Co-op back from the brink with £1.5bn rescue


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Co-op back from the brink with £1.5bn rescue

Pensions & Life Assurance

Red card issued over charge cap
The Department for Work and Pensions plan to press ahead with a cap on the costs of running pension schemes in the flagship automatic-enrolment project despite severe criticism from the industry.
This abstract from the Financial Times was produced by Kantar Media
Financial Times Money, p. 3

The Institute for Fiscal Studies warned this week that children of the 60s and 70s will only be better off than previous generations when they retire if they have inherited wealth.
The Independent, p. 54

Mortgages & Residential Property

Asking prices could rise 8% in 2014
House prices in England and Wales are expected to keep rising in 2014 unless there is a radical increase in the number of homes for sale. The independent Office for Budget Responsibility, expects prices to rise 5 per cent.
This abstract from the Financial Times was produced by Kantar Media
Financial Times Money, p. 4


Ipswich building society has launched a new two-year fixed rate mortgage aimed at first-time purchasers who can only manage a 5% deposit.
The Guardian Money, p. 7

Retail Banking

Co-op Bank back from the brink with £lbn rescue
The Co-operative Bank confirmed last night that a scheme to plug a £1.5bn capital black hole by turning £1bn of bondholder capital into equity has been completed.
The Daily Telegraph, p. 37
Also appeared in : Financial Times, p.15, The Times, p.54

Round Up

Card mis-selling pool increased
The credit card insurance group CPP has raised the amount set aside to compensate customers over mis-selling by a further £10m to £68.5m.
Independent i, p. 47
Also appeared in : The Daily Telegraph, p.38

Deutsche Bank will settle U.S. lawsuit on toxic loans
Deutsche Bank agreed on Friday to pay about 1. 4 billion euros to settle claims that it misled Fannie Mae and Freddie Mac over the quality of home loans bundled into mortgage-backed securities, becoming the latest big bank to reach a settlement with federal housing regulators in the United States.
International New York Times, p. 10

The above articles appeared on 21.12.13. Reproduced with the kind permission of Kantar Media UK. All rights reserved.

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