Banks

Is the market driving you nuts?  Don’t feel bad.  You’re (probably) normal.  It’s the market that’s insane.  It’s days like today that it is especially fun to be writing around midday.  There’s so much frenzy, it’s like watching the rear end of a rat race. If you are still in a tither from last night’s news […]

86% of loan applications to BBA member banks approved. Banks are now lending in a normal way and lack of demand combined with a flat economy is the main cause of low levels of credit extended to small businesses, according to an independent report. The report, published by Glasgow University honorary Professor Russel Griggs OBE, […]

Has been CEO since November 2008. The Board of Directors of the Royal Bank of Scotland Group have announced that Stephen Hester will be stepping down as the Group’s Chief Executive later this year. The bank’s board believed that an “orderly succession process will give a new CEO time to prepare the privatisation process” and […]

Report by Think Tank policy exchange argues that “a distribution of shares in both banks to taxpayers be repaid on sale” is the best option for reprivatising Lloyds and RBS. Up to 48 million British taxpayers would have the opportunity to receive a no risk stake in RBS and Lloyds, under a new plan announced […]

Pound Sterling This week has been one of gains and upward momentum for Sterling. On Monday the Pound made gains against the US Dollar and edged upwards against the Euro after May’s manufacturing PMI data rose to 51.3 from the 49.8 recorded in April. A figure above 50 signals expansion. Construction data also boosted the Pound […]

Rate not changed since March 2009. ​The Bank of England’s Monetary Policy Committee MPC had today voted to maintain the official Bank Rate paid on commercial bank reserves at 0.5%. The Committee also voted to maintain the stock of asset purchases financed by the issuance of central bank reserves at £375 billion. Today’s meeting of […]

Everyone knows the story of the prodigal son and how he took his portion of his father’s fortune and mismanaged it through a series of foolish choices.  Then, when he was destitute, he returned home, where his father restored him to his familial position. Apparently the 21st Century version has another chapter.  In the new, […]

Loan cuts despite funding costs falling “significantly”. The Bank of England has published updated data on the use of the Funding for Lending Scheme (FLS). The data shows that for each group participating in the FLS the amount borrowed from the Bank and the net quarterly flows of lending to UK households and businesses for […]

Agency argues that ratings “reflect the high quality of the underlying collateral”. Fitch Ratings has assigned the following ratings to J.P. Morgan Mortgage Trust 2013-2: –$398,288,000 class A-1 exchangeable certificate ‘AAAsf’; Outlook Stable; –$398,288,000 class A-2 exchangeable certificate ‘AAAsf’; Outlook Stable; –$338,545,000 class A-3...

Unknown whether Sir Jonathan will introduce himself to clients as “Evans, Sir Jonathan Evans”. Sir Jonathan Evans has been appointed a Director of HSBC Holdings. He will be an independent non-executive Director and a member of the Financial System Vulnerabilities Committee. Sir Jonathan’s career in the Security Service, known as MI5, spanned 33 years, the […]