Osborne's £700m bonus for the banks

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Osborne’s £700m bonus for the banks

London property boom fuels house price rise of 1.1% in a year
House prices in England and Wales rose by 0.3% in November to an average of £161,605 – with wealthy areas of London continuing to force up the average, according to figures from the Land Registry.
The Guardian, p. 29
Also appeared in : The Daily Telegraph Business, p.3

Lending report will put mortgage market optimism to test
Market analysts will be scrutinising today’s credit conditions survey from the BoE as optimism grows that measures to break the logjam in mortgage markets are beginning to show signs of success.
This abstract from the Financial Times was produced by Kantar Media
Financial Times, p. 2

Royal Bank of Scotland nears end of non-core rundown
Feature looks at how the rundown of Royal Bank of Scotland’s “non-core” business is among the most dramatic shrinkages of any bank in the world.
This abstract from the Financial Times was produced by Kantar Media
Financial Times Companies and Markets, p. 17

UBS faces Herculean clean-up job
News analysis looks at how the $1.5bn fine paid by UBS over Libor manipulation and other regulatory breaches was yet another public relations disaster for the bank but marked a leap forward in attempts to clean up the lender.
This abstract from the Financial Times was produced by Kantar Media
Financial Times Companies and Markets, p. 17

Britain’s banks now more risky says report
British banks are seen as having become riskier over the past 12 months amid fears they are under-reporting the potential cost of customer compensation and the scale of their toxic assets.
The Daily Telegraph Business, p. 5

Project Transform set to promise AP little change at Barclays Capital
There is unlikely to be a “material change” to Barclays’ investment banking operations when the bank announces its strategic overhaul next month, according to a leading analyst.
The Times, p. 38

Sants knighthood discredits honours system, MPs claim
The knighthood for Hector Sants, an FSA regulator at the time of the financial crash, has been criticised by MPs who claim it has brought discredit to the honours system.
This abstract from the Financial Times was produced by Kantar Media
Financial Times, p. 3
Also appeared in : The Independent, p.49

City watchdog metes out record fines for compliance failings
A record £312m in fines was handed down by the Financial Services Authority in 2012, more than tripled its previous record haul of £89m in 2010, handing out the two largest fines in its history to UBS and Barclays.
This abstract from the Financial Times was produced by Kantar Media
Financial Times, p. 3

Bank reform ‘too timid’ to curb high fees and bonuses
The Institute for Public Policy Research has said that the government must take dramatic action to reform the banking industry and force banks to split their retail and investment arms, warning the current policy was “too timid”.
The Daily Telegraph Business, p. 1

Osborne’s £700m bonus for the banks
The Government’s levy on the banks will raise only £1. 8bn in the current financial year, much less than the £2.5bn figure repeatedly trumpeted by David Cameron and George Osborne. Labour accused the Government of letting the banks off the hook and handing them a “double tax cut”, claiming the sector would also enjoy a £200m bonus from reductions in corporation tax for all businesses.
The Independent, p. 4
Also appeared in : Independent i, p.8

Banks kick off swaps price reporting in US shake-up
The US Commodity Futures Trading Commission has said that leading banks have begun to report prices and volumes of certain swaps as US financial reform begins to change the structure of the historically opaque derivatives market.
This abstract from the Financial Times was produced by Kantar Media
Financial Times Companies and Markets, p. 28

BofA raises lending in new-found confidence
Bank of America is starting to increase mortgage and corporate lending after two years of focusing on capital levels and cost-cutting.
This abstract from the Financial Times was produced by Kantar Media
Financial Times, p. 1

Goldman stock awards beat fiscal deal deadline
Goldman Sachs paid ten of its top executives $65m worth of restricted stock hours before congress voted to raise taxes on the wealthy.
This abstract from the Financial Times was produced by Kantar Media
Financial Times Companies and Markets, p. 16

Action urged on Citi
Focus on Citigroup which hived off its non-core assets into a separate arm called Citi Holdings four years this month.
This abstract from the Financial Times was produced by Kantar Media
Financial Times Companies and Markets, p. 17

US funds return to eurozone banks
New figures from Fitch Ratings show that US money market funds increased their exposure to eurozone banks for five months in a row at the end of last year.
This abstract from the Financial Times was produced by Kantar Media
Financial Times Companies and Markets, p. 28

Battle-¬weary Moynihan finds comfort at last
Interview with Brian Moynihan, the chief executive of Bank of America.
This abstract from the Financial Times was produced by Kantar Media
Financial Times Companies and Markets, p. 17

The above articles appeared on 03/01/13 reproduced with the kind permission of Kantar Media UK. All rights reserved.

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