Tag: financial crisis

UK banks must raise more capital to cover risks

UK banks must raise more capital to cover risks

UK banks need to raise £60 billion to meet regulatory risk standards and to cover fines and compensations for mis-selling, the Bank of England says in its Financial Stability Report (FSR). Banks will need between £5 billion and £35 billion to meet regulator risk standards the report said, while a further £4 billion to £10 […]

November 29, 2012 More
Chancellor wins on banking regulations

Chancellor wins on banking regulations

Chancellor of the Exchequer George Osborne has secured a key agreement allowing the UK government to regulate its banks more strictly than other EU member states. The agreement was secured in Brussels between European Union finance ministers. It allows the UK to ring-fence retail banking operations from riskier investment banking operations in order to protect […]

May 16, 2012 More
Vince Cable: Economy in bad shape

Vince Cable: Economy in bad shape

Vince Cable has spoken of how bad the British economy has been hit after the global financial crisis. According to the Business Secretary, the crisis and the recession has meant the country is poorer and it has been a “challenge” for the Government to explain what a bad state the economy is in. Speaking to […]

May 22, 2011 More
Iceland’s economy contracts in Q4

Iceland’s economy contracts in Q4

Official figures today from Statistics Iceland revealed the economy contracted 1.5% in the October the December period. The figures come after the economy grew for the first time in the third quarter after contracting for seven consecutive quarters. The small economy of Iceland only emerged from its deep recession in the third quarter of last […]

March 8, 2011 More
Lloyds reports first annual profit since bailout

Lloyds reports first annual profit since bailout

Banking giant Lloyds has today reported it has returned to profit – its first since the bank had to be rescued by the Government at the height of the financial crisis in autumn 2008. Lloyds Banking Group, which is 41% owned by the taxpayer, posted pre-tax profits of £2.2 billion, compared with a £6.3 billion […]

February 25, 2011 More
Investigation concludes financial crisis could have been avoided

Investigation concludes financial crisis could have been avoided

The US Financial Crisis Inquiry Commission has concluded that the financial crisis of 2008 could have been prevented. The investigation into the crisis, which was overseen by Alan Greenspan – former chairman of US central bank, the Federal Reserve, saw over 700 witnesses interviewed. The 10-member Commission, established in May 2009, said Government officials and […]

January 28, 2011 More
Lloyds’ chief expected to take £2m bonus

Lloyds’ chief expected to take £2m bonus

January 12, 2011 More
City Watchdog to publish RBS report

City Watchdog to publish RBS report

The Financial Services Authority (FSA) is set to publish a report on the near collapse of Royal Bank of Scotland (RBS) following an investigation into the bank. The report, to be published by the end of March, comes after the bank had to be bailed out at the height of the financial crisis in autumn […]

December 16, 2010 More
Iceland finally emerges from recession

Iceland finally emerges from recession

Iceland has finally emerged from recession after its economy contracted for seven consecutive quarters. Official figures today from Statistics Iceland revealed the economy grew by 1.2% in the July to September period. However, on an annual basis, the economy shrank by 1.6%. The once-thriving financial sector collapsed in October 2008 which led to three of […]

December 7, 2010 More
Eric Daniels calls for Lloyds to keep HBOS

Eric Daniels calls for Lloyds to keep HBOS

Outgoing chief executive of Lloyds Banking Group, Eric Daniels, is calling on the Government to allow the bank to keep HBOS. The controversial takeover, which occurred at the height of the financial crisis, could be scrapped if a Government investigation establishes it has damaged competition. Final recommendations with regard to the takeover will be known […]

November 25, 2010 More
RBS axes further 500 jobs

RBS axes further 500 jobs

It has been reported that the Royal Bank of Scotland (RBS) is axing approximately 500 administrative jobs at its investment banking division. The bank, which is 84% owned by the taxpayer, has axed around 26,000 jobs since the onset of the financial crisis. In a statement today, the bank said: “We continue to make efficiencies […]

September 27, 2010 More
Anglo Irish debt rating cut by Moody’s

Anglo Irish debt rating cut by Moody’s

Troubled lender, Anglo Irish Bank, has today had its debt rating slashed by credit agency Moody’s, sending the euro down against the US dollar. Moody’s cut the bank’s senior unsecured debt by three notches to Baa3 – just one notch above junk status. It also downgraded Anglo Irish’s subordinated debt by six notches to Caa1. […]

Nick Clegg warns banks of bonus crackdown

Nick Clegg warns banks of bonus crackdown

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 […]

September 21, 2010 More
Survey raises double dip fears

Survey raises double dip fears

A survey by accountancy firm, BDO LLP, has revealed business confidence has slumped to a level not seen since the height of the financial crisis two years ago. The firm’s optimism index (which reflects how businesses expect trading to develop two quarters ahead), fell from 95.5 in July to 93.1 last month. According to BDO, […]

September 13, 2010 More
Global regulators meet to agree stricter bank rules

Global regulators meet to agree stricter bank rules

As the second anniversary of the Lehman Brother collapse nears, regulators and central bank governors have met in Basel, Switzerland this weekend to discuss tougher capital rules. The agreement could force banks to raise fresh equity in order to withstand future downturns in the global financial system. Following the global financial crisis, the G20 leading […]

September 12, 2010 More
Virgin Money brings new jobs to Scotland

Virgin Money brings new jobs to Scotland

Virgin Money is to bring 200 jobs to Edinburgh, it has been announced today. The financial division of Sir Richard Branson’s Virgin Group was granted a banking licence by city watchdog, the Financial Services Authority, earlier this year. The launch of the retail bank later comes at a time when consumers have lost confidence in […]

September 8, 2010 More
Iceland’s central bank cuts interest rates to 7%

Iceland’s central bank cuts interest rates to 7%

Iceland’s Central Bank (Sedlabanki Islands) has slashed its key interest from 8% to 7%. While a cut was expected, it was not as much as economists had forecast after inflation eased and the country’s currency, the krona, strengthened. The central bank has aggressively cut interest rates after they hit a record high of 18% in […]

August 18, 2010 More
Over-50s slash retirement savings

Over-50s slash retirement savings

Britain’s over-50s have reduced their retirement savings by nearly £18 billion over the last year, according to new research by LV=. The pensions, investments and insurance group found 21% of those approaching retirement have reduced their retirement savings by an average of more than £300 per month in the past 12 months. In the same […]

July 19, 2010 More
European Parliament approves cap on bankers’ bonuses

European Parliament approves cap on bankers’ bonuses

From January next year, restrictions on bankers’ bonuses will take effect, the European Parliament has announced today. Under the deal agreed by the EU members last month, cash bonuses will be capped at 30% of the total bonus. 60% of bonuses should be variable and for future payment only, with at least 40% having to […]

July 7, 2010 More
Ethical finance entering the mainstream

Ethical finance entering the mainstream

Since the financial crisis city bankers, fund managers and financial advisers have become more aware than ever before of green and ethical investment options. Recent research by F&C Investments found 73% of investors would consider taking advantage of an ethical investment trust if one became available. According to the UK sustainable investment and finance association […]

June 11, 2010 More