Bank deputy: Mortgage fix risks bubble


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Bank deputy: Mortgage fix risks bubble

Bank deputy: Mortgage fix risks bubble
Propping up the housing market with a mortgage guarantee scheme must be a short term measure, the Bank of England’s outgoing deputy governor has warned.
Metro London, p. 47

Payouts for 30,000 failed by their bank
Nearly 30,000 cardholders who wrongly had money taken out of their accounts after they cancelled a regular payment are set for compensation from their bank or building society.
Daily Mail, p. 41

Fed adopts Basel rules
The US Federal Reserve last night voted in favour of the long-awaited American version of the global rules that require banks to use more equity capital to fund their business.
The Times, p. 37
Also appeared in : City AM London, p.3, Financial Times Companies and Markets, p.13, Financial Times, p.12

Ulster to axe third of its staff
Ulster Bank has announced it will cut nearly a third of its workforce from 5,800 to 4,000 as part of a drive to return the business to profitability.
The Daily Telegraph Business, p. 4
Also appeared in : International Herald Tribune, p.20, Financial Times Companies and Markets, p.14, Daily Mirror, p.42

The Co-Operative Banking Group was warned that it had insufficient capital to purchase hundreds of Lloyds branches as far back as late 2011, the City’s top regulator claimed yesterday.
City AM London, p. 1
Also appeared in : The Sun, p.36, The Daily Telegraph Business, p.1-3

Osborne claims right to act for taxpayers on RBS
The Chancellor has defended his right to intervene in the running of state-owned Royal Bank of Scotland, as its outgoing chief executive – Stephen Hester – prepares to appear at an event next week with Ed Balls. Mr Hester will next week appear at an event with local businesses alongside Mr Balls, a move likely to inflame tensions with Mr Osborne, who did not speak to Mr Hester before his departure.
The Times, p. 4
Also appeared in : City AM London, p.5

JP Morgan warned star banker over client e-mails
JP Morgan took extraordinary steps to rein in Ian Hannam, one of its star London dealmakers, because of his indiscreet communications more than two years before he was fined £450,000 by the regulator for allegedly leaking inside information. JP Morgan’s inquiry found that on at least one occasion “it appears that you have imparted confidential information to a client, without being able to give a proper explanation for why this is appropriate”, the bank said in a letter to Mr Hannam in December 2009.
The Times, p. 37
Also appeared in : The Times, p.38

Banks to be given ‘ground rules’ to limit lobbying
Andrew Bailey, who heads the Prudential Regulation Authority, will draw up “ground rules” for lobbying and press ahead with tougher leverage requirements for banks.
This abstract from the Financial Times was produced by Kantar Media
Financial Times, p. 2
Also appeared in : Evening Standard London, p.44

Bank urged to give a steer on path of interest rates
The Times’s Shadow Monetary Policy Committee has backed that case for new Bank of England Governor Mark Carney to introduce explicit “guidance” on the UK policy outlook.
The Times, p. 38

Lloyds was warned earlier, MPs are told
Lloyds Banking Group will be challenged over why it told the Treasury Select Committee that the bank became aware of potential problems with the plan to sell 630 branches to the Co-operative Bank only last December.
The Times, p. 39

S&P downgrades raft of big EU banks on tougher regulations
Standard & Poor’s Ratings Services yesterday said it had lowered its long-term counterparty credit ratings on Barclays Bank, Credit Suisse and Deutsche Bank to A from A-plus.
City AM London, p. 3

Tucker condemns banks’ lobbying against new rules
City regulators yesterday brushed aside complaints by Barclays and Nationwide over tough new liquidity rules, saying UK banks would need to put them into effect as soon as possible, years ahead of an international deadline of 2018.
The Guardian, p. 24

RBS still in trouble as Lloyds rises
Investment bank Rothschild is being lined up to advise on a possible break-up of Royal Bank of Scotland, it emerged yesterday.
Daily Express, p. 50

The above articles appeared on 03/07/13 reproduced with the kind permission of Kantar Media UK. All rights reserved.

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