When Jan Hommen was approached to run ING Groep NV, the timing couldn't have been worse. The Dutchman was just planning to move to the U.S. and spend more time with his children and grandchildren. And, having little experience in banking and insurance, he was far from the obvious choice to guide the Dutch bancassurer through the biggest crisis in its history, The Wall Street Journal reported. "I have to admit that it was a bit disconcerting," he says. "My first thought was: Do I have what it takes to pull this off?" More than two years later, his doubts have faded.

Wine merchant Oddbins' creditors are likely to be paid just 6p for every pound owed. The chain had proposed a rescue deal which would have paid 21p in the pound, but this was rejected by HM Revenue & Customs, forcing Oddbins into administration, The Scotsman reported. A statement of affairs filed by administrator Deloitte said creditors were now expected to receive less than a third of the return detailed in the rescue propsal, reports yesterday claimed. The retailer now stands at about 48 stores, after some 80 branches were sold or closed.

Nama plans to launch a product for purchasers of residential properties in the autumn that will offer protection against the risk of negative equity in the future, the agency’s chairman, Frank Daly, said, the Irish Times reported. It is hoped that the initiative will help stimulate activity in the market. Mr Daly said Nama has identified concerns among debtors that house prices could continue to fall after they purchase a property as one of the “key impediments” to the sale of houses and apartments.

P Elliott, one of the largest construction companies in the State, has entered receivership with debts of more than half a billion euro, the Irish Times reported. Kieran Wallace and Cormac O’Connor of KPMG were appointed as receivers yesterday afternoon to P Elliott Company and a related company, Dewside Limited. While the receivers were appointed at the instigation of the directors of the company, they will work to retrieve money on behalf of Ulster Bank.

The government and banks are again at odds, amid fears that their three-month old Project Merlin peace deal is not delivering enough credit support to Britain’s smaller companies, the Financial Times reported. David Cameron warned banks this week to improve their lending to small and medium-sized companies or face new taxes, a threat which provoked an angry reaction in the City. Banks argue they only agreed to provide “lending capacity” of £190bn of gross new corporate loans – including £76bn for SMEs – and that there is little they can do in the absence of demand for new borrowing.

A series of youth rallies have swept across Spain's biggest cities ahead of this weekend's elections, with thousands calling for an overhaul of Spain's political system and economy, The Wall Street Journal reported. The protesters, mostly unemployed, filled public squares in Madrid, Barcelona and Valencia on Wednesday, and most left late Wednesday night, leaving only several hundred core protesters camped in city squares.

The wife and five children of businessman Seán Quinn have lodged a High Court action seeking massive damages against Anglo Irish Bank over alleged negligence, breach of duty and intentional and/or negligent infliction of economic damage, the Irish Times reported. The damages claim arises from events of the past two years that led to the family losing control of the Quinn group of businesses and is believed to seek hundreds of million of euros.

Five of Britain's top banks are backing a 2.5 billion pound fund launched on Thursday to invest in small and medium-sized businesses that are struggling to attract financing, Reuters reported. The Business Growth Fund (BGF), which will target businesses with an annual turnover of 10 million to 100 million pounds, follows the "Project Merlin" deal between Britain and its banks to curb their bonuses and lend more in the wake of a sharp downturn in business lending after the credit crisis.

Suppliers to Saab Automobile remained reserved Monday after owner Spyker Cars NV said it has found a new partner in China that will provide funds for the troubled Swedish car maker, Dow Jones Daily Bankruptcy Review reported. "On paper it looks like a positive first step," said Svenake Berglie, chief executive of the Swedish supplier organization FGK. "From the supplier side, we'll wait and see what happens next." Spyker said Monday it had signed a deal Pang Da Automobile Trade Co.

Future bonus and dividend payments by UK banks will depend upon convincing regulators the handouts will not dent capital reserves or undermine sound risk management, the head of the city watchdog has warned. Banks would also be forced to make public detailed information about their holdings that they currently share only with regulators, Hector Sants told the Financial Times as he prepared to unveil the detailed plans for a new authority that will supervise banks and insurers for safety and soundness.