Yorkshire says Bank's move is hitting savers

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Yorkshire says Bank’s move is hitting savers

Yorkshire says Bank’s move is hitting savers
Chris Pilling, the head of the Yorkshire Building Society has warned that savers are being hurt by the Bank of England’s attempt to boost mortgage lending. The Bank announced plans to launch the Funding for Lending Scheme to provide banks with cheap state-backed funding on about £80 billion of loans.
The Times, p. 50
Also appeared in : The Independent, p.60-61

L&G glitch hits 12,000 pension payouts
Some 12,000 pensioners have been left without annuity payouts after a blunder by insurance giant Legal & General. The company said it was working to sort out the problem but it was a “oneoff” which would not affect the pensions of its other 650,000 annuity customers.
The Independent, p. 60-61

Bank’s assets may add 50% to Nama portfolio
The National Asset Management Agency, the “bad bank” of the Irish state, is to take control of the assets of the liquidated former Anglo Irish Bank, which will “significantly increase Nama’s workload,” its chairman, Frank Daly, said yesterday.
The Guardian, p. 35

The residential property market shows signs of recovery for 2013
A report issued by Knight Frank says it is unclear whether hopes for a significant boost in mortgage lending, following the Bank of England’s multi-billion Funding for Lending scheme, will be met.
City AM London, p. 24

Five US groups hand out mortgage relief of $45bn
Five US financial groups have provided more than $45bn in home mortgage debt relief to distressed borrowers.
This abstract from the Financial Times was produced by Kantar Media
Financial Times Companies and Markets, p. 18

Record growth for Yorkshire
The Yorkshire Building Society has seen profits, savings deposits and lending volumes all increase in 2012 as customers switched away from banks, the mutual has reported.
City AM London, p. 8
Also appeared in : Daily Mail, p.72, Independent i, p.50, Evening Standard London, p.45

Libor still ‘not clean’
Libor is still being manipulated, claims the Commodity Futures Trading commission, who is meeting with the Financial Services Authority to try to end manipulation of the key inter-bank lending rate.
The Daily Telegraph Business, p. 4
Also appeared in : The Sun, p.42, The Daily Telegraph Business, p.4, Financial Times, p.1

£175bn QE programme possible, says adviser
David Miles, an external member of the Bank of England’s monetary policy committee, has claimed that the Bank has a good case for the policy of recommencing its QE programme, claiming that it may be required to purchase assets worth as much as £175bn if the economy is running substantially below capacity.
The Guardian, p. 35
Also appeared in : The Daily Telegraph Business, p.1, Financial Times, p.3

Bankia set for Spain’s largest corporate loss
Bankia, the nationalised Spanish bank, is expected to reveal a €19bn loss next week, the largest in the country’s corporate history. On Thursday Bankia will report full-year earnings, including a €12.6bn writedown taken at the end of last year.
The Daily Telegraph Business, p. 4
Also appeared in : Financial Times Companies and Markets, p.17

BRITISH CENTRAL BANK WON’T HELP WITH DEFICIT AS MUCH AS HOPED
Britain faces a new barrier to meeting its budget after estimates Thursday that the Bank of England’s interest income, which can be used to reduce the country’s deficit, would be less than forecast.
International Herald Tribune, p. 19

Citigroup aims to head off revolt over pay
Citigroup has tried to quell a shareholder revolt over executive pay by scrapping an old bonus scheme and setting tougher targets for its CEO.
This abstract from the Financial Times was produced by Kantar Media
Financial Times Companies and Markets, p. 19

Competition body slams audit firms
The Competition Commission will this morning find that the Big Four accountancy firms have too much control over the industry, and call for measures to encourage Britain’s largest companies to change auditor regularly to boost competition. According to Sky News, the Competition Commission will also urge investors to become more vocal about a firm’s choice of auditor.
City AM London, p. 1

Inflation the danger now, so take a punt on shares
A report by Barclays has warned that investors need to beware the dangers of big central banks including the Federal Reserve and Bank of England going soft on inflation.
The Times, p. 42-43

Finance execs’ pay squeezed by regulations
Executive pay in financial services is barely creeping up this year and will come in well below inflation, according to new forecasts from Mercer.
City AM London, p. 17

Midtier banks boos’ share of corporate debt deals
The market share of global investment banks in arranging corporate bonds is at an all-time low, as smaller groups enter the lucrative territory.
This abstract from the Financial Times was produced by Kantar Media
Financial Times Companies and Markets, p. 17

Banking & finance
The bank HSBC has become the latest to scrap sales targets for its UK branch and call centre staff, saying bonuses will be based on customer satisfaction and teamwork.
The Times, p. 44

The above articles appeared on 22/02/13 reproduced with the kind permission of Kantar Media UK. All rights reserved.

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