Tag: banking industry

Proposed ring-fencing will harm economic growth

Proposed ring-fencing will harm economic growth

Leading think tank, the Ernst & Young ITEM Club, believes the proposed ring-fencing of retail and investment banks will reduce economic growth. The think tank’s prediction comes just a week before the publication of the Independent Commission on Banking’s (ICB’s) final report on ring-fencing. The ICB, which was established in June 2010, is considering forms [...]

September 5, 2011 | 0 Comments More
Banking industry still seeking cheque alternatives

Banking industry still seeking cheque alternatives

The banking industry has announced that alternatives to cheques are still being sought. The announcement comes after the UK Payments Council voted to phase out cheques on 31 October 2018, but stated that cheques will not be phased out until an “accessible and acceptable” alternative payment system is introduced. Cheque usage continues to decline as [...]

December 8, 2010 | 0 Comments More
NBNK raises £50m through share issue

NBNK raises £50m through share issue

NBNK plans to compete with other High Street banks and has raised £50 million via a share issue. The institution, set up by two City financial-sector heavyweights, is set to build a significant presence in the UK and is now trading on London’s AIM. The bank said it will use the funds to buy branches [...]

August 22, 2010 | 0 Comments More
RBS reports first half profit

RBS reports first half profit

Royal Bank of Scotland (RBS), which is 83% owned by the taxpayer, today announced a profit for the six months ended June, boosted by falling charges for bad debt. The bank posted a net profit of £9 million ($14.3 million) compared with a £1.04 billion net loss in the same period a year earlier. Meanwhile, [...]

August 6, 2010 | 0 Comments More
IMF downgrades German growth forecasts

IMF downgrades German growth forecasts

The International Monetary Fund (IMF) has today cut its forecasts for 2010 for Europe’s largest economy. The IMF said it now expects Germany to expand by 1.2% this year, lower than its previous estimate of 1.5%. Furthermore, it has cut its 2011 forecast of 1.9% growth to 1.7%. Washington-based IMF attributed the downgrade to weakness [...]

March 30, 2010 | 0 Comments More
Radical shake-up of UK banking system needed

Radical shake-up of UK banking system needed

MPs are calling for a radical reform of the UK banking system so that taxpayers are not footing the bill for future bail-outs. In its latest report into the banking crisis, published today, the Treasury Select Committee said taxpayers would not stand for another bail-out of the banks and is urging ministers not to rule [...]

March 29, 2010 | 0 Comments More
HSBC chief warns of super tax

HSBC chief warns of super tax

In an interview with Sky News, HSBC chief executive Michael Geoghegan has warned of the dangers of the new super tax, introduced by the Government to claw back some of the bailout funds used to rescue the banking industry. The warning comes just a week after London Mayor, Boris Johnson, warned that high-earning bankers are [...]

January 20, 2010 | 0 Comments More
Super tax is threat to London warns Mayor

Super tax is threat to London warns Mayor

London Mayor, Boris Johnson, has warned that high-earning bankers are leaving the capital because of the super tax which has been introduced by the Government. In the recent Pre-Budget Report (PBR), UK Chancellor Alistair Darling confirmed there would be a one-off 50% tax on bankers’ bonuses paid above £25,000. The Chancellor said the banks, rather [...]

January 15, 2010 | 0 Comments More
Barclays confirms interest in possible acquisition of Lehman Brothers assets

Barclays confirms interest in possible acquisition of Lehman Brothers assets

Yesterday saw the collapse of Wall Street giant, Lehman Brothers, which was forced to file for bankruptcy after announcing it had failed to find a solution to its problems after a weekend of rescue talks with Barclays and Bank of America. However, Barclays has confirmed it could now be interest in buying parts of the [...]

September 16, 2008 | 0 Comments More
RBS to reveal biggest loss in UK banking history

RBS to reveal biggest loss in UK banking history

There has been a flurry of British banks reporting results and last week saw Alliance & Leicester announce that half-year profits have nearly been wiped out after taking a £209 million hit on risky assets and higher funding costs. In addition, other banks to reveal significant falls in profits include Lloyds TSB and HBOS, who [...]

August 3, 2008 | 0 Comments More