UK banks pay £1bn to rescue Iceland savers

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UK banks pay £1bn to rescue Iceland savers

UK banks pay £1bn to rescue Iceland savers
Britain’s banks have been forced to pay more than £1bn to savers who lost money in failed Icelandic banks at the height of the financial crisis, the British Bankers’ Association said.
The Daily Telegraph Business, p. 3
Also appeared in : Metro London, p.49, City AM London, p.10, Financial Times, p.4

Property prices are rising at fastest rate since 2007
Britain’s housing market is at its strongest for six years, with an accelerating recovery blowing away the traditional August slowdown.
Independent i, p. 40

MORTGAGE
First Direct has set its two-year fixed rate mortgage at 1. 69 per cent.
Metro London, p. 49

Experts worry funding is not raising lending
Bank lending to businesses and households edged up in July, raising hopes that the flow of credit is at last improving on the back of initiatives like the Funding for Lending Scheme (FLS).
City AM London, p. 6

Bank of England plans another round of cyber security tests
The Bank of England and Treasury are planning to run more tests of banks’ cyber security systems, it emerged over the weekend. “Cyber security needs to be an integral part of corporate governance and risk management processes,” said the Bank in March.
City AM London, p. 6

Central banks’ delicate balancing acts
Central bank bosses in Europe and the United States have had a tough time trying to budge market expectations for monetary policy back into line with their own plans, as this week will again show.
International Herald Tribune, p. 16

Manufacturing surges to a three-year high
A “surge” in activity reported by British manufacturers has triggered questions as to how long the bank of England will be able to keep interest rates at their current level as the economic recovery gathers pace.
The Daily Telegraph, p. 1

Bank under pressure as base rate rise forecast
Mark Carney faces a growing struggle to rein in market expectations of a rise in interest rates after new data pointed to the UK recovery’s increasing momentum. The further strong economic data puts pressure on the new Governor of the Bank of England as he tries to convince markets that interest rates will stay low until at least mid-2016, as signalled through his new policy of “forward guidance”.
The Daily Telegraph Business, p. 1

Goldman’s UK profits take a tumble
Goldman Sachs’ London operation has has reported a 60 per cent in pre-tax profit to £216m in the first half of the year.
The Independent, p. 47

Property prices rise at fastest rate since 2007
Accelerating property prices may be a concern for Bank of England Governor Mark Carney, whose monetary policy committee holds its monthly interest rate-setting meeting on Wednesday.
The Independent, p. 46

Spotlight falls on former bank boss
MPs will have a chance this week to grill Neville Richardson, the former boss of the Co-operative Group’s struggling bank about his £4.6 million pay in the last year of his tenure.
The Times, p. 36

Pound gains weight
Sterling has seen its strongest month in a year, with the pound rising by 2.5 per cent in August against the euro, the next-best-performing leading global currency.
The Times, p. 38

HSBC takes step back
HSBC is to stop offering wealth management and insurance products in Bahrain, Jordan and Lebanon.
The Times, p. 38

The above articles appeared on 02/09/13 reproduced with the kind permission of Kantar Media UK. All rights reserved.

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