PPI banks unsure on bonus repayments - papers

Banks involved in the payment protection insurance (PPI) mis-selling scandal are exploring the legal ramifications of clawing back bonuses from executives.

The banks are considering whether to invoke clawback powers on executives who oversaw retail operations during the scandal, the Mail reported.

However, several of the banks may not have had the clauses in place during much of the mis-selling, meaning they may end up fighting the matter in the courts.

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Lagarde set to replace Strauss-Kahn at IMF

French finance minister Christine Lagarde has emerged as the favourite to replace Dominique Strauss-Kahn as managing director of the International Monetary Fund.

She has been declared the "outstanding candidate" by George Osborne and has also received support from other EU nations, the Telegraph reports.

However, her appointment is being met by opposition from a number of countries, including Australia, South Africa and Switzerland, who want to see an end to Europe's monopolisation of the job.

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Greek PM rules out any restructuring of debt

Greek Prime Minister George Papandreou has ruled out any debt restructuring ahead of a cabinet meeting today on an agreement for a more draconian economic package.

He was supported by two leading members of the European Central Bank, who made it clear there was no prospect of support for a debt restructuring to ease the pain, the Telegraph reports.

However, the government is facing further civil unrest as it seeks to meet the terms of its £68bn bail-out through cuts in public sector wages, along with tax increases and the privatisation of state assets.

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FSA to address Goodwin 'affair' in report

The FSA is set to refer to Sir Fred Goodwin's alleged affair with a senior colleague in its report into Royal Bank of Scotland's collapse.

The regulator has contacted the bank for details of the alleged liason involving its former chief executive, the Times reports.