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News Tag: Libor

December 11, 2012

HSBC fined $1.92 billion by US authorities

by Jan Harris
HSBC fined $1.92 billion by US authorities
HSBC has received a record $1.9 billion (£1.2 billion) fine from US federal and state authorities after its poor money laundering controls allowed it to be used as a conduit for drug barons and nations on which sanctions had been imposed, including Iran. Following a multi-agency investigation HSBC was charged with violating sanctions by transferring billions of dollars for sanctioned nations ...




October 9, 2012

Barclays expands through ING Direct acquisition

by Jan Harris
Barclays expands retail operations through ING Direct acquisition
Barclays is acquiring the UK operations of Dutch banking and insurance group ING Direct. Barclays will take on ING UK’s £10.9bn of deposits and its £5.6bn mortgage book, as well as 750 employees and 1.5 million customers. ING, which has its UK headquarters in Reading, is divesting its UK assets to help raise funds to repay the bailout loan it received ...




August 24, 2012

RBS could receive higher fine than Barclays for rate-rigging

by Jan Harris
RBS could receive higher fine than Barclays for rate-rigging
The Royal Bank of Scotland could be more heavily involved in inter-bank rate fixing than Barclays, an MP has suggested. John Mann, a Labour MP on the Treasury select committee, speculated that RBS could receive a fine in excess of the £290 million incurred by Barclays, if the allegations prove true. A source from within RBS recently said that ...




August 9, 2012

Barclays appoints new chairman

by Jan Harris
Barclays appoints new chairman
Barclays has announced the appointment of Sir David Walker as its new chairman. He will take over from Marcus Agius who resigned from the role after Barclays was fined £290 million by regulators in the UK and US for manipulating Libor, the interbank lending rate. The appointment of Sir David, a respected and experienced banker, should help Barclays gain the respect and trust of ...




July 2, 2012

Barclays’ chairman resigns over rate-fixing scandal

by Jan Harris
Barclays’ chairman resigns over rate-fixing scandal
Barclays’ chairman Marcus Agius has announced his resignation after last week’s revelation that the bank had been fined £290m for attempting to manipulate Libor; the rate of interest that banks charge to lend money to each other. An investigation by the Financial Services Authority (FSA) discovered that Barclays’ traders had lied about the interest rate other banks were charging it for loans. This ...




June 28, 2012

Barclays, RBS and LLoyds could face criminal investigations

by Jan Harris
Barclays, RBS and LLoyds face criminal investigation
Barclays, which has been fined £290m for misconduct by regulators in the UK and the US, could face criminal investigations, along with Royal Bank of Scotland and Lloyds Banking Group. Barclays received the record fine for allegedly manipulating Libor, the London interbank lending rate, and Euribor, the European interbank lening rate. The bank is believed to have given false information in ...




November 11, 2011

Eurozone crisis could push up mortgage cost

by Jan Harris
Eurozone crisis could push up mortgage cost
Brokers have noticed a rising trend on mortgage rates and are blaming it on the current crisis in the eurozone. Woolwich, Halifax and Santander, Nationwide, ING and the Chelsea Building Society have all increased tracker mortgage rates recently, reversing this summer’s trend for rates to become more competitive. The Chelsea Building Society has increased the cost of some tracker mortgages ...




March 24, 2009

Mortgage interest rates could rise steeply

by Peter Charalambous
 Mortgage interest rates are unlikely to fall with a 9% rate likely
Lord Turner, the Financial Service Authority’s chairman, has said that as a result of increased regulatory control consumers are likely to face higher mortgage rates as costs are passed on. The FSA is now considering a number of new measures in order to avert any future banking crisis. The primary consideration is looking to increase the ...




December 11, 2008

Swiss National Bank slashes interest rate

by David Masters
Swiss National Bank slashes interest rate
Switerland's central bank today cut its rate of interest to 0.5%, the fourth consecutive rate cut in three months, and a four year low. The Swiss National Bank (SNB) also warned that the oncoming recession facing the Swiss economy will be the worst since 1982. Deterioration on global economic markets and in the international finance sector will have a significant impact on the ...




November 7, 2008

Hope for homeowners as Libor falls 1%

by Gill Montia
Hope for homeowners as Libor falls 1%
Mortgage lenders have been ordered to pass on to customers yesterday's 1.5% cut in the Bank of England's base rate, to 3%. Chancellor of the Exchequer, Alistair Darling, called leading lenders to a meeting early today and Prime Minister Gordon Brown is backing up the Treasury's actions by stating that the Government is determined to get banks to resume lending. The UK's ...




October 17, 2008

BoE announce liquidity measures

by Kay Mitchell
”BoE
The Bank of England (BoE) is attempting to thaw the frozen credit markets by introducing permanent liquidity schemes. Some aspects of the Special Liquidity Scheme (which allows banks to swap illiquid assets such as mortgage-backed securities for highly liquid assets such as Treasury bills) is to be a permanent fixture of the money markets. Furthermore, Mervyn King, the Bank of England’s Governor, said there ...




October 15, 2008

Shift in Libor bodes well for UK mortgage market

by Gill Montia
Shift in Libor bodes well for UK mortgage market
Some relief for mortgage interest rates could be in sight following the rescue packages for banks announced by Governments in Europe and the US, earlier this week. Libor, the rate at which banks lend to one another, has eased back slightly and three month Libor, a rate crucial to the UK mortgage market, has fallen to 6.21%, down from ...




September 25, 2008

HSBC and Yorkshire BS increase mortgage rates

by Gill Montia
HSBC and Yorkshire BS increase mortgage rates
Predictions that mortgage interest rates would rise in response to last week's events on Wall Street are being fulfilled sooner rather than later. HSBC is increasing rates by 0.3% for borrowers with small deposits; interest on a two-year fixed-rate loan for a borrower with a 10% deposit will rise to 6.27% from tomorrow. However, for customers with a 25% deposit the ...




September 24, 2008

Remortgagers should make haste as Libor rises

by Gill Montia
Remortgagers should make haste as Libor rises
Financial news and price comparison website, Fool.co.uk, is urging homeowners who need to remortgage, to act quickly because competitive deals are likely to disappear. The firm has been watching Libor, the interest rate at which banks lend to one another and is predicting that mortgage rates will be on the rise again marking the end of a period when the UK's ...




September 16, 2008

Woolwich cuts rates but Libor rises

by Gill Montia
Woolwich cuts rates but Libor rises
Woolwich, the mortgage lending arm of Barclays, is launching a new range of loans at up to 75% loan-to-value (LTV). The deals include a three-year fixed-rate mortgage at 5.84%, and a two-year fix at 5.99%. The lender is also providing new loans at a maximum LTV of 60% and with a £995 fee as follows: two-year fixed-rate down from 5.99% to 5.79%; three-year ...