Weekly Global News Wrap Up: EU's planned banking reform criticised; RBS to pay investors $1b

And Russian banks lose $31m in cyber attacks.

CNBC reports that plans to overhaul European Union rules on bank capital were strongly criticised by several EU finance ministers on Tuesday, increasing uncertainty over financial regulation. Ministers from Eastern European countries and smaller EU states, such as Luxembourg, rejected a Commission proposal to allow EU banks to hold capital only in their home countries. Read more here.

Royal Bank of Scotland has agreed to pay 800 million pounds ($1 billion) in an out-of-court settlement over allegations it misled shareholders during a 12 billion pound fundraising at the height of the financial crisis, according to a Reuters report. Read more here.

According to Reuters, hackers stole more than 2 billion rubles ($31 million) from correspondent accounts at the Russian central bank and from accounts in commercial banks, the bank said on Friday, the latest example of an escalation of cyber attacks on financial institutions around the globe. Read more here.