Credit Suisse to charge for deposits

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Credit Suisse to charge for deposits

Crosby ‘very sorry’ for catastrophe at HBOS
Former HBOS chief James Crosby has apologised for his role at the bank as he admitted the British mortgage bank had failed due to “incompetence”.
This abstract from the Financial Times was produced by Kantar Media
Financial Times Companies and Markets, p. 15
Also appeared in : The Daily Telegraph Business, p.1-7, The Guardian, p.27, The Independent, p.1-2, The Times, p.45

Scheme to ease credit takes £1bn out of economy
New research has shown that only six banks used funds from the Funding for Lending scheme designed to boost lending to customers. At three banks, more loans were repaid than new ones taken out, leading to negative net lending of £642m at Royal Bank of Scotland, 82% owned by the taxpayer. Lloyds Banking Group, another bailed-out bank, sucked £2.7bn from the economy during the third quarter, and Santander removed £3.4bn.The biggest injection of credit came from Barclays – at £3.8bn – while Leeds Building Society added £212m and Nationwide Building Society £1.8bn.
The Guardian, p. 31
Also appeared in : The Daily Telegraph Business, p.7, The Times, p.44, The Independent, p.51, The Times, p.41

It was like screwing blood out of a stone, says bishop
Justin Welby, the next Archbishop of Canterbury, expressed astonishment yesterday that the Bank of Scotland ever became a risky lender, revealing that his attempts to get money out of the bank in the Eighties were like “screwing blood out of a stone”.
The Times, p. 45

The head of Lloyds […]
António Horta-Osório, head of Lloyds Banking Group, admitted that his industry had lost touch with its most needy customers.
The Times, p. 41

PFI reborn with pledge that this time the taxpayer won’t lose out
George Osborne is to announce a new generation of PFI schemes, but will introduce safeguards to ensure the taxpayer shares in any profits. In his Autumn Statement tomorrow, the Chancellor will announce a programme called PF2, to replace the original scheme. It will be used to finance a new generation of hospitals, schools, roads and other taxpayer-funded projects.
The Daily Telegraph, p. 1
Also appeared in : Financial Times, p.4

UBS ‘close to deal’ on Libor rigging
UBS is expected to become the second bank to settle claims that its staff were involved in alleged attempts to manipulate Libor and could face fines of more than $450m (£280m), it has emerged.
The Daily Telegraph Business, p. 7
Also appeared in : Financial Times Companies and Markets, p.15, The Guardian, p.32, The Independent, p.52-53, International Herald Tribune, p.15

Sacked boss of UBS rogue trader makes racism claim
Ronald Greenidge, a former boss of the rogue trader who caused a £1.3 billion loss at UBS, is suing the bank, claiming that he was treated less favourably after the scandal than white colleagues.
The Times, p. 45

Credit Suisse to charge for deposits
Credit Suisse has announced that it plans to introduce negative rates on short-term deposits held by financial institutions in Swiss francs.
This abstract from the Financial Times was produced by Kantar Media
Financial Times, p. 1

Mayor hits back after French raid on ‘crown’
Ahead of a meeting in Brussels today, Boris Johnson has attacked France’s central bank governor, for making a “naked attempt to steal London’s financial crown”.
This abstract from the Financial Times was produced by Kantar Media
Financial Times, p. 6
Also appeared in : The Daily Telegraph Business, p.4

Richest 10% of households own 44% of national assets
The top 10 per cent of households are now 850 times wealthier than the bottom 10 per cent, according to figures published yesterday in report by the Office for National Statistics, which lay bare the vast disparities in wealth across the UK.
The Guardian, p. 12

New Bank head has too much power, warns insider
Adam Posen, a former Bank of England policymaker, has warned that George Osborne’s reform of the financial system risks putting too much power in the hands of the newly appointed Bank governor, Mark Carney.
The Guardian, p. 4

HOW COULD THE CHANCELLOR FILL A £22BN GAP?
Figures available from the Office for Budget Responsibility show that the Chancellor will face a deficit of £23bn by 2017-8 because of sluggish economic growth.
The Independent, p. 50

Crippled banks on verge of €40bn bailout
The Spanish economy ministry said yesterday that his government has formally requested £32bn of European funds to recapitalise its banking sector.
The Independent, p. 35
The above articles appeared on 04/12/12 reproduced with the kind permission of Kantar Media UK. All rights reserved.

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