News Tag: Treasury
February 24, 2010
The UK Financial Investments Ltd (UKFI) has written to the Royal Bank of Scotland (RBS) to approve its £1.3 billion in bonuses to its investment bankers.
The Treasury, through the UKFI, had the right to veto any bonus deal after the bank participated in the Government’s Asset Protection Scheme (APS) - one of the conditions of participating in the scheme was to hand ...
Government approves £1.3bn RBS bonuses
by Kay Murchie
December 7, 2009
Over the weekend, it emerged that Chancellor Alistair Darling is expected to announce a windfall tax on British banks in Wednesday‘s Pre-Budget Report.
The measure is one of many being planned by Mr Darling to target high earners. Other measures include increasing the number of people liable to pay inheritance tax, as well as an increase in capital gains tax. ...
Banking industry criticise Treasury’s plans for windfall tax
by Kay Murchie
December 6, 2009
According to The Sunday Times, over 1,000 investment bankers have left the Royal Bank of Scotland (RBS) after a heated row with the Treasury over bonuses.
The investment bankers account for less than 5% of staff in the bank’s investment division and comes as the Government plans to veto bonus payments at the bank.
The bank said it was planning bonuses ...
RBS bankers join rival firms over bonus row
by Kay Murchie
December 4, 2009
After a heated row with the Treasury, the Royal Bank of Scotland (RBS) has indicated that it will bow to pressure to cut executive bonuses.
It emerged yesterday that the board of RBS had threatened to quit under Government plans to veto bonus payments.
The threat of a mass exodus came as the bank said it was planning bonuses of ...
RBS has heated argument with the Treasury over bonuses
by Kay Murchie
December 3, 2009
The board of the Royal Bank of Scotland (RBS) have threatened to quit under Government plans to veto bonus payments.
Chancellor Alistair Darling is to be granted the right to veto bonus payments at the bank, following which the bank sought legal advice.
The threat of a mass exodus comes as the bank is planning bonuses of £1.5 billion to staff ...
RBS board threaten to quit over bonus restrictions
by Kay Murchie
November 27, 2009
The Treasury has announced new measurers aimed at protecting UK mortgage borrowers.
The move follows the Government's analysis of the causes of the financial crisis, as set out in its Reforming Financial Markets paper published earlier this year.
Under the proposals, borrowers whose mortgages are sold on to third parties will be protected by Financial Services Authority (FSA) regulations, which require ...
New measures to protect UK mortgage borrowers
by Gill Montia
November 3, 2009
A major overhaul of the UK banking industry has been confirmed by the Treasury today with plans for Royal Bank of Scotland (RBS) and Lloyds Banking Group to sell off bank branches.
The shake-up comes as the Government hopes to create more competition within the industry.
The Government holds a 70% stake in RBS and a 43% stake in Lloyds after last autumn’s ...
Treasury confirms RBS and Lloyds sell-offs
by Kay Murchie
July 8, 2009
The Chancellor Alistair Darling has today announced key reforms of banking regulation in a bid to prevent future meltdowns.
The worst financial crisis since the Great Depression of the 1930s has forced the Government to nationalise Northern Rock and Bradford & Bingley, as well as bailing out Lloyds TSB and Royal Bank of Scotland using billions of pounds of ...
Chancellor unveils ‘Council of Stability’ to rebuild financial system
by Kay Murchie
June 9, 2009
Ten US banks have been given approval to repay a combined $68 billion (£41 billion) in Government bailout money, said the US Treasury.
In a sign that stability is returning to the banking sector, the banking giants will repay some of the money it was loaned in the US Government's $700 billion Troubled Asset Relief Programme (Tarp) introduced last autumn. ...
Ten US banks to repay $68bn into Tarp
by Kay Murchie
May 20, 2009
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 in its $700 ...
US Treasury anticipates $25bn to be repaid by bailed out banks
by Kay Murchie
March 30, 2009
It has been confirmed this morning that the Nationwide is to buy the Dunfermline Building Society's branches, good loans and deposits.
It was reported over the weekend that Scotland’s largest Building Society had collapsed after last-minute rescue attempts failed.
The institution, which was established in 1869, will see Nationwide take on its 500+ staff and the brand will remain intact.
The deal, which was rushed ...
Dunfermline rescued by Nationwide
by Kay Murchie
March 8, 2009
After days of negotiations, Lloyds Banking Group has now agreed to sign up to the Government’s Asset Protection Scheme.
The scheme, which insures against losses arising from toxic assets, will see Lloyds commit to lending at least £28 billion over the next few years.
As a result, the Government’s stake in the bank will rise from 43% ...
Lloyds to increase lending as it signs up to Asset Protection Scheme
by Kay Murchie
February 22, 2009
The UK's new Banking Act, which will allow authorities to intervene and rescue troubled financial institutions and safeguard investors, is now in force.
The act, which came into effect on Saturday 21 February, means the Tripartite authorities (the Bank of England, Financial Services Authority and Treasury) will provide greater protection for investors as they can receive compensation within seven days should ...
UK’s New Banking Act now in place
by Kay Murchie
January 16, 2009
Emergency funding of $20 billion (£13.4 billion) has been provided to Bank of America after it shares plummeted 17.5% yesterday amid speculation that the bank might be nationalised.
In return for the cash injection, the bank must adhere to strict restrictions on senior management pay.
Bank of America has been one of the strongest in the US, until it ...
Bank of America receive $20bn cash injection
by Kay Murchie
September 28, 2008
Troubled buy-to-let lender, Bradford & Bingley (B&B) is set to be nationalised, according to the BBC.
Treasury officials and the Financial Services Authority (FSA) have been holding talks with the lender in an attempt to secure its future.
The bank is to be nationalised using special legislation the Treasury implemented after it took Northern Rock into public ownership in February of this year. ...
Bradford & Bingley to be nationalised
by Kay Murchie
September 25, 2008
US Congress have approved the $700 billion (£380 billion) financial rescue plan after a week of talks.
The announcement comes after US billionaire investor, Warren Buffett, described the current financial turmoil as 'an economic Pearl Harbour'.
Buffett, who is one of the world’s richest men, along with Treasury Secretary, Henry Paulson, and US Federal Reserve chief, Ben Bernanke, have been urging US Congress to ...
US Congress approves bail-out plan
by Kay Murchie
