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16th of October 2010
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News Tag: approval

October 4, 2010

Tesco mortgage offering delayed

by Gill Montia
”Tesco
Tesco may have to delay its entrance into the UK mortgage market because the Financial Services Authority (FSA) is still mulling over its application for regulatory approval. According to reports, the FSA's more stringent approach to mortgage lenders is likely to mean that the Tesco home loan will not be available this year, as planned. The supermarket giant first revealed its ambitions as a mortgage ...




June 8, 2010

Estonia to become 17th country to join euro zone

by Kay Murchie
’Estonia
The Baltic republic of Estonia has been given the go ahead to adopt the euro on 1 January 2011 and will become the euro zone's 17th member. "Estonia will become the 17th member of the euro area on 1 January, 2011," Euro group president and Luxembourg Prime Minister, Jean-Claude Juncker told a news conference. "The first commitment of the ...




June 4, 2010

G20 finance ministers to meet in South Korea this weekend

by Kay Murchie
’G20
Finance ministers and central bank governors from the world's top 20 developed and emerging economies are meeting this weekend in Busan, South Korea, with the euro zone debt crisis set to be high on the agenda. Markets have been in turmoil in recent months by worries over the debt crisis. The crisis led to the EU approving ...




May 12, 2010

Estonia hopes to become 17th country to join euro zone

by Kay Murchie
Estonia hopes to become 17th country to join euro zone
The European Commission today gave the Baltic republic of Estonia the go ahead to adopt the euro on 1 January 2011. The announcement comes at a time when many nations in the euro zone are implementing tough austerity measures in order to cut their budget deficits. A €500 billion (£433 billion) emergency rescue package was announced earlier this week, ...




March 26, 2010

National Lottery owner Camelot sold

by Kay Murchie
National Lottery owner Camelot sold
It has been announced that the National Lottery operator, Camelot, has been sold to a Canadian teachers’ pension fund in a deal valued at £389 million. The buyer, the Ontario Teachers' Pension Plan - simply known as Teachers' - has stakes in Northumbrian Water and Bristol and Birmingham airports. Teachers‘ beat off strong competition from private equity fund, CVC Capital Partners. However, the deal ...




March 23, 2010

Coventry and Stroud confirm merger deal

by Kay Murchie
’Coventry
Earlier this month, it was reported that Coventry Building Society was in merger talks with its smaller rival, the Stroud & Swindon. Today, however, the talks have been confirmed and the merger will bring together the country’s third and eleventh largest building societies. The merger, which is subject to approval by the members of Stroud & Swindon and confirmation by the Financial ...




March 1, 2010

Prudential in advanced talks with AIA

by Kay Murchie
”Prudential
Prudential, which is Britain’s second largest insurer, is understood to be in ‘advanced talks’ to acquire AIA, the Asian arm of US company American International Group (AIG). AIA is a key part of AIG with around 20 million customers and reports say the deal could cost about $30 billion (£19.6 billion). In order to finance the deal, Pru is understood to be ...




February 24, 2010

Government approves £1.3bn RBS bonuses

by Kay Murchie
”Government
The UK Financial Investments Ltd (UKFI) has written to the Royal Bank of Scotland (RBS) to approve its £1.3 billion in bonuses to its investment bankers. The Treasury, through the UKFI, had the right to veto any bonus deal after the bank participated in the Government’s Asset Protection Scheme (APS) - one of the conditions of participating in the scheme was to hand ...




February 15, 2010

BA shares up on American Airlines alliance

by Kay Murchie
’BA
Shares in British Airways (BA) were up more than 4% this morning after US regulators have given the go-ahead to permit American Airlines and BA to coordinate schedules and share costs. Preliminary approval of the alliance was approved by the Department of Transportation (DOT) over the weekend. A combined firm would create the world’s third largest airline and offer lower fares ...




January 27, 2010

Yorkshire and Chelsea members vote in favour of merger

by Kay Murchie
”Yorkshire
It emerged in December that Yorkshire Building Society and Chelsea Building Society were in advanced merger talks and the deal is moving a step closer after YBS members voted in favour of the merger. Around 87% of savers and 85% of borrowers voted in favour of the merger, which members of the Chelsea have already approved. The merger, ...




December 8, 2009

Date set for Northern Rock split

by Kay Murchie
”Date
It was recently confirmed that crisis-torn Northern Rock would be split into two, after receiving the necessary approval from the European Union (EU). 1 January 2010 is the date that has been agreed for the Rock to be split into two divisions - a “good bank” of profitable assets and “bad bank” of toxic debts. The “good bank” will be known as Northern Rock plc, ...




December 2, 2009

Yorkshire and Chelsea merger leads to job losses

by Kay Murchie
”Yorkshire
It emerged yesterday that Yorkshire Building Society and Chelsea Building Society were in advanced merger talks but today the Yorkshire has revealed that a tie-up would lead to a number of job losses and a £200 million write-down on Chelsea's bad debts. "The merger will lead to a number of job losses," the two societies warned. “Redundancies will only ...




October 28, 2009

EU set to approve Northern Rock split

by Kay Murchie
”EU
Crisis-torn Northern Rock is to be split into two, after receiving the necessary approval from the European Union (EU). Northern Rock collapsed at the onset of the credit crunch in autumn 2007 after savers staged a nationwide run on the bank. It was then nationalised in February 2008. The plan is for bank to be split into two divisions - a “good ...




October 21, 2009

BAA confirms sale of Gatwick airport

by Kay Murchie
”BAA
BAA has today confirmed the sale of Gatwick airport to Global Infrastructure Partners for £1.51 billion. The sale of the airport is due to be finalised at the end of the year - subject to approval by the European Union. The sale marks the end of BAA's 40-year monopoly of London's three main airports - Heathrow, Gatwick and Stansted. However, the £1.51 billion ...




August 17, 2009

BSA against Northern Rock split

by Kay Murchie
”BSA
The Government announced earlier this year it was planning to split nationalised Northern Rock into two divisions - a deposit bank and a mortgage platform. However, the proposals have met with criticism from the Building Societies Association (BSA) saying that the split would put building societies at a big disadvantage. Northern Rock collapsed at the onset of the credit crunch in autumn 2007 ...




June 9, 2009

Ten US banks to repay $68bn into Tarp

by Kay Murchie
Ten US banks to repay $68bn into Tarp
Ten US banks have been given approval to repay a combined $68 billion (£41 billion) in Government bailout money, said the US Treasury. In a sign that stability is returning to the banking sector, the banking giants will repay some of the money it was loaned in the US Government's $700 billion Troubled Asset Relief Programme (Tarp) introduced last autumn. ...




May 27, 2009

BBA: Mortgage lending up in April

by Kay Murchie
BBA: Mortgage lending up in April
According to the British Bankers' Association (BBA), the number of mortgages approved for house purchases rose by 4% in April compared with the previous month, rising from 26,671 to 27,685 approvals. However, compared with April 2008, this represented a fall of 15.5%. Furthermore, net new mortgage lending (which takes into account repayments and redemptions) hit its lowest level in over eight years falling ...




December 1, 2008

October new mortgage approvals fall to record low

by Gill Montia
October new mortgage approvals fall to record low
Mortgage approvals for house purchases fell during October, having seen a slight rise in September. Figures from the Bank of England show that 32,000 new home loans were approved during the month, despite the 0.5% cut in the base rate at the beginning of October. The decline takes the figure below the level seen in August and the value of new ...




November 12, 2008

New home loan approvals fall 57% by volume

by Gill Montia
New home loan approvals fall 57% by volume
The Council of Mortgage Lenders (CML) has reported that the temporary rise in the stamp duty threshold, to £175,000, benefited 51% of homebuyers during September. In the same month last year, when the threshold stood at £125,000, only 22% of homebuyers escaped the tax. The CML also notes that in September, the number of mortgages approved for house purchases fell 15% ...




October 5, 2008

US $700bn bailout plan finally approved

by Kay Murchie
”US
Following a week of talks, the $700 billion (£380 billion) bailout plan has finally been approved. The plan had been designed to prevent financial meltdown and was essential to the financial security of every American, according to President George W. Bush. On Friday night, the vote which was nervously watched by Wall Street, saw the House of Representatives approve the rescue plan ...





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