Treasury set to overhaul coronavirus loan scheme to avoid insolvencies April 1, 2020 The chancellor Rishi Sunak is reportedly set to overhaul the government’s emergency coronavirus loan scheme over concerns that small and medium sized businesses may go bust before they can access the funds. Sky News reported Sunak is set to announce that the requirement for banks to assess whether companies are eligible for other funding products [...]
Nationwide further tightens criteria for new mortgages as coronavirus crisis bites April 1, 2020 Building society Nationwide has further tightened its lending criteria, excluding bonus, overtime and commission as income it recognises for new mortgage applications. The move follows its decision yesterday to withdraw its offering for low deposit borrowers. Nationwide yesterday withdrew mortgages above 75 per cent loan-to-value (LTV) from its online and broker channels and restricted them [...]
Coronavirus: Banks must ‘repay the favour’ to taxpayer after 2008 crash April 1, 2020 Business secretary Alok Sharma has made a plea for banks to make more loans available for businesses during the coronavirus crisis. Speaking at today’s daily press briefing, Sharma said banks were bailed out by the taxpayers in 2008 and that they must “repay the favour”. Small and medium businesses (SMEs) struggling with the fallout from [...]
Coronavirus: UK bank shares take a hit after dividend suspension April 1, 2020 Investors have pummelled UK banks today, sending the FTSE 350 banks index tumbling after lenders suspended dividend payments amid the coronavirus crisis. Barclays, HSBC, Lloyds, Royal Bank of Scotland, Standard Chartered and Santander all halted payouts yesterday following pressure from the Bank of England’s Prudential Regulation Authority (PRA). Traders have today responded by selling the [...]
Coronavirus: Barclays, Lloyds, HSBC and RBS suspend dividends March 31, 2020 Barclays, the Royal Bank of Scotland, HSBC and Lloyds Banking Group said tonight they are suspending dividend payments this year because of the coronavirus pandemic. The banks said they had taken the decision after a request from the Bank of England’s Prudential Regulation Authority (PRA). The PRA also said it expected the banks to suspend [...]
ECB financial supervisor calls on banks to cut bonuses due to coronavirus March 31, 2020 Banks should exercise “extreme moderation” on bonus payments this year, according to Europe’s top financial supervisor, who also threatened to intervene if lenders fail to show restraint. Andrea Enria, chair of the European Central Bank supervisory board, said he hoped banks would limit payouts and avoid the need for the ECB to take action, but [...]
Nationwide pulls sales of mortgages for small deposit holders March 31, 2020 Nationwide is temporarily pulling its mortgage offering for low-deposit borrowers including first-time buyers as Britain’s biggest building society grapples with the impact of coronavirus on the housing market. Nationwide said that from Tuesday it would withdraw all fixed-rate and tracker mortgages above 75% loan-to-value (LTV) from sale for remortgage, first-time buyers, and new house purchases. [...]
Coronavirus: Monzo boss won’t take salary for year as staff offered furlough March 31, 2020 The chief executive of Monzo will not take a salary for a year as the digital challenger bank introduces pay cuts for executives and offers staff voluntary furlough amid the coronavirus crisis. In an internal memo, Tom Blomfield told Monzo’s 1,500 employees he would forgo a salary for the next 12 months, with the lender’s [...]
Rothschild warns of financial hit from coronavirus and halts dividend March 31, 2020 Historic bank Rothschild & Co has said it won’t propose a dividend at its 2019 annual general meeting, and warned that the coronavirus pandemic will hit its results as the virus batters businesses and markets across the world. Rothschild said it would pay out the planned €0.85 per share for 2019 “when appropriate”, but became [...]
What impact is Covid-19 having on global economies and markets? March 31, 2020 | City Talk The impact of the new coronavirus (Covid-19) pandemic continues to play out. The extent to which the virus will spread, both between and within countries remains unclear, and the duration and impact are highly uncertain. Sadly, the human impact continues to grow, and the virus has now claimed the lives of over 22,000 people, as [...]