The failure of a Government funded events company that collapsed in 2007 with debts totalling £1.6 million represents “one of the biggest scandals” ever investigated by the North’s Public Accounts Committee, its chairperson declared Wednesday, the Irish Times reported. Sinn Fein’s Michaela Boyle said the level of scandal involved in the collapse of the now defunct Northern Ireland Events Company (NIEC) was “completely shocking” and had ultimately resulted in taxpayers in the North footing a £1.6 million bill.

Twenty years ago, a dangerous cocktail of debt accumulated in foreign money and deteriorating exchange rates led emerging markets into financial meltdown, the Financial Times reported. In the aftermath, countries vowed to repent of the “original sin” of borrowing huge sums in non-domestic currencies. Major emerging markets went from having more than three-quarters of their debt in foreign currencies to around half. Finance ministers were applauded for better protecting economies from swings in global market sentiment.

European regulators provided details on Wednesday for the latest stress test aimed at measuring the ability of the region’s lenders to survive a financial crisis or severe economic downturn, the International New York Times DealBook blog reported. Unlike tests in past years, the latest test will not have a minimum capital threshold that lenders will have to meet in order to pass. As a result, no bank can actually fail — or pass — the examination, according to the European Banking Authority, which regulates lenders in the European Union.

To understand why Europe is having if not another banking crisis then at least a serious banking wobble, you need look no further than Bankia. The Spanish lender came to symbolise everything that went wrong in Spain during the crisis. And it is doing the same again in 2016, the Financial Times reported. Bankia was the highest-profile casualty of Spain’s property market collapse and subsequent meltdown in the banking sector.

Standard Chartered, an Asia-focused bank based in London, reported on Tuesday an unexpectedly large loss of $2.36 billion for 2015 after being pummeled by its exposure to emerging markets and bad loans, the International New York Times DealBook blog reported. It was the latest in a series of weak performances by global banks, amid concerns over a slowing world economy. Standard Chartered also warned that more than 150 current or former executives were at risk of having their bonuses clawed back if they were found to be responsible for the bank’s poor performance.

Twenty years ago, a dangerous cocktail of debt accumulated in foreign money and deteriorating exchange rates led emerging markets into financial meltdown, the Financial Times reported. In the aftermath, countries vowed to repent of the “original sin” of borrowing huge sums in non-domestic currencies. Major emerging markets went from having more than three-quarters of their debt in foreign currencies to around half. Finance ministers were applauded for better protecting economies from swings in global market sentiment.

Europe’s largest economy is experiencing a best-of-times worst-of-times moment, with solid growth and its biggest budget surplus since unification overshadowed by growing jitters about the months ahead, the Irish Times reported. The federal statistics office released figures on Tuesday showing “solid and consistent” growth of 1.7 per cent last year and a combined € 19.4 billion surplus on all federal, state and local public budgets. “That is, in absolute terms, the highest since unification”, the statistics office said, around 0.6 per cent of overall economic output.

Troubled oil and gas explorer Petroceltic, which owes more than $200 million (€179 million), has been given a two-week reprieve from its lenders, the Irish Times reported. In a statement to the Irish Stock Exchange this morning, the company said it had received a further waiver of repayments under its senior bank facility until March 4th. Meanwhile, the exploration company has announced the start of development drilling on the Ain Tsila gas field in Algeria.

Unease about how far below zero the European Central Bank can cut interest rates without ravaging the region’s lenders is set to play an important role in policymakers’ discussions on further monetary loosening, with top officials mooting a change to the way they set borrowing costs, the Financial Times reported. The topsy-turvy world beyond the zero bound became apparent in recent weeks when European bank stocks plunged on fears negative rates have eaten into their profitability.

The pay deals handed to the bosses of Britain’s biggest banks will be in focus this week when they report their results for 2015, at a time when bank shares have been hit by fears of renewed financial crisis, The Guardian reported. Investors will be scrutinising the bonuses handed out staff - it has already been calculated the major high street banks could hand out £5bn between them - and the dividends paid out to shareholders.