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News Tag: financial crisis

November 29, 2012

UK banks must raise more capital to cover risks

by Jan Harris
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 billion will be needed ...




May 16, 2012

Chancellor wins on banking regulations

by Jan Harris
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 them in the event of another financial crisis. This ...




May 22, 2011

Vince Cable: Economy in bad shape

by Kay Mitchell
”Vince
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 the Guardian, Mr Cable also warned British households ...




March 8, 2011

Iceland’s economy contracts in Q4

by Kay Mitchell
”Iceland’s
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 year and should the economy see a further contraction ...




February 25, 2011

Lloyds reports first annual profit since bailout

by Kay Mitchell
”Lloyds
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 loss in 2009. The results beat expectations ...




January 28, 2011

Investigation concludes financial crisis could have been avoided

by Kay Mitchell
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 bankers failed to see the ...




January 12, 2011

Lloyds’ chief expected to take £2m bonus

by Kay Mitchell
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December 16, 2010

City Watchdog to publish RBS report

by Kay Mitchell
’City
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 2008, leaving it 83%-owned by the taxpayer. However, ...




December 7, 2010

Iceland finally emerges from recession

by Kay Mitchell
”Iceland
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 Iceland’s largest banks (Glitnir, Landsbanki and Kaupthing) having to ...




November 25, 2010

Eric Daniels calls for Lloyds to keep HBOS

by Kay Mitchell
’Eric
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 next September, however, an interim report ...




September 27, 2010

RBS axes further 500 jobs

by Kay Mitchell
”RBS
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 across our business to ensure that we have the ...




Anglo Irish debt rating cut by Moody’s

by Kay Mitchell
”Anglo
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. The bank, which was nationalised in January 2009, ...




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 ...




September 13, 2010

Survey raises double dip fears

by Kay Mitchell
”Survey
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, this represents the first time the index had dropped ...




September 12, 2010

Global regulators meet to agree stricter bank rules

by Kay Mitchell
’Global
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 nations urged regulators and central bankers ...




September 8, 2010

Virgin Money brings new jobs to Scotland

by Kay Mitchell
”Virgin
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 existing High Street banks following the financial ...




August 18, 2010

Iceland’s central bank cuts interest rates to 7%

by Kay Mitchell
”Iceland’s
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 October 2008 - at the height ...




July 19, 2010

Over-50s slash retirement savings

by David Masters
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 period, just one in 12 of the UK's non-retired over-50s ...




July 7, 2010

European Parliament approves cap on bankers’ bonuses

by Kay Mitchell
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 be deferred for three years and ...




June 11, 2010

Ethical finance entering the mainstream

by David Masters
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 (UKSIF), this is evidence that ethical finance is entering ...