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News Tag: banks

September 12, 2011

ICB final report recommends ring-fencing

by Kay Mitchell
”ICB
The Independent Commission on Banking’s (ICB) final report has been published today and is recommending that UK banks should ring-fence their retail banking operations. According to the report, ring-fencing would protect banks from riskier investment banking divisions and would "make it easier and less costly to resolve banks that get into trouble". The ICB, which was established in June 2010 to explore how taxpayers ...




August 23, 2011

Bank ring-fencing threatens UK economy

by Gill Montia
Bank ring-fencing threatens UK economy
Britain's banks are warning that ring-fencing their retail activities, to protect against investment banking losses, could endanger the UK economy because of the cost involved. A ring-fencing proposal will form part of the Independent Commission on Banking's (ICB's) final report, due out in September. However, according to the British Bankers' Association (BBA), the proposed reform has not been costed and a "chorus" of concerned ...




August 11, 2011

Chancellor warns of tough and long recovery ahead

by Kay Mitchell
”Chancellor
Speaking in the House of Commons today, Chancellor George Osborne has warned that the UK can expect a long and tough recovery. His speech came as he defended the Government’s tough spending cuts, which many have been critical about – even suggesting they could push the UK back into recession. However, the Chancellor believes that the "swift, decisive" spending cuts and ...




July 18, 2011

EU stress test results better than expected

by Kay Mitchell
”EU
The European Banking Authority (EBA) said eight out of 90 European banks failed the recent stress tests. The latest round of tests arose after last year’s failed to reveal the weakness among banks in Ireland and have been conducted to ensure banks have enough capital to cope with difficult economic situations, such as recession. The euro zone debt crisis has resulted in ...




July 4, 2011

UK banks introduce mentoring scheme for SMEs

by Kay Mitchell
”UK
The UK's five largest banks: Barclays, HSBC, Lloyds Banking Group, Royal Bank of Scotland and Santander, have launched a scheme aimed at providing support and financial advice for small and medium-sized enterprises (SMEs). The initiative comes at a time when banks have come under fire for not lending enough to SMEs. Under the Project Merlin deal, agreed earlier this year, the big ...




June 15, 2011

Chancellor to show support for retail banks to be ring-fenced

by Kay Mitchell
”Chancellor
In his Mansion House speech this evening, Chancellor George Osborne is expected to confirm that banks will have to ring-fence their retail operations so they are protected from losses from investment banking. The Chancellor is also expected to suggest that banks will have to hold more capital – a recommendation of the Independent Commission on Banking (ICB) in ...




June 8, 2011

Vince Cable applies pressure to banks over lending commitments

by Kay Mitchell
”Vince
Speaking to the Treasury Select Committee today, Business Secretary Vince Cable has warned banks over lending, threatening higher taxes. The business secretary told MPs that the amount of lending to small and medium-sized enterprises (SMEs) was a “serious problem” and has reminded banks of their targets, set out in the Project Merlin agreement. Under the agreement, Barclays, Royal Bank of ...




May 23, 2011

Big five banks miss SME lending target

by Kay Mitchell
”Big
Figures published by the Bank of England today have revealed that the “big five” banks loaned £16.8 billion to SMEs in the first quarter – around £2 billion short of the £19 billion target – agreed under the “Project Merlin”. Under the agreement, Project Merlin, Barclays, Royal Bank of Scotland, Lloyds, HSBC and Santander all committed to lend £190 billion to ...




May 9, 2011

Banks abandon PPI legal battle

by Kay Mitchell
Banks abandon PPI legal battle
The British Bankers' Association (BBA) has today said it will not appeal after losing the court challenge over claims they mis-sold payment protection insurance (PPI). In a statement the BBA said: "In the interest of providing certainty for their customers, the banks and the British Bankers' Association have decided that they do not intend to appeal." The announcement paves the way for billions of ...




April 20, 2011

UK banks in mass payout for mis-selling PPI

by Kay Mitchell
UK banks in mass payout for mis-selling PPI
UK banks are set to lose billions following a High Court ruling over Payment Protection Insurance (PPI). The controversial insurance has been a hot topic for sometime now and the Financial Services Authority introduced a review of the insurance after millions of policies were mis-sold and thousands of complaints were received. Under a PPI policy, an agreed sum of money is paid ...




April 18, 2011

Moody’s downgrades Irish banks to junk status

by Kay Mitchell
Moody's downgrades Irish banks to junk status
Ratings agency Moody's has downgraded its rating of Irish banks by two notches to junk status. The downgrade comes just a week after Moody's downgraded Ireland's sovereign debt rating. Today's downgrade means Bank of Ireland is now rated Ba1 while AIB, EBS and Irish Life & Permanent are rated Ba2. Moody’s said there is a high level of uncertainty about whether the Government would ...




April 7, 2011

Moody’s could cut ratings on British banks

by Kay Mitchell
Moody's could cut ratings on British banks
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 smaller banks and building societies. The rating ...




April 6, 2011

Moody’s downgrades Portuguese banks prior to debt sale

by Kay Mitchell
Moody’s downgrades Portuguese banks prior to debt sale
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 financial strength. The agency downgraded the ...




April 1, 2011

Stress tests reveal Irish banks need €24bn

by Kay Mitchell
Stress tests reveal Irish banks need €24bn
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 necessary after last year’s tests failed ...




March 7, 2011

EU commences bank stress tests

by Kay Mitchell
”EU
The EU has commenced a new round of stress tests after last year’s failed to reveal the weakness among banks in Ireland. The latest tests, which will be headed up by the new European Banking Authority (EBA), are expected to be tougher and may include a liquidity test. However, regulators have yet to agree to a system, including whether to consider a Government ...




February 13, 2011

Banks to reveal bonus payouts and results

by Kay Mitchell
”Banks
British banks are set to reveal their bonus payouts in the coming weeks, along with their results. Banking giant Barclays will be the first to reveal its results and 2010 bonus payout on Tuesday. There is still speculation that Barclays is reviewing its bonus structure. Chief executive, Bob Diamond, is understood to be considering paying a large amount of bonuses in special ...




February 9, 2011

Banks pledge to lend £190bn this year

by Kay Mitchell
”Banks
After weeks of tense negotiations, Britain’s largest banks have agreed to lending targets and pay restraints. Chancellor George Osborne today announced that under the so-called Project Merlin, banks will lend around £190 billion to businesses this year - including £76 billion to SMEs. Last year, banks loaned £179 billion to businesses. The four financial institutions participating in the project are Royal Bank ...




Banks agree to lending targets and pay restraints

by Kay Mitchell
”Banks
Chancellor George Osborne is today expected to announce that a deal has been reached between the Government and the banks with regard to lending targets and restraints on pay. The report comes a day after Mr Osborne confirmed he is maintaining the levy on banks, raising an additional £800 million this year and £2.5 billion in the coming years. The so-called ...




January 24, 2011

European banks face exodus of staff over regulations

by Kay Mitchell
’European
Headhunters have warned that staff at some of Europe's largest banks are threatening to quit over bonus rules and other regulations. The bonus review, the threat of big banks being broken up, as well as the growing pay divide between Europe and the US, is expected to bring a mass exodus of staff. However, new rules within the banking industry could ...




Ministers threaten banks over lending targets

by Kay Mitchell
”Ministers
A report by the BBC has established that bank’s lending targets have not been met and pressure is now mounting for bank bosses to reduce bonuses and increase lending to businesses and homeowners. After talks, the Treasury has made it clear that the Government will threaten to break up big banks unless they agree to meet targets. The credit crunch saw the ...