Consumers and businesses are still suffering from the aftermath of the software failure which hit the RBS group two weeks ago. NIAVAC, a small Belfast-based firm claims that £50,000 in electronic payments has disappeared from its account with Ulster Bank. It was also revealed this week that some RBS and NatWest customers had duplicate debits [...]
Some customers of NatWest, RBS and Ulster Bank are still experiencing difficulties in accessing their money, with problems caused by an IT failure dragging on into another weekend. Although the group claims that 99% of RBS and NatWest accounts are now up to date, hundreds of branches are opening with extended hours again this weekend [...]
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 [...]
Most RBS and NatWest customers should now find that their accounts are up to date, although Ulster Bank customers may still be experiencing difficulties following the computer problems which started more than a week ago. With 99% of RBS and NatWest accounts updated, the banking group will turn its attention to Ulster Bank, whose customers [...]
Last week’s computer error is expected to continue causing problems for customers of Royal Bank of Scotland, NatWest and Ulster Bank until Tuesday, the bank said yesterday. The problems started after a software update was carried out on Tuesday. The update stopped transactions going in and out of customers’ accounts during the night, leaving customers [...]
The UK government is negotiating with Abu Dhabi sovereign wealth funds over the sale of a stake in Royal Bank of Scotland (RBS), the BBC reported yesterday. It is believed that Abu Dhabi, which is part of the oil-rich United Arab Emirates, could buy up to a third of the government’s 82% stake in the [...]
Royal Bank of Scotland made a loss of nearly £2 billion last year but still paid out £785 million in bonuses to staff, including £390 million to investment bankers. The average bonus per group employee was £5,346, but the bank’s 17,0000 investment bankers received an average bonus of £22,941. Bankers’ bonuses have come under intense [...]
Credit ratings agency Fitch has today downgraded two UK banks and placed one on a negative watch. Fitch downgraded Lloyds and Royal Bank of Scotland’s (RBS) long-term credit rating to an A rating from AA-. It also placed Barclays on a negative watch, meaning a downgrade is possible in the future. In a statement, Fitch [...]
Shares in Royal Bank of Scotland (RBS) lost 10% today after it emerged that the bank is being sued by America’s Federal Housing Finance Agency (FHFA) over the sale of residential mortgage-backed securities (RMBSs). The FHFA was established in July 2008 when Fannie Mae and Freddie Mac had to be rescued which, at the time, [...]
The Royal Bank of Scotland (RBS) has barred some of its customers from using rival cash machines because the bank incurs a charge each time. The decision will affect almost a million people with basic bank accounts who do not have access to an overdraft or a cheque book. With immediate effect, they will only [...]
The Royal Bank of Scotland (RBS) has today unveiled a loss of £1.4 billion for the six months to the end of June. The bank, which is 84% owned by the taxpayer, said its exposure to the Greek debt crisis and costs relating to the mis-selling of Payment Protection Insurance (PPI) pushed it into a [...]
Royal Bank of Scotland (RBS) is being sued by a division of the US Government for millions of dollars over failed US mortgage bonds - residential mortgage-backed securities (RMBS). Investors lost hundreds of billions of dollars when these types of investments went sour and resulted in the financial crisis in autumn 2008. RBS, which is [...]
The Royal Bank of Scotland (RBS), which is 83% owned by the taxpayer, has today announced it has agreed to sell a portfolio of Spanish real estate loans and assets to Perella Weinberg Real Estate Fund I LP, in a deal worth £247 million (€286 million). RBS has been selling assets under the orders of [...]
Royal Bank of Scotland (RBS), which is 83% owned by the taxpayer, has disclosed details of the amount of money it paid to its key staff in 2010. The bank said its 323 key staff were paid a total of £375 million last year - after already divulging its chief executive, Stephen Hester, received a [...]
The Royal Bank of Scotland (RBS) has today revealed its chief executive, Stephen Hester, will receive an extra shares bonus worth up to £4.5 million - taking his total pay package to £7.7 million for 2010. The bank, which is 83% owned by the taxpayer, also unveiled bonus payments for several of its other executives. [...]
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 [...]
Royal Bank of Scotland (RBS), which is 84% owned by the taxpayer, has today reported a net attributable loss of £1.13 billion for the 2010 year. While the loss is down from the £3.6 billion reported for 2009, it was higher than analysts had expected. The results are also a significant improvement on the £24.1 [...]
The Office for National Statistics (ONS) has today revealed public sector net borrowing totalled £15.3 billion in December - lower than forecasts of £18.1 billion and a fall from November‘s record high. However, it was slightly above December 2009′s total of £14.3 billion. The fall was attributed to the cost of Government support for Royal [...]
There is speculation that the Royal Bank of Scotland (RBS) is in talks with the Treasury about its early exit from the Government’s Asset Protection Scheme (APS). The scheme, which insurers against losses arising from toxic assets, was established in 2009 to boost confidence in the system following the financial crisis in autumn 2008. It [...]
The Royal Bank of Scotland (RBS), which is 83% owned by the taxpayer, has today announced it has agreed to sell the Priory Group - the care home and clinic renowned for treating celebrities. The bank has offloaded the business to private equity firm, Advent International, in a deal worth £925 million. RBS has been [...]
Airlines to make card charges more transparent
Airlines will make debit and credit card charges clearer for customers, following an investigation by the Office of Fair Trading (OFT). The investigation was launched in March following a supercomplaint from the independent consumer body Which? Twelve airlines have agreed to include debit card surcharges in the headline price rather than add them on at [...]
Bank expands quantitative easing to £375 billion
The Bank of England (BoE) is injecting another £50 billion into the economy, increasing its quantitative easing programme to £375 billion in total. The BoE decided to increase the bond buying programme due to slowing growth in export markets and the ongoing recession. The Bank has also decided that interest rate will remain at the [...]
Shopacheck fined £150,000 for losing customer data
Welcome Financial Services has been fined £150,000 for losing tapes containing details of loans made to 510,000 customers of its Shopacheck service. Shopacheck offers loans to people with a low credit rating, often at an APR as high as 399.7 per cent. The lost tapes also held bank account details and CV information for 20,000 [...]
Personal injury claims soar despite fewer accidents
The number of road accidents fell by 11 per cent in 2011 and yet the number of personal injury claims increased by 18 per cent. The figures were revealed in a report by the Institute And Faculty Of Actuaries. The study found that more personal injury claims are made in areas which are well supplied [...]
£50,000 ‘lost’ following RBS computer glitch
Consumers and businesses are still suffering from the aftermath of the software failure which hit the RBS group two weeks ago. NIAVAC, a small Belfast-based firm claims that £50,000 in electronic payments has disappeared from its account with Ulster Bank. It was also revealed this week that some RBS and NatWest customers had duplicate debits [...]
Number of tenants with rent arrears up 24%
The number of tenants more than two months behind on their rent has increased by nearly a quarter over the past year, according to chartered surveyors Templeton LPA, The number if tenants in serious arrears increased by 8 per cent in the second quarter of 2012 to 100,400, its highest level since tenant arrears tracker [...]
Bank of England reports increase in personal debt
Bank of England figures for May show an increase in consumer debt, with new unsecured borrowing £732m higher than repayments. This represents a substantial increase from the average of the past six months of £403m. Borrowing through loans and overdrafts increased sharply in May according to the Bank’s figures. However credit card borrowing increased by [...]
House prices stall and could fall
House price growth stalled in June according to new figures from property analyst Hometrack. New buyer registrations were 0.5 per cent lower in June, the first time they have fallen on a month-on-month basis, for the past five months. Supply continued to increase, causing prices to fall even further. The only place which saw an [...]
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 [...]
NatWest, RBS and Ulster Banks still affected by IT failure
Some customers of NatWest, RBS and Ulster Bank are still experiencing difficulties in accessing their money, with problems caused by an IT failure dragging on into another weekend. Although the group claims that 99% of RBS and NatWest accounts are now up to date, hundreds of branches are opening with extended hours again this weekend [...]
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