Tag: banks

Government meets bank bosses to discuss bonuses

Government meets bank bosses to discuss bonuses

Business Secretary Vince Cable and Chancellor George Osborne are meeting with the bosses of the top banks today to discuss the controversial issue of bonuses. Mr Cable is keen to set a limit on bonuses and a commitment to increase lending to SMEs. Yesterday, Mr Cable warned banks that the Government will remain determined and [...]

December 20, 2010 | 0 Comments More
Bank chiefs oppose splitting up banks

Bank chiefs oppose splitting up banks

Outgoing Chief Executive of Lloyds Banking Group, Eric Daniels, has today said he is opposed to the proposal of splitting up Britain’s banks, arguing that it will not enhance competition within the sector. Meanwhile, chief executive of Royal Bank of Scotland (RBS), Stephen Hester, agreed and said breaking up banks won’t improve the outcome for [...]

December 7, 2010 | 0 Comments More
Iceland finally emerges from recession

Iceland finally emerges from recession

Iceland has finally emerged from recession after its economy contracted for seven consecutive quarters. Official figures today from Statistics Iceland revealed the economy grew by 1.2% in the July to September period. However, on an annual basis, the economy shrank by 1.6%. The once-thriving financial sector collapsed in October 2008 which led to three of [...]

Chancellor Osborne has a change of heart re bankers‘ bonuses

Chancellor Osborne has a change of heart re bankers‘ bonuses

Chancellor George Osborne has had a rethink with regard to bankers’ bonuses, suggesting he may abandon the requirement for British banks to disclose the number of employees earning more than £1 million. The requirement for banks to disclose bonuses and salary payments over £1 million was brought in by former Chancellor Alistair Darling last year. [...]

November 22, 2010 | 0 Comments More
IMF-EU officials investigate Ireland’s books

IMF-EU officials investigate Ireland’s books

As Ireland looks set to accept a multi-billion euro loan, the International Monetary Fund (IMF) and EU officials have commenced their investigation of Ireland’s bank books. Yesterday, Governor of the Irish central bank, Patrick Honohan, said the country is expected to accept a “very substantial loan”. The news comes as speculation has been mounting all [...]

November 19, 2010 | 0 Comments More
Ireland looks to banks for bailout

Ireland looks to banks for bailout

There is speculation that Ireland is looking to its banks for emergency funding - the Irish Independent reported on Monday. The report comes as Ireland’s Government continues to reject claims that it is seeking emergency financial support via the EU rescue fund – established by European Governments and the International Monetary Fund after the Greek [...]

November 15, 2010 | 0 Comments More
Bank Governor supports breaking up banks

Bank Governor supports breaking up banks

Mervyn King, the Bank of England’s Governor, has expressed his support for breaking up banks - measures that would shake-up the UK’s banking industry. Mr King’s comments come shortly after the Independent Commission on Banking (ICB) said it was looking at ways to increase competition and choice among high street banks. One option could see [...]

October 26, 2010 | 1 Comment More
UK banks to agree to code of practice

UK banks to agree to code of practice

Chancellor George Osborne has today announced that UK banks will have until next month to sign up to a code of practice, in a bid to get them to pay more tax. Speaking to BBC television today, Mr Osborne said: “We are going to be looking at the code of practice that the banks were [...]

October 17, 2010 | 0 Comments More
Barclays shares hit by bond issue speculation

Barclays shares hit by bond issue speculation

Banking giant Barclays is understood to be exploring a number of options that would boost its capital reserves, in order to meet new Basel III regulations. The Basel III rules recently agreed banks need to look to capitalise around 7% and Barclays is rumoured to be issuing a special bond that would enable it boost [...]

October 15, 2010 | 0 Comments More
JP Morgan announces Q3 results

JP Morgan announces Q3 results

Wall Street banking giant JPMorgan has kicked off the banking reporting season by announcing a 23% increase in profits for the third quarter - better than the markets had expected. The bank said net profit came in at $4.4 billion (£2.8 billion), against a profit of $3.6 billion in the same period a year earlier. [...]

October 14, 2010 | 0 Comments More
CBI against breaking up big banks

CBI against breaking up big banks

Employers’ group, the Confederation of British Industry (CBI) has today said it is against existing banking giants being broken up. The comments from the CBI come just a few weeks after Britain’s Independent Commission on Banking (ICB) said it was looking at ways to increase competition and choice among high street banks. One option could [...]

October 11, 2010 | 0 Comments More
Ireland’s debt rating cut by Fitch

Ireland’s debt rating cut by Fitch

Ireland received yet another blow today after credit agency Fitch cut the country’s debt rating to A+ from AA- with a negative outlook. Fitch said the downgrade was due to massive banking bailouts, which have drained the economy, as well as uncertainty surrounding the fragile recovery. Fitch also cut the short-term foreign currency issuer default [...]

October 6, 2010 | 0 Comments More
Growth predictions revised downwards for Ireland

Growth predictions revised downwards for Ireland

The central bank of Ireland has today predicted the economy will expand by just 0.2% - lower than its previous forecast of 0.8%. In comparison, the Government expects growth of 1% for 2010 as a whole, however, a further forecast is due later this month. The revised projection from the central bank comes as the [...]

October 4, 2010 | 0 Comments More
Think tank warns of fresh bank bailout

Think tank warns of fresh bank bailout

According to the New Economics Foundation (NEF), banks could be forced to seek more support from the taxpayer next year, due to a £25 billion funding gap. The NEF has published a report on Britain’s banks entitled “Where Did Our Money Go?” and the 88-page document suggests an urgent reform of the sector is required, [...]

IMF: “Ireland’s situation different to Greece”

IMF: “Ireland’s situation different to Greece”

Dominique Strauss-Kahn, Managing Director of the International Monetary Fund (IMF), has today said he does not expect the European rescue fund to be activated for Ireland. The rescue fund was established by European Governments and the IMF after the Greek debt crisis earlier this year. In a newspaper interview, Mr Strauss-Kahn said: “We are ready [...]

October 1, 2010 | 0 Comments More
Ireland’s budget deficit soars as banks drain economy

Ireland’s budget deficit soars as banks drain economy

Ireland’s central bank has said that Anglo Irish Bank, Allied Irish Bank and building society Irish Nationwide are all likely to need extra capital in order to stay afloat. The central bank has previously warned that a potential rescue for troubled lender, Anglo Irish Bank, will cost up to €34.3 billion (£29 billion). This has [...]

September 30, 2010 | 0 Comments More
Consumers missing out on competitive online finance products

Consumers missing out on competitive online finance products

According to consumer group Which?, people without internet access are missing out on competitive rates for online financial products. A report by the group said, on average, online savers earned 37% more interest than those who only had branch-based accounts. Which? said branch-based instant access accounts paid 0.65% a year on average versus 1.14% for [...]

September 27, 2010 | 0 Comments More
Independent Commission to consider breaking up big banks

Independent Commission to consider breaking up big banks

In a further massive shake-up of the UK’s banking industry, the Independent Commission on Banking (ICB) is looking at ways to increase competition and choice among high street banks. One option could see existing banking giants broken up and new names enter the industry. The ICB, which is headed by Sir John Vickers, was established [...]

September 24, 2010 | 0 Comments More
Lloyds chief exec to step down

Lloyds chief exec to step down

The chief executive of Lloyds Banking Group, Eric Daniels, has announced he will retire next year. The announcement follows other leadership changes in major banks earlier this month. Barclays’ chief executive, John Varley, will be departing next year and will be replaced by Bob Diamond, currently president of Barclays Plc. In addition HSBC chairman, Stephen [...]

September 20, 2010 | 0 Comments More
Report reveals lenders not passing on base rate cuts

Report reveals lenders not passing on base rate cuts

The Bank of England’s Quarterly Bulletin has revealed that High Street banks have not been passing on base rate cuts in full. Interest rates have been held at the record low of 0.5% since March 2009 (when the country was in the midst of its worst recession in decades), but despite this, banks are not [...]