Silicon Valley Bank: Start-ups welcome the warm embrace of Britain’s big banks March 15, 2023 The collapse of SVB UK is causing start-ups to reevaluate their banking priorities, Charlie Conchie writes Among the backslapping jubilation of HSBC’s rescue swoop on Monday morning, a singular voice fired a sour warning into the ether. Loss-making start-up the Bank of London had over the weekend launched a bid to buy Silicon Valley Bank’s [...]
London rents: Why homeowners are £3,000 better off than tenants in the capital every year March 15, 2023 London homeowners are a hefty £3,000 better off than those who rent, however the price to secure a deposit in the capital has soared to new highs due to inflation and a limited pool of supply. According to data by Halifax, those lucky enough to have a place to call their own in the capital [...]
Truss mini budget chaos blamed for fall in mortgage lending, as value of new home loans dips and arrears rise March 14, 2023 A slump in mortgage lending during the last quarter of 2022 has been blamed on the aftermath of the Truss mini-budget, as the level of arrears crept up for the first time in nearly two years. Figures released by the Financial Conduct Authority (FCA) show the value of new mortgage commitments fell 33.5 per cent [...]
Silicon Valley Bank: how has the US rescue differed from the UK… and is it a bailout? March 14, 2023 US regulators moved to insure customers' deposits and steady the sector after Silicon Valley Bank collapsed.
NatWest imposes £1,000 daily limit on Crypto spending to protect people against ‘losing life changing sums’ March 14, 2023 NatWest imposed stricter restrictions on cryptocurrency transfers as it seeks to protect its customers after £329m was lost by UK consumers last year. The bank is implementing a daily limit of £1,000 and a 30-day payment limit of £5,000 to cryptocurrency exchanges. It is implementing the rules to “help protect customers losing life changing sums [...]
Banking sell-off slows in Europe after SVB collapse as US lenders set for recovery March 14, 2023 The banking sell-off eased in Europe today while US regional banks are poised to rebound as investors continue to digest the implications of Silicon Valley Bank’s collapse. Fears of contagion sparked a brutal sell-off in Europe yesterday with the European Stoxx bank index falling 6.7 per cent. But Europe’s lenders have had a calmer day [...]
Credit Suisse woes mount as shares fall on discovery of ‘material weaknesses’ in financial reporting controls March 14, 2023 Credit Suisse’s shares continued to slide after it found “material weaknesses” in its financial reporting controls as it released its delayed annual report. The bank’s shares were trading 4.4 per cent lower on Tuesday morning at just CHF2.16. The embattled lender said its “internal control over financial reporting was not effective” for both 2021 and [...]
Silicon Valley Bank: US bosses sued for fraud as fallout from collapse begins March 14, 2023 The parent company of Silicon Valley Bank and two of its top bosses are being sued by shareholders who have accused them of hiding the lender’s vulnerabilities to the effects of rising interest rates.
Close Brothers profit takes a 90 per cent hit following £100m Novitas write off March 14, 2023 Close Brothers half year profit slumped as the bank set aside over £100m for bad loans relating to legal finance specialist Novitas. As a result of the provisions the London-based merchant bank’s adjusted operating profit fell 90 per cent to £12.6m during the six months ending January 2023. Close Brothers signalled to the market in [...]
Analysis: Silicon Valley Bank’s fall isn’t systemic – but there are lessons to learn March 14, 2023 The collapse of Silicon Valley Bank (SVB) should not pose a threat to wider financial stability in Europe, analysts argue, although it has thrown light on a series of issues that stakeholders will need to address. Amidst a slump in bank’s share prices following SVB’s collapse, regulators have been rushing to restore confidence to a [...]