Tag: Libor

Barclays’ chairman resigns over rate-fixing scandal

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 [...]

July 2, 2012 | 0 Comments More
Barclays, RBS and LLoyds could face criminal investigations

Barclays, RBS and LLoyds could face criminal investigations

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 [...]

June 28, 2012 | 0 Comments More
Eurozone crisis could push up mortgage cost

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 [...]

November 11, 2011 | 0 Comments More
Mortgage interest rates could rise steeply

Mortgage interest rates could rise steeply

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 [...]

March 24, 2009 | 0 Comments More
Swiss National Bank slashes interest rate

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 [...]

December 11, 2008 | 0 Comments More
Hope for homeowners as Libor falls 1%

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 [...]

November 7, 2008 | 0 Comments More
BoE announce liquidity measures

BoE announce liquidity measures

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, [...]

October 17, 2008 | 0 Comments More
Shift in Libor bodes well for UK mortgage market

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 [...]

October 15, 2008 | 0 Comments More
HSBC and Yorkshire BS increase mortgage rates

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 [...]

September 25, 2008 | 0 Comments More
Remortgagers should make haste as Libor rises

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 [...]

September 24, 2008 | 0 Comments More
Woolwich cuts rates but Libor rises

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: [...]

September 16, 2008 | 0 Comments More