The price of gold has risen to a fresh all-time high of $1,610 an ounce on the back of US and euro zone debt worries. As debt concerns in the US build, the dollar continues to weaken and the price of gold typically moves in the opposite direction to the precious metal. Some believe gold [...]
The European Banking Authority (EBA) said eight out of 90 European banks failed the recent stress tests. The latest round of tests arose after last year’s failed to reveal the weakness among banks in Ireland and have been conducted to ensure banks have enough capital to cope with difficult economic situations, such as recession. The [...]
The European Banking Authority (EBA) will reveal the results of stress tests of 90 banks across Europe later today. The latest round of tests arose after last year’s failed to reveal the weakness among banks in Ireland and have been conducted to ensure banks have enough capital to cope with difficult economic situations, such as [...]
Fears for Italy becoming the next victim of the euro zone debt crisis sent stocks down today. The euro dived to a record low against the Swiss franc and fell to a four-month low against the Japanese yen. An emergency meeting took place today in Brussels as EU officials met to discuss the ongoing debt [...]
The Bank of Ireland has today reported its losses narrowed – surprising analysts. The country’s biggest lender said net losses for 2010 totalled €609 million (£5.44 million) – analysts had expected at least double due to the problems in Ireland’s banking sector. The bank performed well under recent stress tests and its shares were up [...]
Standard & Poor’s has cut Ireland’s credit rating by one notch to BBB+ from A- citing debt concerns but said further downgrades were now unlikely following recent stress tests. The ratings agency also said the outlook is stable and believes that the Irish economy is “set to gradually recover”. S&P credit analyst Frank Gill comments: [...]
It has been revealed that Ireland’s lenders will need an additional €24 billion (£21 billion) to weather the financial crisis. These were the findings of the stress tests conducted on Ireland’s banks – Allied Irish Banks, Bank of Ireland, Educational Building Society (EBS) and the Irish Life & Permanent. The latest stress tests were deemed [...]
The EU has commenced a new round of stress tests after last year’s failed to reveal the weakness among banks in Ireland. The latest tests, which will be headed up by the new European Banking Authority (EBA), are expected to be tougher and may include a liquidity test. However, regulators have yet to agree to [...]
Following the two-day meeting of European finance ministers in Brussels, it has emerged that Governments are in no hurry to increase the European Financial Stability Facility (EFSF) – otherwise known as the rescue fund. Greece and Ireland have received emergency bailouts from the fund and there has been speculation that weaker euro zone nations will [...]
The results of the European banking stress tests have been published over the weekend with just over half a dozen of the 91 banks failing the tests. The Committee of European Banking Supervisors (CEBS) said seven of the banks failed the tests, which were conducted to ease increasing anxiety over Europe’s finance sector. The banks [...]
The results of the European banking stress tests are to be published today. The stress tests were conducted to ease increasing anxiety over Europe’s finance sector. A total of 91 banks from across Europe have been tested and regulators have assessed whether banks are strong enough to cope with any future economic crises, or to [...]
The European Central Bank (ECB) today elected to keep interest rates on hold at the historic low of 1% for the 14th consecutive month, as widely expected. Interest rates are expected to remain on hold until at least 2011, as a result of uneven growth and low inflation. The news comes after the Bank of [...]
Global stock markets were rocked yesterday with the news that euro zone banks may face funding difficulties after it was revealed that the European Central Bank (ECB) would not be offering 12-month loans. A year ago, the ECB was forced to offer European banks 12-month loans at low interest rates to help them survive the [...]
City watchdog, the Financial Services Authority (FSA), has today announced banks will face stricter stress testing to ensure they can survive a further 4 years of falling economic growth and a 13.3% unemployment rate. Stress tests were introduced following the financial crisis to ensure that banks had sufficient capital to allow them to continue operating [...]
The UK’s FTSE 100 share index fell below the 5,000 mark today due to the overhaul of the UK’s banking sector. At 11:42 am, London’s FTSE 100 index was 111.56 points lower at 4,992.94, dipping below the 5,000 level for the first time since early October. Earlier today, the Treasury confirmed plans for Royal Bank [...]
US Treasury Secretary, Timothy Geithner, expects US banks to repay $25 billion (£16 billion) of bailout funds over the next 12 months. According to Mr Geithner, the money will be put towards helping other financial institutions in need of assistance. Mr Geithner told Congress it is imperative that the Government protect the remaining $123.7 billion [...]
Marek Belka, the International Monetary Fund’s (IMF) Europe director, is calling for European banks to undergo “rigorous stress tests” like those carried out in US banks. According to Mr Belka, “Europe is facing the economic storm of a lifetime and it urgently needs to weatherproof its institutions.” As a consequence, Mr Belka is urging European [...]
Following the recent stress tests on 19 US banks, it has now been revealed that ten of the banks require a total of $74.6 billion (£50 billion) in extra capital to cover future losses. The stress tests were conducted by the Federal Reserve to establish which financial institutions are in a position to weather the [...]
Following the recent stress tests on 19 US banks, carried out to establish which financial institutions are in a position to weather the downturn, the Federal Reserve has revealed that no US banks are at risk of insolvency. However, the results have revealed that tens of billions of dollars are needed to strengthen balance sheets [...]
M&S Money launches 3% cash ISA
M&S Money has launched an Advantage Cash ISA paying 3 per cent, and which allows transfers in from other ISAs. It can be opened with a minimum deposit of £100 lump sum followed by minimum monthly deposits of £25. The 3% rate is variable, but there is no short-term bonus so the return won’t plummet [...]
Google suspends UK Compare Mortgages site
Google has closed its UK mortgage comparison site which it launched in July last year, after it proved to be less popular than expected. Mortgage comparison sites are designed to allow visitors to compare mortgages quickly and easily without having to visit each lender’s individual site. Google was competing with several well-established comparison sites, including [...]
AA launches ‘black-box’ policy for young drivers
The AA is launching an innovative car insurance policy called Drivesafe which could help younger drivers save up to £850 a year. Younger drivers already pay substantially higher premiums than other motorists and these costs are increasing. A new study by Confused.com suggests insurance costs for younger driver have gone up by 5.7 per cent [...]
ATOL scheme updated to protect online bookers
ATOL, a financial protection scheme managed by the Civil Aviation Authority, is being extended to protect up to six million more holidays a year. The scheme ensures that holiday makers do not lose out financially if a travel company collapses, and that they are not stranded abroad. An increase in the number of holidays booked [...]
Home repossessions lowest for four years
The number of UK homes repossessed fell to 36,200 in 2011, significantly below the Council of Mortgage Lenders’ forecast of 40,000, and lower than 2010 when 37,100 homes were repossessed. With interest rates remaining low and lenders adopting a sympathetic attitude to customers in financial difficulty, repossessions fell to their lowest level since 2007. However, [...]
Monthly pay lasting just 17 days
Workers are running out of money just 17 days after receiving their monthly pay, according to new research by the Halifax bank. This means that the average UK worker spends half the month worrying about money. The study, based on the responses of more than 2,000 adults, found that 10 per cent of workers start [...]
Women disadvantaged by auto-enrolment changes
Government proposals to increase the auto-enrolment threshold to £10,000 could put 1.8 million women at risk of missing out on a pension, the TUC has warned. Under the auto-enrolment scheme, which will be phased in from October, private sector employers will automatically enrol workers between the age of 22 years and the state pension age, [...]
Emergency household repairs company Homeserve is taking longer than expected to get back on track after its operations were suspended last October. The company expected customer numbers to fall by 5% this year but it has increased this estimate to 8% and announced the loss of 200 jobs. It estimates that renewal revenue in 2013 [...]
Sale rumoured for Yorkshire and Clydesdale banks
There is growing speculation that National Australia Bank (NAB) may sell Yorkshire Bank and Clydesdale Bank after the Australian parent company announced a strategic review of the two banks’ operations. The Australian economy is performing well and NAB reported strong profits for the final quarter of 2011 but with the UK economy at a virtual [...]
More women experiencing debt difficulties
Women in Debt, which offers female-focused debt advice, has warned that the number of UK women facing serious debt has grown significantly over recent years. The organisation believes that more women will need advice on solving debt problems in the future because they are building up an unsustainable level of indebtedness. Women in Debt’s director, [...]
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