Nationwide Building Society has put the Government's Green Deal to shame

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Nationwide Building Society has put the Government’s Green Deal to shame

Nationwide Building Society has put the Government’s Green Deal to shame
Nationwide Building Society has put the Government’s Green Deal to shame with more affordable green loans of its own. New Green Additional Borrowing offers existing Nationwide mortgage customers loans of between £5,000 and £20,000 to fund a variety of non-structural, energy efficient home improvements. Together with the mortgage, Nationwide allows a total debt of 85pc of a property’s value. Tracie Pearce, head of group mortgages at Nationwide, said: “Many customers are looking to make energy efficient home improvements to reduce their bills.”
Daily Mirror, p. 58

Main market pension deficits explode despite bull markets
The deficits of FTSE 350 pension schemes expanded by £13bn more during January, despite soaring stock markets. Pension deficits totalled £75bn at the end of last month, according to data put out by Mercer yesterday, with assets adding up to only 88 per cent of liabilities. This was up from £62bn at the end of December, which represented a funding ratio of 89 per cent. One major contributor to the widening gap was the Office for National Statistics’ (ONS) shock decision not to change the retail prices index (RPI) formula, which the markets had priced in.
City AM London, p. 15
Also appeared in : Independent i, p.40

Call for overhaul of executive share incentives
A proposal for a new set of pay standards published today by Hermes, USS Investment Management and the National Association of Pension Funds recommends that heads of Britain’s biggest businesses should be forced to hold shares in their companies for at least 10 years to ensure “proper” long-term incentives.
The Daily Telegraph Business, p. 5

Pension fight may cost firms millions
Companies could face hefty payouts following a challenge by a homosexual couple seeking equal pension rights.
The Daily Telegraph, p. 8

Investors head for commodity hedge fund exits
News analysis on how some pension funds have begun to lose enthusiasm for the hedge fund sector.
This abstract from the Financial Times was produced by Kantar Media
Financial Times Companies and Markets, p. 31

Hargreaves benefits from banks’ woes
Investment manager Hargreaves Lansdown says the public is growing increasingly interested in alternatives to banks following recent major scandals such as Libor-rigging, which have led to a loss of confidence in traditional providers.
The Daily Telegraph Business, p. 5
Also appeared in : Financial Times Companies and Markets, p.22, Daily Express, p.51, Evening Standard London, p.37, City AM London, p.6

Halifax points to homebuying lift
Halifax wants to encourage would-be homebuyers back to the market despite a sluggish start to the new year. Halifax’s own index showed a 0.2 per cent drop in average prices last month, while Nationwide reported a 0.5 per cent rise during the same period.
The Independent, p. 54
Also appeared in : City AM London, p.15, Daily Express, p.1, Evening Standard London, p.39, Daily Mail, p.18

Poorest may fall victim to banks’ customer battle
The poorest customers could suffer unless banks overhaul their standards for basic accounts, it is feared.
Metro London, p. 54

‘Day of shame’ as RBS fined £390m
RBS has been fined £390m as a punishment for “widespread misconduct” as result of its rigging the Libor rate until as recently as November 2010, two years after it was bailed out by the UK government. Stephen Hester, RBS the chief executive , condemned the behaviour of 21 “wrongdoers” at the bank who have either left or been disciplined, but has not offered to resign himself.
The Guardian, p. 1-26
Also appeared in : The Times, p.6, City AM London, p.4, Independent i, p.5, The Times, p.37, The Sun, p.6, City AM London, p.4, Daily Express, p.2, The Sun, p.8, The Independent, p.50-51, The Guardian, p.26-27, The Independent, p.53, The Daily Telegraph Business, p.5, The Guardian, p.26-27, Metro London, p.7, The Daily Telegraph Business, p.1, The Guardian, p.27, International Herald Tribune, p.18, Daily Mail, p.67, International Herald Tribune, p.1, International Herald Tribune, p.1, City AM London, p.2, Independent i, p.41, International Herald Tribune, p.16, Daily Express, p.50, Financial Times Companies and Markets, p.16, Daily Mail, p.12, Financial Times, p.11, Financial Times, p.1, Financial Times Companies and Markets, p.17, Daily Mirror, p.19, Financial Times, p.14, Financial Times Companies and Markets, p.17, Financial Times Companies and Markets, p.16, Evening Standard London, p.37, Daily Express, p.50, City AM London, p.1, City AM London, p.5, Evening Standard London, p.1, Evening Standard London, p.37, Daily Mail, p.66, Daily Mirror, p.8, Evening Standard London, p.2

HSBC was targeted by terrorists and drug lords, bank’s executives admit
HSBC chief executive Stuart Gulliver, and Douglas Flint, the bank’s chairman have admitted the provider had been targeted by international terrorists and cocaine barons, three months after HSBC paid £1.2bn to settle a criminal investigation into money laundering that saw it face claims it had become a conduit for “drug kingpins and rogue nations”.
The Independent, p. 51
Also appeared in : City AM London, p.5, The Daily Telegraph Business, p.5, Independent i, p.40, Evening Standard London, p.37, Daily Express, p.50, Evening Standard London, p.37

Tchenguiz hits back with huge claim against fraud office
It is understood that the Serious Fraud Office has received a claim for £200 million in damages from Vincent Tchenguiz, the property entrepreneur it wrongly arrested as part of its disastrous investigation of Kaupthing Bank. The multimillionaire businessman argues in a 66-page court filing that the crime agency must compensate him for trespassing on his property, falsely imprisoning him, breaching his human rights and carrying out a malicious prosecution.
The Times, p. 40
Also appeared in : The Times, p.35, City AM London, p.6, Financial Times, p.2

Anglo Irish on the brink of liquidation
Anglo Irish Bank is to be liquidised, with the Irish government pushing legislation to accomplish this through the Dail.
The Guardian, p. 25
Also appeared in : The Daily Telegraph Business, p.4, Financial Times, p.5, City AM London, p.5

Euribor probe at Deutsche
Deutsche Bank is believed to have suspended five traders over its ongoing internal investigation into Euribor manipulation. The German lender suspended two others late last year for involvement in Libor rigging. “Upon discovering that certain employees acted inappropriately, we have suspended or dismissed employees, clawed back unvested compensation, and will continue to do so as we complete our investigation,” it said at the time.
City AM London, p. 4
Also appeared in : The Independent, p.50, Financial Times Companies and Markets, p.17

Further QE may be needed, says OECD
The Organisation for Economic Co-operation and Development has indicated that the Bank of England may need to carry out further money printing to stimulate the economy.
The Daily Telegraph Business, p. 4
Also appeared in : City AM London, p.15

Bankers lose bonuses to cover huge interest rate-fixing fine
George Osborne yesterday claimed a victory for taxpayers as the bank said its bonus pool would be reduced and previous payouts to bankers clawed back in light of the fine.
City AM London, p. 4

Osborne urges Bank of England to take action in push for growth
George Osborne let slip his frustration with the Bank of England yesterday, calling for looser monetary policy to boost economic recovery.
This abstract from the Financial Times was produced by Kantar Media
Financial Times, p. 1

Bank loans pitch faces road test as rate hedge
News analysis on how bond prices will fall if interest rates start to rise, but investing in bank loans can provide a growing income.
This abstract from the Financial Times was produced by Kantar Media
Financial Times Companies and Markets, p. 30

JP Morgan pares back wages […]
JP Morgan is reported to be paying its investment bankers and trading staff three per cent less for 2012 as a lack of large deals dented the bank’s fees.
City AM London, p. 5

Lord Turner breaks taboo on government deficits
Central banks should be prepared to break the ultimate monetary taboo and directly finance government’s deficits, the chairman of the Financial Services Authority, Lord Turner, suggested in a speech last night.
Independent i, p. 41

Profits rise at owner of Clydesdale and Yorkshire
National Australia Bank, the owner of Clydesdale and Yorkshire banks, saw its income rise by 3.6pc in the three months to December 31 to A$1.45bn.
The Daily Telegraph Business, p. 4

FSA chief calls for central banks to finance government deficits
Central banks should be prepared to break the ultimate monetary taboo and directly finance government’s deficits, the chairman of the Financial Services Authority, Lord Turner, suggested in a speech last night.
The Independent, p. 53

The Serious Fraud Office […]
Yesterday the Serious Fraud Office vowed that its criminal investigation into alleged Libor-rigging by big banks will not be jeopardised by a fresh round of job cuts.
The Times, p. 40

Former star trader accuses Japan’s banks of fixing Tibor benchmark
Hideto “Eddy” Takata, a former derivatives trader, has accused Japanese banks of operating a “cartel” in loan pricing, and fixing the Tibor rate.
This abstract from the Financial Times was produced by Kantar Media
Financial Times Companies and Markets, p. 16

DBS 4 per cent rise in profits misses estimates
DBS, the largest bank by assets in south east Asia, announced it is expecting “strong momentum” for its business for the next quarter.
This abstract from the Financial Times was produced by Kantar Media
Financial Times Companies and Markets, p. 20

The above articles appeared on 07/02/13 reproduced with the kind permission of Kantar Media UK. All rights reserved.

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