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News Tag: British Bankers’ Association

November 23, 2012

Consumers reduced debts in October

by Jan Harris
Consumers reduced debts in October
Consumers focused on repaying personal loans and overdrafts in October according to the British Bankers Association. Continuing concern about economic conditions prompted consumers to make a net repayment of £207 million of unsecured debt, while lending to companies increased slightly. The fall in consumer confidence was reflected in a fall in retail sales during the month. There was a £219 million increase in ...




July 24, 2012

Mortgage lending down 11% in June

by Jan Harris
Mortgage lending down 11% in June
Mortgage approvals fell to their lowest level for at least the last 15 years last month, according to the British Bankers' Association (BBA). There were 51,610 mortgage approvals in June, representing a total value of £6.5 billion. The number of mortgages approved for house purchases fell to 26,269 during the month, 11% lower than in May, partly due to the bad ...




June 28, 2012

Mortgage approvals and lending fall

by Jan Harris
Mortgage approvals and lending fall
Borrowers were more cautious in May according to figures from the British Bankers Association (BBA) which showed an increased focus on reducing debt. Mortgage repayments were higher than lending for the first time, according to the BBA’s figures. Net mortgage lending fell by £73 million in May, the first time it has gone into reverse since the BBA began keeping records ...




March 23, 2012

Consumers holding back on borrowing

by Jan Harris
Consumers holding back on borrowing
Personal loan, credit card and overdraft borrowing is being repaid at the highest rate since January 2011. The British Bankers’ Association (BBA) reported net consumer credit repayments of £305 million in February. Consumers borrowed £7 billion on credit cards but £7.3 billion was repaid. The ongoing squeeze on household incomes is making consumers more careful with their spending with a net repayment in ...




August 23, 2011

Mortgage approvals nudge ahead

by Gill Montia
Mortgage approvals nudge ahead
The UK's High Street banks approved 74,590 mortgages in July, with the figure up from 71,521 in June and ahead of the previous six-month average (69,803). According to the British Bankers' Association (BBA) house purchase approvals came in at 33,417, activity having gathered pace since June (32,123) and exceeded the previous six-month average (30,695). At £151,500, the value of the typical house purchase loan ...




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 ...




July 27, 2011

Weak mortgage lending continues

by Gill Montia
”Weak
Annual growth in banks’ gross mortgage lending stood at £7.6 billion in June, with the figure 11% lower than a year earlier, according to the British Bankers' Association (BBA). Early signs of growth in the buy-to-let market were evident but both house purchase and remortgaging approvals continued to be weak, and with repayments still at a fairly high level, net mortgage lending increased by ...




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 ...




October 26, 2010

Which? report concludes savers losing billions in interest

by Kay Mitchell
”Which?
Savers are missing out on billions of pounds in interest payments, according to a report by consumer group, Which? According to the report, by leaving money in low interest accounts, savers are missing out on a possible £12 billion. According to the consumer association, interest rates are not made clear to consumers on their bank statements, while banks are neglecting to ...




October 4, 2010

Think tank warns of fresh bank bailout

by Kay Mitchell
”Think
According to the New Economics Foundation (NEF), banks could be forced to seek more support from the taxpayer next year, due to a £25 billion funding gap. The NEF has published a report on Britain's banks entitled "Where Did Our Money Go?" and the 88-page document suggests an urgent reform of the sector is required, including breaking up existing banks. A similar ...




September 21, 2010

Nick Clegg warns banks of bonus crackdown

by Kay Mitchell
”Nick
Deputy Prime Minister, Nick Clegg, has today warned banks over their excessive bonuses, suggesting the coalition Government will take very serious action if they “pay themselves unjustified bonuses”. Speaking to BBC Radio 4's Today programme, Mr Clegg said: "Clearly, if the banks pay themselves unjustified bonuses, we reserve the right to take very serious action on that." Asked if that was ...




August 1, 2010

Banking results season kicks off this week

by Kay Mitchell
”Banking
British banks will unveil their first-half profits this week with the five biggest banks expected to reveal they are back in the black. Banking giant HSBC will kick off the reporting season tomorrow, with Lloyds Banking Group and Standard Chartered announcing their results on Wednesday, Barclays on Thursday and Royal Bank of Scotland (RBS) on Friday. They are expected to report combined ...




July 29, 2010

Banks hide rate cuts from savers

by David Masters
Banks hide rate cuts from savers
Banks are keeping their customers in the dark about interest rate changes on their accounts, new research has found. The study by Which? Money found most banks rely on newspaper adverts or customers popping into their local branch to keep savers informed of rate cuts Only four of the twelve banks investigated guaranteed to keep customers informed of all changes to interest rates ...




June 10, 2010

Report reveals 1m adults do not have bank account

by Kay Mitchell
”Report
A report by the Government-backed watchdog, Consumer Focus, has found nearly a million adults in Britain do not have a bank account. The report, called “On the Margins“, comes as the Government introduces a reform of mainstream banking, and explores why these individuals do not have a basic bank account. The Focus group, which is made up of a merger ...




April 27, 2010

Mortgage lending down as home owners focus on repayment

by Gill Montia
”Mortgage
The British Bankers' Association (BBA) has reported that gross mortgage lending amounted to £8.7 billion in March, with the figure 0.4% down on a year earlier and below the average of the previous six months (£9.2 billion). According to the BBA, repayments were stronger than usual as lenders actively encouraged borrowers to use surplus cash to reduce their borrowing. ...




March 25, 2010

Budget 2010: Bank accounts for all

by Kay Mitchell
’Budget
In yesterday’s Budget, Chancellor Alistair Darling said that every UK citizen will have the legal right to have a bank account. According to the Treasury’s Financial Inclusion taskforce, there are 1.75 million people in the UK that do not have a bank account. The taskforce said half of the 1.75 million come from the poorest 20% of the population. The pledge is designed ...




March 23, 2010

Basic bank accounts to be made available to everyone

by Kay Mitchell
”Basic
In tomorrow’s Budget, Chancellor Alistair Darling is expected to announce that a basic bank account will be available to everyone. The announcement, which was leaked to the BBC today, will mean everyone has a legal right to have a bank account. According to the Treasury's Financial Inclusion taskforce, there are 1.75 million people in the UK that do not have ...




New mortgage lending up 16%

by Gill Montia
”New
New figures from the British Bankers' Association (BBA) show February's gross mortgage lending at £8.6 billion, having staged a recovery from January's low of £8 billion. The number of house purchase loans approved by the UK's banks leapt 16% year-on-year, to 35,276, having managed a slight increase on January's figure of 35,154. Furthermore, the value of the typical house purchase approval stood at ...




February 23, 2010

New mortgage lending falls away

by Gill Montia
”New
The British Bankers' Association (BBA) has reported that mortgage lending in January was "relatively weak", as adverse weather conditions and an inflated December market impacted on house sales. Last month, BBA members approved 35,000 loans to home buyers, down from 46,000 in December but up 37.8% on a year earlier. Remortgaging approvals stood at 20,252, compared with 23,609 in December, and were down ...




January 26, 2010

Mortgage lending stronger in December

by Gill Montia
”Mortgage
Mortgage lending by Britain's High Street banks strengthened slightly in December, although the end of the stamp duty holiday is likely to have prompted a surge in completions before the New Year. The British Bankers' Association (BBA) reported net lending of £3.5 billion during the month, up from £3.4 billion in November and showing an annual rise of 4.6%. December approvals for house purchases ...