Home purchase lending back to pre-crisis levels February 25, 2014 BRITISH banks last month approved the highest monthly level of mortgage lending since September 2007, before the devastating effect of the financial crisis. Mortgages for house purchases have soared by 57 per cent since the same month last year, and remortgaging has also grown by 51 per cent in the same period. The British Bankers’ [...]
Mortgage payments will jump by billions if rates start to rise February 25, 2014 BRITISH home owners could be forking out an extra £2.2bn on mortgage repayments by the end of next year, according to a major bank’s forecast for the Bank of England’s next interest rate hike. In an adverse but realistic scenario, the projection suggests that repayments could rise by as much as £5bn by 2015, raising [...]
Account switch in bank rescue February 25, 2014 THE BANK deposits lifeguard is looking at using the seven-day switching scheme to make it easier for account holders in failed banks. The Financial Services Compensation Scheme (FSCS) guarantees deposits of up to £85,000 in UK lenders, should they collapse. Traditionally it sends customers a cheque to move to a new account. But it is looking [...]
Bank of England gets tough on foreign bank branches in UK February 25, 2014 FOREIGN banks will have to meet tough new criteria if they want to serve British high-street customers, under plans announced by the Bank of England this morning. The Bank’s prudential regulatory authority (PRA) wants to make sure banks can continue to serve customers even if the entity suffers a severe crisis. If the rules are implemented [...]
Dollar’s retreat sinks Ashmore as investors flee February 25, 2014 A WEAK dollar helped propel a big slide in profits at fund manager Ashmore last year, as continued uncertainty over emerging markets helped drive outflows at the group. The emerging market specialist blamed the dollar’s retreat against sterling during the last six months of 2013 for a £30m decline in pre-tax profits. Sterling rose nine [...]
Bonderman’s TPG eyes future flotation to join buyout rivals February 25, 2014 THE CHAIRMAN of budget airline Ryanair and private equity guru David Bonderman yesterday said he was “contemplating” floating his firm TPG Capital. Bonderman, speaking at private equity conference Super Return in Berlin yesterday, said TPG would join the public markets at some point in the future. “At the end of the day, everybody will go [...]
SJP comes into its own with Asian purchase February 25, 2014 WEALTH manager St James’ Place (SJP) yesterday announced it was on the verge of acquiring Asian firm the Henley Group, as it unveiled a big dividend increase. The business said it would add the company’s three offices to its roster in a bid to tap expat clients in Singapore, Hong Kong and Shanghai, once the [...]
Retail sales rise at fastest pace since mid-2012 February 25, 2014 RETAIL sales have surged in February, rising at the fastest pace in nearly two years and beating expectations, the Confederation of British Industry (CBI) said yesterday. A net balance of 37 per cent of retailers said sales volumes have risen from the same point last year, according to the CBI’s latest distributive trades survey. Only [...]
Fullerton set for a London office February 25, 2014 FULLERTON Fund Management, the Singapore-based investment management firm, is working to establish an office in London, the Treasury has confirmed. Fullerton, which specialises in Asian and emerging market investment solutions, will soon be applying for a licence from the Financial Conduct Authority. Its move to London follows the launch of a government plan to improve [...]
Treasury must lift flood cash February 25, 2014 PRESSURE has been piled on the chancellor to boost spending on flood defences in his budget next month. The Institution of Civil Engineers (ICE) has called on the Treasury to return spending to the level it was in 2010, before cuts were made as part of the coalition’s spending review. Director general of the ICE, [...]