Moody’s rating agency has revealed it is investigating how the UK’s biggest banks would manage business without Government support. The agency said it may downgrade the debt of its ratings of up to 18 UK banks to reflect the lower chance of a future Government bail-out. According to the agency, those at risk are the [...]
After months of speculation, it has been announced that Portugal will seek financial help. EU finance ministers are set to meet in Hungary this week when the bailout will be discussed. Portuguese borrowing costs rose to more than 10% this week – the first time since the introduction of the euro. A surge in borrowing [...]
Portugal is looking to sell as much as €1 billion in short-term Government debt today – in a bid to help service its debts. The Government is expected to be able to issue 6 and 12-month treasury bills but the debt auction comes after Moody’s downgraded the credit ratings of seven Portuguese banks citing weakened [...]
Moody’s Investors Service has today downgraded Portugal’s debt rating, for the second time in less than a month, by one notch to Baa1 from A3. Moody’s also warned that a further downgrade is possible as a bailout becomes increasingly likely for the debt-laden country. It said the downgrade was “driven primarily by increased political, budgetary [...]
It has been revealed that Ireland’s lenders will need an additional €24 billion (£21 billion) to weather the financial crisis. These were the findings of the stress tests conducted on Ireland’s banks – Allied Irish Banks, Bank of Ireland, Educational Building Society (EBS) and the Irish Life & Permanent. The latest stress tests were deemed [...]
Speculation is mounting again that Portugal may need financial assistance after a rise in bond yields. Yields on Portuguese 10-year bonds climbed to 8.17% yesterday – a record high after last week’s rise to 8%. The country’s borrowing costs have risen in recent months – mimicking what happened in Greece and Ireland – just before [...]
Portugal has had its sovereign debt rating downgraded by Moody’s by two notches to A3 from A1 and kept the rating on a negative outlook – suggesting further downgrades are possible. According to the ratings agency, it might have to downgrade again as a result of high borrowing costs and the difficulty of meeting fiscal [...]
Banking giant Lloyds has today reported it has returned to profit – its first since the bank had to be rescued by the Government at the height of the financial crisis in autumn 2008. Lloyds Banking Group, which is 41% owned by the taxpayer, posted pre-tax profits of £2.2 billion, compared with a £6.3 billion [...]
US banking giant Citigroup has today reported a $1.3 billion (£811 million) profit for the fourth quarter of 2010, against a loss of $7.6 billion loss a year earlier. Meanwhile, revenue surged to $18.4 billion, from $5.4 billion in the same period a year ago but were 11% lower compared with the third quarter. However, [...]
Portugal has today raised £1 billion via the sale of bonds, although analysts say this does not mark the end of the country’s problems. Portugal was successful in borrowing €1.25 billion via a bond auction but fears remain that the debt-ridden country may still require an emergency bailout from the EU – something which Prime [...]
There is speculation that Portugal is, once again, under pressure to seek a bailout in order to prevent the euro zone debt crisis spreading further. The country’s borrowing costs continue to surge – mimicking what happened in Greece and Ireland – just before they were forced to seek emergency aid. However, Portugal continues to deny [...]
The Greek parliament has today approved its 2011 austerity budget, which includes further spending cuts and tax hikes. The budget, which is part of the condition of its bailout from the European Union and the International Monetary Fund (IMF), is an attempt to trim the country’s deficit to 7.4% of GDP next year, down from [...]
Moody’s Investor Service has today put Portugal under review, warning that it may cut its rating by one or two notches. Investors have been nervous over recent weeks as Portugal’s borrowing costs surge and there have been suggestions that it might be forced to seek an emergency bailout, like Greece and Ireland. However, the country’s [...]
Moody’s Investors Service has today downgraded the ratings on five Irish banks – Allied Irish Banks, Bank of Ireland, EBS Building Society, Irish Life and Permanent and Irish Nationwide Building Society. The downgrade came after Moody’s last week slashed Ireland’s credit rating by five notches to Baa1, from Aa2 – citing ongoing uncertainties over the [...]
Spain has featured heavily in the news recently after speculation mounts that the country will need to seek an emergency bailout from the EU. However, the country’s Government continues to deny the claims. Earlier this month, Spain’s finance minister, Elena Salgado, said: “Our fiscal adjustment is on track… we have done all the things that [...]
Ireland’s Central Statistics Office (CSO) has today revealed Ireland’s economy experienced growth in the July to September period. The economy expanded by 0.5% in the third quarter compared with the previous quarter – albeit, the figure was slightly below expectations. The former “Celtic Tiger” economy contracted in the second quarter after emerging from recession in [...]
The Financial Services Authority (FSA) is set to publish a report on the near collapse of Royal Bank of Scotland (RBS) following an investigation into the bank. The report, to be published by the end of March, comes after the bank had to be bailed out at the height of the financial crisis in autumn [...]
Ratings agency Moody’s today announced it has put Spanish bonds on watch for a possible downgrade due to its high funding requirements. However, the agency said it does not expect Spain to turn to the EU fund for a bailout. In a statement, Moody’s lead analyst on Spain Kathrin Muehlbronner, said: “Moody’s does not believe [...]
The Irish Government has outlined its austerity budget, aimed at saving €6 billion in spending cuts and tax hikes, designed the trim the country‘s budget deficit. Ireland is aiming to save €15 billion (£13 billion) between 2011 and the end of 2014 – 11% of the economy‘s annual output. The measures are a condition of [...]
M&S Money launches 3% cash ISA
M&S Money has launched an Advantage Cash ISA paying 3 per cent, and which allows transfers in from other ISAs. It can be opened with a minimum deposit of £100 lump sum followed by minimum monthly deposits of £25. The 3% rate is variable, but there is no short-term bonus so the return won’t plummet [...]
Google suspends UK Compare Mortgages site
Google has closed its UK mortgage comparison site which it launched in July last year, after it proved to be less popular than expected. Mortgage comparison sites are designed to allow visitors to compare mortgages quickly and easily without having to visit each lender’s individual site. Google was competing with several well-established comparison sites, including [...]
AA launches ‘black-box’ policy for young drivers
The AA is launching an innovative car insurance policy called Drivesafe which could help younger drivers save up to £850 a year. Younger drivers already pay substantially higher premiums than other motorists and these costs are increasing. A new study by Confused.com suggests insurance costs for younger driver have gone up by 5.7 per cent [...]
ATOL scheme updated to protect online bookers
ATOL, a financial protection scheme managed by the Civil Aviation Authority, is being extended to protect up to six million more holidays a year. The scheme ensures that holiday makers do not lose out financially if a travel company collapses, and that they are not stranded abroad. An increase in the number of holidays booked [...]
Home repossessions lowest for four years
The number of UK homes repossessed fell to 36,200 in 2011, significantly below the Council of Mortgage Lenders’ forecast of 40,000, and lower than 2010 when 37,100 homes were repossessed. With interest rates remaining low and lenders adopting a sympathetic attitude to customers in financial difficulty, repossessions fell to their lowest level since 2007. However, [...]
Monthly pay lasting just 17 days
Workers are running out of money just 17 days after receiving their monthly pay, according to new research by the Halifax bank. This means that the average UK worker spends half the month worrying about money. The study, based on the responses of more than 2,000 adults, found that 10 per cent of workers start [...]
Women disadvantaged by auto-enrolment changes
Government proposals to increase the auto-enrolment threshold to £10,000 could put 1.8 million women at risk of missing out on a pension, the TUC has warned. Under the auto-enrolment scheme, which will be phased in from October, private sector employers will automatically enrol workers between the age of 22 years and the state pension age, [...]
Emergency household repairs company Homeserve is taking longer than expected to get back on track after its operations were suspended last October. The company expected customer numbers to fall by 5% this year but it has increased this estimate to 8% and announced the loss of 200 jobs. It estimates that renewal revenue in 2013 [...]
Sale rumoured for Yorkshire and Clydesdale banks
There is growing speculation that National Australia Bank (NAB) may sell Yorkshire Bank and Clydesdale Bank after the Australian parent company announced a strategic review of the two banks’ operations. The Australian economy is performing well and NAB reported strong profits for the final quarter of 2011 but with the UK economy at a virtual [...]
More women experiencing debt difficulties
Women in Debt, which offers female-focused debt advice, has warned that the number of UK women facing serious debt has grown significantly over recent years. The organisation believes that more women will need advice on solving debt problems in the future because they are building up an unsustainable level of indebtedness. Women in Debt’s director, [...]
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