Tag: funds

Stress tests reveal Irish banks need €24bn

Stress tests reveal Irish banks need €24bn

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 [...]

April 1, 2011 | 0 Comments More
Auto Windscreens enters administration

Auto Windscreens enters administration

Auto Windscreens, which is the UK’s second largest windscreen repair and replacement company, has been placed into administration, putting more than 1,000 jobs at risk. Deloitte, which has been appointed as administrator for the Chesterfield-based company, said there were no funds with which it could continue trading. According to Deloitte, the company has suffered trading [...]

February 14, 2011 | 0 Comments More
FSA fines Barclays £7.7m

FSA fines Barclays £7.7m

Banking giant Barclays has received a fine of £7.7 million - imposed by the Financial Services Authority (FSA) over poor investment advice. The City Watchdog has also ordered the bank to compensate up to £60 million to customers of two investment funds. The bank has apologised for the failures and said it will “put things [...]

January 18, 2011 | 0 Comments More
Japanese Government to double credit line for JAL

Japanese Government to double credit line for JAL

Struggling Japan Airlines (JAL) has had its credit line doubled to 200 billion yen (£1.3 billion) after an agreement by the Japanese Government today, according to Kyodo news agency. The extra funding was agreed by Deputy Prime Minister Naoto Kan, Transport Minister Seiji Maehara and other ministers at a meeting this weekend. A statement said: [...]

January 3, 2010 | 0 Comments More
BCC survey claims firms still ‘struggling to get finance’

BCC survey claims firms still ‘struggling to get finance’

Business group, the British Chambers of Commerce (BCC), is claiming that small and medium-sized firms are still struggling to access finance. The report comes despite the £200 billion injected into the UK financial system to boost lending. According to the BCC, one third (33%) of companies surveyed said that accessing finance had been more difficult [...]

November 16, 2009 | 0 Comments More
Barclays shares hit by Qatar sale but Sainsbury’s shares surge

Barclays shares hit by Qatar sale but Sainsbury’s shares surge

Shares in Barclays lost nearly 5% today after reports suggested that Qatar’s sovereign wealth fund was looking to sell 379 million shares in the bank in order to raise funds to bid for supermarket giant Sainsbury’s. The news sent Barclays shares down by 18.25p to 363.75p while Sainsbury’s rose 11p to 341.5p. The shares in [...]

October 20, 2009 | 0 Comments More
Lloyds sells non-core business to Rathbone

Lloyds sells non-core business to Rathbone

Following a review of its investment management business, banking giant Lloyds has sold some of its private client funds to Rathbone Brothers after concluding that they were “no longer core” for the bank. The bank said approximately 6,000 customers with funds totalling £1.27 billion will transfer to Rathbone Brothers. If all of the funds are [...]

October 20, 2009 | 0 Comments More
Triodos to raise €90m for ethical lending

Triodos to raise €90m for ethical lending

Triodos Bank has announced plans to issue €90 million of new shares. Money raised from the shares will be used to provide loans to sustainable projects. Set up in 1980, Netherlands-based Triodos provides loans to environmentally-friendly projects such as wind farms and organic agriculture. Since the credit crunch, the company has seen an upsurge in [...]

October 2, 2009 | 0 Comments More
Government confirms extension of scrappage scheme

Government confirms extension of scrappage scheme

Business Secretary Lord Peter Mandelson has confirmed this afternoon that the scrappage scheme will be extended to cover an additional 100,000 cars and vans. The scheme branded ‘cash for bangers’, which was launched on 18 May, was originally intended to allow 300,000 cars to be traded in. The £300 million initiative was expected to run [...]

September 28, 2009 | 0 Comments More
Ten US banks to repay $68bn into Tarp

Ten US banks to repay $68bn into Tarp

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 [...]

June 9, 2009 | 0 Comments More
US Treasury anticipates $25bn to be repaid by bailed out banks

US Treasury anticipates $25bn to be repaid by bailed out banks

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 [...]

May 20, 2009 | 0 Comments More
Councils set to withdraw funds from building societies

Councils set to withdraw funds from building societies

The Sunday Telegraph has reported that local councils are planning to withdraw billions of pounds of deposits from building societies. The move follows the decision by Moody’s last month to downgrade the credit ratings of several building societies due to concerns they will be hit by losses due to the housing market slump. The downgrade [...]

May 5, 2009 | 0 Comments More
Citigroup and Bank of America need more funds to cover losses

Citigroup and Bank of America need more funds to cover losses

There are suggestions that the financial turmoil is still in full swing after US banking giants, Citigroup and Bank of America, have been instructed to raise billions of dollars of extra capital to cover future losses, according to the Wall Street Journal. The findings were uncovered following US Government stress tests on both banks, carried [...]

April 28, 2009 | 1 Comment More