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Saturday 06th of February 2010

News Tag: banking sector

January 29, 2010

S&P downgrades Britain’s banking sector

by Kay Murchie

December 18, 2009

BoE report reveals financial sector is strengthening

by Kay Murchie
In its twice-yearly Financial Stability Report, the Bank of England said that over the last six months, the financial sector has become "significantly more stable”. While the Bank acknowledged that commercial banks still had more to do to improve their long-term stability, action taken to strengthen the sector, such as historically low interest rates and its quantitative easing scheme, had improved ...

October 28, 2009

EU set to approve Northern Rock split

by Kay Murchie
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 ...

January 21, 2009

Pound plummets against dollar and euro

by David Masters
The British pound plunged to a 7½ year low against the US dollar yesterday amid concerns about the state of the UK banking sector. Plummeting to below $1.40, the pound hit its weakest rate against the dollar since 2001. Analysts suggested the latest bail-out of British banks prompted a pound sell-off, whilst others blamed the slide on record ...

August 4, 2008

HSBC adds to banking sector woes with profits fall of 28%

by Kay Murchie
HSBC, Britain’s largest bank, has reported a 28% decline in first-half pre-tax profits to £5.1 billion ($10.2 billion). The news from HSBC follows that from other banks including Alliance & Leicester, who last week announced that half-year profits have nearly been wiped out after taking a £209 million hit on risky assets and higher funding costs. ...