Dublin faces huge bill after ruling on pensions by EU's highest court

Charterbridge

googleplus linkedin

Dublin faces huge bill after ruling on pensions by EU’s highest court

Dublin faces huge bill after ruling on pensions by EU’s highest court
The European Court of Justice issued a ruling that found Ireland had failed to live up to its obligations under European law to protect workers’ pension contributions after the collapse of the Waterford Crystal pension fund.
This abstract from the Financial Times was produced by Kantar Media
Financial Times, p. 6

MPs warn of workplace pensions rip-off
MPs have called for a new regulator to look after workplace pensions. They argue that existing problems will be worsened by the fact there are now three regulators overseeing the industry.
Independent i, p. 43

We rate the latest reports from the property market, from doom-laden ? to optimistic ?
Total gross mortgage lending hit £11.6 billion in March 9 per cent higher than February, but 8 per cent lower than the £12.6 billion in March last year. The council of mortgage lenders says that gross lending for the first quarter of 2013 was about £33.8 billion or 9 per cent lower than the last three months of 2012
The Times Bricks and Mortar, p. 3

Slight rise in home loan approvals
There is a faint whiff of good news for homeowners in the latest mortgage statistics with approvals for housing loans climbing slightly last month, suggesting Government moves to bolster the property market may be beginning to find success.
Independent i, p. 9

Santander, parent of the Abbey and Alliance & Leicester businesses and one of Britain’s biggest mortgage lenders, shrank gross lending on home loans by 41 per cent to £3.3 billion in the first three months of the year after a decision to cut back on risky interest-only mortgages.
The Times, p. 42

Santander set for rebound
Santander UK’s profits fell 22 per cent in the first quarter, but it predicted a steady improvement in its business over the rest of the year, paving the way to a much-delayed share sale by its Spanish parent in 2015.
Independent i, p. 50
Also appeared in : Metro London, p.59, City AM London, p.5, International Herald Tribune, p.19, The Daily Telegraph Business, p.4, The Times, p.45, The Independent, p.54

Barclays boss warns investors over returns
Barclays has admitted it will take at least two years before shareholders see a decent return on their investment in the bank as its new management team continues to attempt to turn around the fortunes of the scandal-hit lender. Antony Jenkins comments came at the bank’s annual general meeting, where he and other Barclays board members came under repeated attack for paying excessive bonuses to staff.
The Daily Telegraph Business, p. 5
Also appeared in : Financial Times Companies and Markets, p.16, Independent i, p.43

Barclays boss: Big pay days over
Sir David Walker, chairman of Barclays, vowed to change its culture and slash big pay deals when he faced shareholders at its annual meeting. He said: ‘It is without question that in Barclays and more widely in the banking industry pay became excessive, and we have to deal with it.’ The bank, which was embroiled in the Libor scandal, admitted paying 428 staff at least £1million last year.
Metro London, p. 58
Also appeared in : Independent i, p.49, City AM London, p.3

‘Greedy bastards’: investor berates Barclays staff on £1m-plus incomes
Barclays was lambasted about big bonuses, tax avoidance and speculating on food prices at its annual shareholder meeting yesterday – the first since last year’s Liborrigging scandal – as the embattled bank’s new chairman admitted bankers’ pay was excessive. The appointment of Sir David Walker as chairman failed to prevent a string of shareholders berating the board about pay. One investor, Joan Woolard, told the bank’s directors that anyone who needed more than £1m to live on was “just a greedy bastard”.
The Guardian, p. 34

Co-op’s £750m deal to buy Lloyds branches falls apart
The Co-operative Bank has pulled out of a £750m deal to buy more than 600 branches from Lloyds Banking Group in a move critics described as “false start” for the high street banking revolution.
Independent i, p. 40
Also appeared in : International Herald Tribune, p.17

U.K. investment boss returning to bank
Jim O’Neil, who has been in charge of the British government’s stakes in Royal Bank of Scotland and Lloyds Banking Group, resigned Thursday to return to Bank of America Merrill Lynch.
International Herald Tribune, p. 19
Also appeared in : The Times, p.43, The Guardian, p.35

‘Banker-bashing’ media understates the outrage
Yesterday Barclays promised pay reforms, and a crackdown on the bonus culture that incites such fury among the populace of a country still reeling from the effects of the downturn and the Government’s austerity programme.
The Independent, p. 53

FCA to outlaw fund rebates
The City watchdog will this morning unveil plans to ban money managers from funnelling rebates to fund supermarkets, in a bid to reduce conflicts of interest. The Financial Conduct Authority wants to end cash rebates paid by asset managers to the fund supermarkets, or platforms, which are taken out of customer fees.
City AM London, p. 2

Treasury bank sale dealt blow after UKFI CEO quits
Plans to offload Britain’s state backed banks into private hands were dealt a blow yesterday after the man tasked with the responsibility quit after a year in charge. Jim O’Neil, a banker who had previously spent 17 years at Bank of America Merrill Lynch (BoAML), announced his departure from the role of chief executive from UK Financial Investments (UKFI), which is responsible for finding an exit for the government from its bailed out bank holdings.
City AM London, p. 2

Merkel jockeys for position on rate cut debate
German Chancellor Angela Merkel broke ranks yesterday to deliver an outspoken critique of European Central Bank interest rate policy, hinting rates would have to increase if policymakers looked at Germany alone. The comments, which are out of keeping with the traditional neutrality of German leaders on monetary policy, come ahead of an expected cut in interest rates from the ECB next week.
City AM London, p. 5
Also appeared in : Financial Times, p.1, The Daily Telegraph Business, p.5

CITY GLIMPSES LIGHT ¦ AT END OF THE TUNNEL
Hopes were raised yesterday that the UK could be nearing partial recovery mode at last, after official estimates revealed the economy grew unexpectedly quickly in the first three months of the year.
City AM London, p. 1

MPs plan to jail reckless bankers
Bankers who behave recklessly would be jailed under a law being considered by MPs on the banking commission, whose final report is due in May.
This abstract from the Financial Times was produced by Kantar Media
Financial Times, p. 3

Regulator pushes to replace Libor promptly
US regulators have called for interest rate benchmarks to be found quickly to replace Libor, the interbank borrowing rate at the centre of a rate-rigging investigation.
This abstract from the Financial Times was produced by Kantar Media
Financial Times, p. 6

Citi hires Deutsche dealmaker
Citigroup has hired Ben Story, a senior banker from Deutsche Bank, to become head of UK investment banking and broking.
This abstract from the Financial Times was produced by Kantar Media
Financial Times Companies and Markets, p. 21

UK growth boosts sterling
The pound rose above $1.54 against the dollar after the Office for National Statistics said the UK economy grew 0.3 per cent in the first quarter of the year from the fourth quarter of 2012.
This abstract from the Financial Times was produced by Kantar Media
Financial Times Companies and Markets, p. 32

Britain avoids triple-dip, but economists warn recovery is weak
Britain has managed to avoid a triple-dip recession after official figures revealed yesterday that the economy grew by 0.3 per cent in the first three months of the year. But City of London analysts warned that the economy was still very weak and that it is premature to hail the growth as the beginning of a sustained recovery.
Independent i, p. 4

Funding for Lending beefed up
In a reflection of growing concern over the ongoing credit crunch afflicting small businesses, the Bank of England and the Treasury yesterday announced an extension of its Funding for Lending Scheme (FLS).
Independent i, p. 40

Investment banking buoys Barclays and Credit Suisse
As European policy makers push financial institutions to cut back on their risky trading activity, some of the region’s largest banks are becoming more reliant on their investment banking operations.
International Herald Tribune, p. 15-17

O’Neil resigns in blow to banks
Jim O’Neil, chief executive of UK Financial Investments (UKFI), the official in charge of Britain’s multi-billion pound holdings in Lloyds Banking Group and Royal Bank of Scotland has dealt a blow to the Government’s hopes of selling the stakes in the near future after resigning. He said he would be leaving the organisation later this year to join the US investment bank, Bank of America Merrill Lynch.
The Daily Telegraph Business, p. 1
Also appeared in : The Independent, p.54, Financial Times, p.1, Independent i, p.48

The above articles appeared on 26/04/13 reproduced with the kind permission of Kantar Media UK. All rights reserved.

Charterbridge Private Financial Planning, Independent Financial Advice, Thornbury, Bristol.