Tag Archives: bank

RBS accedes to Bank of England call to pass rate cut to customers

Royal Bank of Scotland has cut its lending rates for homebuyers, leaving Lloyds Banking Group as the last major lender holding out against the Bank of England’s call to pass on Thursday’s interest rate cut to borrowers. The sudden announcement by RBS came on Friday just hours after the bank, which is 73% owned by the taxpayer, had insisted that ... Read More »

Bank spells out chance of further rate cut this year

The Bank of England deputy governor, Ben Broadbent, has told the BBC’s Today programme there could be a further interest rate cut this year if needed. His comments highlight the Bank of England’s signal on Thursday that rates could go lower if the economy worsens. On Thursday, the Bank cut interest rates from 0.5% to 0.25% – a record low ... Read More »

Bank of England to cut key rate August 4, hold off on QE for now – Reuters poll

The Bank of England is almost certain to cut benchmark borrowing costs when it sets policy on Aug. 4, but a slim majority of economists in a Reuters poll said it would hold off for now on restarting its asset purchase programme. Britons voted in a June 23 referendum to leave the European Union, a shock outcome that roiled financial ... Read More »

Bank of England prepares to cut rates into uncharted territory

The Bank of England looks ready to cut interest rates for the first time since 2009 on Thursday, seeking to stop Britain’s vote to leave the European Union from kicking the country into recession. It may even go a step further and pump billions of pounds into financial markets. Economic surveys have pointed to a sharp slowdown since the BoE ... Read More »

Euro zone bank sector better equipped to handle stress: ECB

The euro zone’s biggest banks would fare better in case of stress than two years ago as they have amassed capital and made headway in fixing their balance sheets, the European Central Bank said on Friday after a stress test of the bloc’s 37 biggest banks. The banks entered the test with an average Common Equity Tier 1 capital ratio ... Read More »

RBS slumps 25% as Brexit puts bank shares under severe strain

Bank shares are under severe pressure after the Brexit vote, with bailed-out Royal Bank of Scotland shedding a quarter of its stock market value at one point. The 25% slump in RBS shares on Monday took the bank, still 73%-owned by the taxpayer, back to levels last seen in February 2009. They later regained some ground, but by mid-afternoon were ... Read More »

Singapore bank halts lending for London properties over Brexit vote

Singapore’s third-biggest lender has suspended new loans for the purchase of London properties as the aftershocks of Britain’s vote to leave the EU are felt around the world. United Overseas Bank said it would “temporarily stop” issuing the loans because of heightened uncertainty following the Brexit decision. “As the aftermath of the UK referendum is still unfolding and given the ... Read More »

Malcolm Turnbull insists bank inquiry unnecessary after fresh rate-rigging case

Malcolm Turnbull has rejected calls for a royal commission as a third bank faces legal action for rate-rigging allegations, saying the financial watchdog was “sinking its fangs” into suspects. The prime minister said the corporate sector was “well regulated” and the government had already increased the Australian Securities and Investment Commission’s powers and resources. “The watchdog is sinking its fangs ... Read More »

Bank of England in preparations for potential Brexit

The Bank of England will draw on lessons learned from the Scottish referendumand the global financial crisis as it steps up its preparations for a possible decision by Britain to leave the EU on 23 June. The first of three special funding operations by Threadneedle Street will be launched on 14 June to ensure the UK’s commercial banks have the ... Read More »

Tesco Bank boss Benny Higgins spent more than £18,000 on taxis

The boss of Tesco Bank spent more than £18,000 on London taxis in just eight months last year, being taken to upmarket restaurants, private members’ clubs and the supermarket’s various head offices despite the tough new approach to costs adopted by the grocer’s chief executive, Dave Lewis. When Lewis arrived at the business in October 2014, he ordered the immediate ... Read More »