Monday Papers: Alarm at banks’ unreported risk - other news

Financial Times

* As many as five US banks failed to report hundreds of billions of dollars in credit derivatives bought from foreign counterparties during 2009; it came to light as the US Fed and the BIS were preparing first-quarter reports of the industry’s lending and risk activities.

* BP is poised to announce the departure of Tony Hayward, its chief executive, in the next 24 hours, sources said; Hayward is likely to stay on for two months and then depart with a £1m pay-off and a £10m pension pot; Bob Dudley is set to be named as the new chief.

* Goldman Sachs is facing a threat by the Financial Crisis Inquiry Commission to bring in outside accountants to comb through the bank’s systems for data on its derivatives business, the panel’s chairman, Phil Angelides, has said.

* European regulators have accused Germany and its banks of reneging on a deal to publish full details of sovereign debt holdings.

* A team from the European Commission, European Central Bank and International Monetary Fund will on Monday start a rigorous check of Greece’s progress with implementing economic reforms.

The Daily Telegraph

* Business Secretary Vince Cable will risk the wrath of the City today when he puts forward proposals to link bankers' bonuses to lending as part of his Green Paper on "sustainable finance".

* Tensions on the BoE Monetary Policy Committee will be "excruciating" for the next 18 months as strong economic data raises the pressure on policy-makers to raise interest rates, Peter Spencer, chairman of the Ernst & Young ITEM Club, said.

* Ford is facing a legal battle in the UK over the pension rights of thousands of workers who transferred to collapsed car parts group Visteon.

* A panel of Indian government advisers have called for immediate interest rate rises to prevent double-digit inflation spinning out of control.

* Sellafield is facing allegations that it used "bribery and blackmail" to coerce workers into settling a pay dispute.