Wednesday, April 7, 2010 as of 11:14 AM ET
The euro zone will likely hold together, but continuing volatility could result in a deposit-guarantee scheme being created for the members of the monetary union, HSBC Holdings PLC (HBC) Chief Executive Stuart Gulliver said Friday.
"Our working assumption is that the euro zone will hold together," Gulliver told the annual meeting. "But there will be heightened periods of volatility."Gulliver said he could see a European equivalent of the U.S. Troubled Asset Relief Program being implemented and a euro-wide deposit-guarantee scheme to stop deposits fleeing less stable economies. The TARP effort consisted of the U.S. government buying assets and equity from financial institutions during the subprime mortgage crisis.The CEO added that HSBC wouldn't use the ongoing turmoil on the Continent as an opportunity to buy a European bank. "We don't see this as an opportunity to buy a bank," he said.Meanwhile, the majority of HSBC investors voted to back the global bank's executive remuneration repor...
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The euro zone will likely hold together, but continuing volatility could result in a deposit-guarantee scheme being created for the members of the monetary union, HS...
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