accepted CGG’s chapter 11 bankruptcy plan, CGG said on Monday, in what could form one of the biggest restructurings that France has seen in recent years, Reuters reported. CGG has debt in excess of $3 billion, and the restructuring calls for unsecured debt to be converted to equity, maturities on secured debt to be extended and $500 million in new money to be raised.

Given the nervy knee-jerk reaction of ‘if in doubt, sell’, it was hardly surprising that events in Catalonia prompted investors to unload some of their euros, the Financial Times reported. Catalonian secessionism is a minefield, so investors struggling to understand the implications can be excused, at least short term. The longer perspective is to recall the number of perceived threats this year to the euro and European Union stability — the Dutch, French and German elections, Brexit talks, Five Star in Italy and now Catalonia. And relax.

Britain’s Monarch Airlines collapsed on Monday, causing the cancellation of hundreds of thousands of holidays, after falling victim to intense competition for flights and a weaker pound, Reuters reported. The failure of Monarch, the largest British airline to go bust, will affect nearly 900,000 passengers in total. It marooned more than 100,000 tourists abroad, prompting what was billed as the country’s biggest peacetime repatriation effort. Its demise added to turbulence in the European airline industry after Air Berlin and Alitalia filed for insolvency this year.

Portugal’s three biggest banks have agreed to create a jointly managed platform to tackle their bad loans, one of Europe’s largest problem debt piles, the Financial Times reported. Millennium BCP, Novo Banco and state-owned Caixa Geral de Depósitos said in statements to the CMVM, Portugal’s stock market watchdog, late on Thursday that the platform was aimed at “speeding up the reduction of non-performing exposures”. The three banks account for most of an estimated €25bn to €30bn of bad debt in the Portuguese banking system, about 15 per cent of total credit portfolios.

Banks in the European Union have been told they may face large capital gaps if the bloc and Britain do not agree on how to treat their loss-absorbing debt after Brexit, EU banking watchdogs said on Friday. Under new banking rules meant to reduce taxpayers’ costs in banking crisis, EU lenders are required to issue a sufficient amount of debt that would be written down, or bailed-in, to absorb losses if they fail, Reuters reported.