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News Tag: credit crunch

May 15, 2012

Personal debt soared prior to credit crunch

by Jan Harris
Personal debt soared prior to credit crunch
Household borrowing soared in the decade leading up to the start of the financial crisis in 2008 according to a report by the National Institute for Economic and Social Research (NIESR) and the Resolution Foundation. Household spending, GDP and property prices all increased steadily between 1997 and 2007 but the report suggests that this growth was heavily based on borrowing. The study ...




February 16, 2012

More buy-to-let mortgages approved

by Jan Harris
More buy-to-let mortgages approved
The number of properties bought with buy-to-let mortgages increased by 84,000 in 2011 according to the Council of Mortgage Lenders’ latest figures. In the final quarter, 34,800 buy-to-let mortgages totalling £4 billion were approved, compared with 26,300 worth a total of £2.9 billion, in the 2010 final quarter. Demand for rented accommodation has increased significantly since the 2007 credit crunch caused ...




November 17, 2011

Government sells Northern Rock to Virgin Money

by Jan Harris
Government sells Northern Rock to Virgin Money
The government has announced the sale of Northern Rock to Virgin Money for £747m, representing a loss of £650m on the £1.4bn of public money it injected into the Newcastle-based bank. The chancellor, George Osborne said that the deal was “an important first step in getting the taxpayer out of the business of owning banks". Northern Rock was taken into ...




July 5, 2011

Report reveals rise in mortgage availability

by Kay Mitchell
”Report
Figures from Moneyfacts have revealed in the number of mortgage products. The credit crunch resulted in a tightening of lending criteria and mortgages have been hard to secure without a substantial deposit. However, the number of different mortgage products has risen to its highest level since November 2008, according to Moneyfacts, due to increased competition. In particular, mortgages offering just a 10% deposit are ...




April 26, 2011

UBS announces first quarter results

by Kay Mitchell
’UBS
Swiss banking giant UBS has today reported a net profit of SwFr1.8 billion (£1.2 billion) in the first quarter of the year. However, this represented an 18% fall on the same period a year ago but 7% higher than the final quarter of 2010. The bank, which is Switzerland’s largest, was among one of the worst hit victims of the credit crunch due to ...




April 2, 2011

Survey reveals mortgage availability set to improve

by Kay Mitchell
Survey reveals mortgage availability set to improve
There is some good news for the housing market after a Bank of England survey revealed mortgage availability is set to improve in the coming months. The survey comes as mortgage lending continues to remain subdued as first-time buyers, in particular, struggle to obtain a mortgage unless they have a substantial deposit. Since the credit crunch more than three years ago, lending ...




March 9, 2011

Northern Rock reports £232m loss

by Kay Mitchell
”Northern
Crisis-torn Northern Rock has today unveiled an underlying loss of £232.4 million for the 2010 year for its so-called “good“ bank. Despite the loss, the Newcastle-based bank will pay more than £13 million in bonuses to its 4,000-strong workforce. The bonus comes despite executive chairman Ron Sandler describing the losses as "disappointing". He comments: "2010 represented a year of significant restructuring for Northern Rock ...




December 29, 2010

First-time buyers still require hefty deposit

by Kay Mitchell
First-time buyers still require hefty deposit
Research from the Halifax has revealed first-time buyers are still struggling to get onto the property ladder unless they have a hefty deposit. The mortgage lender said a first-time buyer has to find at least £29,000 in order to secure a mortgage, while those in London require almost double that (£50,000). Since the credit crunch more than three years ago, banks and ...




October 26, 2010

Swiss bank UBS unveils Q3 results

by Kay Mitchell
”Swiss
Swiss banking giant UBS has today reported a net profit of SwFr1.66 billion (£1.1 billion) for the July to September period – exceeding analysts’ expectations. The figures compare with a loss of SwFr564 million for the third quarter a year ago. For the first time since the financial crisis, the bank said it restored client cash flow. The bank was among one ...




August 3, 2010

Northern Rock’s bad bank back in profit

by Kay Mitchell
”Northern
Northern Rock Asset Management (NRAM), the so-called bad bank, has today reported it has returned to profit. The crisis-torn bank, which was the first victim of the credit crunch, said pre-tax profit for the first six months to the end of June were £349.7 million, compared with a loss of £724.2 million a year earlier. Meanwhile, the so-called good bank of profitable assets ...




July 27, 2010

UBS Q2 profits exceed expectations

by Kay Mitchell
”UBS
Swiss banking giant UBS has today reported a net profit of SwFr2.0 billion (£1.2 billion, $1.9 billion) for the April to June period - exceeding analysts' expectations. The news will be welcomed by many investors after the bank was among one of the worst hit victims of the credit crunch due to its exposure to the sub-prime mortgage crisis in the US ...




July 14, 2010

‘Era of debt-fuelled consumerism over’

by David Masters
'Era of debt-fuelled consumerism over'
The era of debt-fuelled consumer spending is over, a financial expert has claimed, pointing out Britain's consumer debts of nearly £1.5 trillion. Tim Moss, head of loans at moneysupermarket.com, seemed to be talking himself out of a job by claiming consumers can no longer afford to fund purchases on borrowed money. Consumers must face up to their financial situation and not "bury their heads ...




June 9, 2010

Saving the “victim” of the credit crunch

by David Masters
Saving rather than borrowing has been the "major victim" of the credit crunch, according to new research published this week. The study by unbiased.co.uk found that savings levels dropped from £38.7 billion between April and June 2008 to £19.9 billion between July and September 2008 and haven't recovered since. In the first three months of 2010 savers put aside just £16.5 billion. However, according to the research, many people are ...




May 24, 2010

Northern Rock savers lose 100% guarantee

by Kay Mitchell
”Northern
Savers with Northern Rock have today lost the 100% guarantee on their cash. The move, which was announced back in February, means the crisis-torn bank is back in line with its rivals but savers will still benefit from the £50,000 guarantee to all savers under the Financial Services Compensation Scheme (FSCS). The 100% guarantee was put in place after Northern Rock collapsed ...




May 12, 2010

Consumers wary of borrowing

by David Masters
Consumers wary of borrowing
Consumers are being more careful about how much they borrow, a debt advice charity has claimed. The Money Advice Trust said many consumers are wary of credit because of the financial problems that can be caused by being in debt. "We think the general attitude to debt has changed," said Joanna Elson, MAT chief executive. "People are now more cautious about borrowing and spending and think ...




May 4, 2010

UBS eyes recovery after huge losses

by Kay Mitchell
”UBS
Swiss banking giant UBS has today reported first-quarter net profit of SwFr2.2 billion boosted by a strong performance in its investment banking division. The earnings beat analysts forecasts of SwFr2.0 billion, according to a poll by economics newswire AWP. UBS is among one of the worst hit victims of the credit crunch due to its exposure to the sub-prime mortgage crisis in the ...




December 2, 2009

Credit mediator to be appointed in Germany to prevent another credit crunch

by Kay Mitchell
Credit mediator to be appointed in Germany to prevent another credit crunch
The German Government has named Joachim Metternich as the country’s new credit mediator in a bid to boost business lending. Mr Metternich, who currently heads up the public investment bank for the western German state of Rhineland-Palatinate, will take up his role in March 2010. The appointment comes after Germany's Economy Minister, Rainer Bruederle, and German ...




November 5, 2009

Ethical investments return to pre-crunch levels

by David Masters
Ethical investments return to pre-crunch levels
Investment in ethical funds has recovered to pre-credit crunch levels, new research has discovered. During the third quarter, investments in ethical funds reached more than double the total of ethical investments in the same period last year. Net sales of ethical funds between July and September were £59 million, compared to £21 million in the same three month period for 2008. The statistics were ...




October 30, 2009

Investors keep their principles during recession

by David Masters
Investors keep their principles during recession
The financial crisis has not changed the attitude of investors towards green and ethical investments, new research has discovered. In a poll of financial advisers just 18% said the economic downturns has impacted on the attitude of clients towards green and ethical investment. This is compared to 85% of advisers who said the crisis has impacted on client attitudes towards traditional investments. The UK ...




October 27, 2009

Credit crunched Brits choose cosy nights in

by David Masters
Credit crunched Brits choose cosy nights in
One in three Brits are saving money by going out less often and socialising at home. In a poll by Friends Provident, 35% of respondents said they have been going out less frequently since the recession began. One in five (22%) have become 'social-nesters', bringing their nights out into their own living room. A third (34%) of those polled said they are going ...