Tag: loan

Greece will receive fifth tranche of bailout loan

Greece will receive fifth tranche of bailout loan

Euro zone finance ministers have approved the latest instalment of financial aid for Greece. The latest tranche of €12 billion will be released this month so the crisis-torn economy can avoid defaulting on its mountain of debt. The release of the funds comes after the Greek parliament approved fresh austerity measures, which include further spending [...]

July 3, 2011 | 0 Comments More
EU leaders agree to give Greece another €120bn

EU leaders agree to give Greece another €120bn

A second rescue package for Greece has been agreed, which is understood to be in the region of €120 billion. The money will come from its fellow euro zone nations, as well as the International Monetary Fund (IMF). The news of the deal sent stockmarkets higher this morning after the crisis-torn economy has been thrown [...]

June 24, 2011 | 0 Comments More
Greek PM survives confidence vote

Greek PM survives confidence vote

Greek Prime Minister George Papandreou last night survived a crucial confidence vote by 155 to 143. EU leaders were insistent that Mr Papandreou’s new cabinet secure support for new austerity measures that are a condition of the latest instalment of financial aid for the country. MPs will now have to approve the next round of [...]

June 22, 2011 | 0 Comments More
Greek PM faces confidence vote

Greek PM faces confidence vote

Later today, Greece’s Prime Minister, George Papandreou, faces a confidence vote after the crisis-torn country needs to introduce further austerity measures in order to avoid the euro zone’s first sovereign debt default. EU leaders are insistent that the PM secure support for the measures that are a condition of the latest instalment of financial aid. [...]

June 21, 2011 | 0 Comments More
Euro zone debt crisis could affect UK recovery

Euro zone debt crisis could affect UK recovery

Treasury Minister, Mark Hoban, has today said the ongoing “instability” in the euro zone could hold back the recovery of the UK economy. While banks in the UK only have a small exposure to Greek debt compared with France and Germany, it could still have a considerable impact on the economy. Mr Hoban was responding [...]

June 20, 2011 | 0 Comments More
European stocks down on Greece loan decision

European stocks down on Greece loan decision

Euro zone finance ministers have failed to reach an agreement on Greece’s next loan instalment of €12 billion, which has sent European stocks down – with banking shares hit hardest. Ministers met in Luxembourg yesterday but delayed their decision on the fifth instalment of Greece’s €110 billion loan until the country introduces further austerity measures. [...]

June 20, 2011 | 0 Comments 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 | 0 Comments More
Profits continue to rise at Standard Chartered

Profits continue to rise at Standard Chartered

London-based emerging markets bank, Standard Chartered, has today posted annual pre-tax profits of $6.122 billion (£3.76 billion) compared with $5.151 billion in 2009. The bank, which has a strong presence in Asia, said the rise was driven by a fall in loan impairment losses, which dropped 56% to $883 million. The bank has weathered the [...]

March 2, 2011 | 0 Comments More
JPMorgan reports 47% rise in earnings

JPMorgan reports 47% rise in earnings

The reporting season for US banks has got off to a flying start after JPMorgan announced income surged 47% in the fourth quarter. Fourth-quarter profit increased to $4.8 billion, or $1.12 a share, from $3.3 billion, or 74 cents a share, compared with the year ago period. Analysts expected $1 a share. Meanwhile, revenue grew [...]

January 16, 2011 | 0 Comments More
EU agrees to set up permanent euro zone bailout fund

EU agrees to set up permanent euro zone bailout fund

At yesterday‘s EU summit, leaders agreed to establish a permanent mechanism to bailout any nation whose large public deficits threaten the 16-member euro zone. The agreement comes after Greece and Ireland have already been the recipients of multi-billion euro bailouts from the European Union and the International Monetary Fund. EU President Herman Van Rompuy said [...]

December 17, 2010 | 0 Comments More
Greece set to receive third instalment of rescue loan

Greece set to receive third instalment of rescue loan

The International Monetary Fund (IMF) has today announced that Greece has met the conditions of its loan and will therefore receive the third instalment of its bailout loan. In May, the EU and the IMF agreed to loan €110 billion. The three-year rescue deal comprises €80 billion from the EU, with the rest coming from [...]

November 23, 2010 | 0 Comments More
Irish bailout brings political uncertainty

Irish bailout brings political uncertainty

The emergency bailout for Ireland has resulted in political uncertainty after the Green Party (a partner in the Government) called for a general election. The Green Party’s leader, John Gormley, said: “We have now reached a point where the Irish people need political certainty to take them beyond the coming two months. “So, we believe [...]

November 22, 2010 | 0 Comments More
My Home Finance launched for those unable to secure a loan

My Home Finance launched for those unable to secure a loan

The coalition Government has introduced a new scheme aimed at borrowers with a poor credit history or those on a low income. My Home Finance has been set up by the Government and the National Housing Federation (NHF), with 10 branches opening across the West Midlands by the end of next month. If successful, the [...]

September 23, 2010 | 0 Comments More
Greece will receive second instalment of rescue loan

Greece will receive second instalment of rescue loan

The European Union has today announced that Greece has met the conditions of its loan and will therefore receive the second instalment of its bailout loan on 13 September. In May, the EU and the IMF agreed to loan €110 billion. The three-year rescue deal comprises €80 billion from the EU, with the rest coming [...]

August 19, 2010 | 0 Comments 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 | 0 Comments More
Greece makes ‘considerable progress’

Greece makes ‘considerable progress’

International Monetary Fund (IMF) and European Union (EU) auditors have today said Greece has made “considerable progress” in dealing with its public deficit. For many months now, Greece has been making big cuts to public spending. However, this has met with strong opposition from unions. Greece’s two main unions have launched several strikes this year [...]

August 5, 2010 | 0 Comments More
Nationwide introduces low personal loan rates

Nationwide introduces low personal loan rates

Those wishing to consolidate their dates after the expensive Christmas period may be interested to learn about the Nationwide’s new loan deals, which were launched earlier this week. Nationwide has introduced a new personal loan rate of 7.6% APR typical for loans of between £7,500 and £14,999 for up to five years for its main [...]

January 7, 2010 | 0 Comments More
Iceland president vetoes repayment to UK

Iceland president vetoes repayment to UK

Icelandic President, Olafur Ragnar Grimsson, has vetoed the repayment of a £2.3 billion loan to the UK Government. The debt relates to the collapse of Landsbanki which collapsed at the height of the banking crisis in autumn 2008 and 300,000 British savers saw their accounts frozen with the bank’s online Icesave brand. The Treasury stepped [...]

January 5, 2010 | 0 Comments More
Watford FC on the brink of administration

Watford FC on the brink of administration

Shares in Watford Football Club have been suspended after its parent company, Watford Leisure, warned it may enter administration. The Club, nicknamed The Hornets, is currently 10th with 30 points in the 24-team Coca-Cola Championship. Watford Leisure recently announced it would run out of cash before Christmas if it did not secure further funding and [...]

December 16, 2009 | 0 Comments More
Bank of America to repay bailout

Bank of America to repay bailout

Bank of America is to repay the $45 billion (£27 billion) of US Government bailout funds. The banking giant received the funds at the height of the financial crisis after accepting the Troubled Asset Relief Program (TARP). The repayment of the loan will see the bank escape curbs on executive pay, which in turn, has [...]

December 3, 2009 | 0 Comments More