Tag: banking crisis

Northern Rock customers to receive windfall

Northern Rock customers to receive windfall

Northern Rock customers could receive a windfall of around £1,700 because of an error in the wording of loan statements. The mistake, made by the nationalised part of the bank, will cost UK taxpayers a total of £270 million. Up to 152,000 customers who took out personal loans of less than £25,000 will receive an […]

December 11, 2012 More
Banking commission appoints counsel to cross-examine witnesses

Banking commission appoints counsel to cross-examine witnesses

The Parliamentary Commission on Banking Standards has appointed counsel to cross-examine witnesses during its inquiry into the collapse of Halifax Bank of Scotland. Barrister David Quest has been appointed to question witnesses in a public evidence session, as part of a sub-committee panel inquiry into the bank. Andrew Tyrie, chairman of the Commission said: “This […]

October 30, 2012 More
Barclays’ chairman resigns over rate-fixing scandal

Barclays’ chairman resigns over rate-fixing scandal

Barclays’ chairman Marcus Agius has announced his resignation after last week’s revelation that the bank had been fined £290m for attempting to manipulate Libor; the rate of interest that banks charge to lend money to each other. An investigation by the Financial Services Authority (FSA) discovered that Barclays’ traders had lied about the interest rate […]

July 2, 2012 More
FSA releases report on RBS failure

FSA releases report on RBS failure

The Financial Services Authority has released its report into the near collapse of the Royal Bank of Scotland in 2008. The report finds that a combination of poor management decisions, inadequate monitoring by the FSA and the global systemic banking crisis, contributed to the bank’s failure. It highlights a number of key factors which led […]

December 13, 2011 More
Iceland president vetoes repayment to UK

Iceland president vetoes repayment to UK

Icelandic President, Olafur Ragnar Grimsson, has vetoed the repayment of a £2.3 billion loan to the UK Government. The debt relates to the collapse of Landsbanki which collapsed at the height of the banking crisis in autumn 2008 and 300,000 British savers saw their accounts frozen with the bank’s online Icesave brand. The Treasury stepped […]

January 5, 2010 More
Bankers lambasted as unrepentant over crisis

Bankers lambasted as unrepentant over crisis

An ethical banking expert claimed this week that the mainstream banking sector has failed to show sufficient remorse for its role in the financial crisis. Charles Middleton, chief executive of the UK branch of ethical bank Triodos, said bank leaders have yet to take responsibility for their wrongdoings. Speaking ahead of a conference on ethical […]

October 7, 2009 More
Profits up 50% at eco-bank

Profits up 50% at eco-bank

Eco-friendly bank Triodos posted a 50% rise in profit for the first half of this year. Net profit at the Dutch bank for the six months ending 30 June 2009 was €5.7 million, up from €3.7 million in the first half of 2008. Deposits at the bank increased 15%, growth which Triodos believes reflects disillusionment […]

September 15, 2009 More
Dutch banks cap executive salaries

Dutch banks cap executive salaries

Dutch banks have signed up to a new code of conduct limiting executive bonuses to 100% of salary. Once the code comes into force, bankers’ salaries will have to be below the median for similar jobs, bonuses will have to be returned if a bank enters financial difficulty, and redundancy payments will be limited to […]

September 11, 2009 More
Banks more popular than supermarket finance

Banks more popular than supermarket finance

High street banks are still more popular with consumers than non-bank brands offering financial products despite the banking crisis, new research has discovered. Nearly two-thirds (65%) of consumers polled in a Marketing Week commissioned study said they wouldn’t consider a financial product, such as a bank account, personal loan, or credit card, from outside the […]

Fears over the future of RBS after shares take a battering

Fears over the future of RBS after shares take a battering

The turmoil in the stock markets continues this morning after shares in Royal Bank of Scotland (RBS) plummeted by over 35% to below the £1 mark. The bank is now worth just £16 billion, compared to £75 billion a year ago. RBS shares plunged to 95p, the lowest point since the recession of the early […]