Lloyds ripped off Bank of England by fiddling Libor rates July 28, 2014 Lloyds was hit by £226m in fines and settlements yesterday as the bank admitted its staff fiddled Libor and the influential repurchase agreements rate benchmark in the years before the financial crisis. Of that, £7.75m is going to the Bank of England as compensation for fees it dodged in the crash by manipulating the repo [...]
Bank of England’s new contracts set to end bailouts for giant banks July 24, 2014 Investors in banks will have explicitly to recognise that they could be bailed in to prop up failing lenders, under new rules published by the Bank of England yesterday. The new contracts are part of a series of sweeping changes being introduced in a bid to make sure investors pay up when a bank goes [...]
Mixed messages on interest rates from Bank of England prompt criticism July 23, 2014 City economists clashed with Mark Carney yesterday, challenging the Bank of England governor’s insistence that “clear guidance” is being provided on when interest rates will finally begin to rise. The latest monetary policy committee (MPC) minutes yesterday showed another unanimous decision to hold bank rate at 0.5 per cent, even as Carney told a Glasgow [...]
New directors join Bank of England court from Experian, TalkTalk and Drax July 21, 2014 Three business heavyweights were yesterday hired as non-executive directors on the court of the Bank of England, the Treasury has announced. Controversial Experian chairman Don Roberts has been given one of the positions. He faced a shareholder rebellion earlier this month, as a series of investors objected to his move from chief executive to chairman of the credit data [...]
Bank of England hits out at BIS report warning over low interest rates July 16, 2014 Recent international warnings on low interest rates from the Bank of International Settlements (BIS) were criticised yesterday by UK policymakers, who suggested the central bank hub was operating in a bubble secluded from political reality. Bank of England governor Mark Carney said that the report had been written in “the vacuum of Basel”, [...]
Bank of England keeps interest rates on hold: Why this could be last meeting without dissent July 10, 2014 The Bank of England's interest-rate setting committee is twiddling its thumbs again this month, voting to keep policy on hold. Interest rates remain unchanged at their historic 0.5 per cent lows, and there's no change to asset purchases either. Central bank watchers weren't expecting much this month, despite a small shakeup to the committee that [...]
Bank of England’s Minouche Shafik defends record July 9, 2014 Incoming deputy governor at the Bank of England, Minouche Shafik, was yesterday forced to defend her record, insisting she does have enough experience for the job. The ex-International Monetary Fund (IMF) troubleshooter faced a grilling from MPs for lacking policymaking experience. But she told the Treasury Select Committee that she worked closely with troubled nations [...]
Mark Carney cancels cricket but Bank of England isn’t short on cake July 7, 2014 Mark Carney may have caused a stir by banishing the traditional Bank of England summer cricket match this year, but by all accounts staff had a great day out, replete with face-painting, wheel-barrow races, the Wimbledon final on a big screen and a bake-off. The governor, described by one tweeter as a “very [...]
Mark Carney makes first key cut as Bank of England governor July 6, 2014 Mark Carney has made his first cut since he walked through the door at Threadneedle Street in July. Not to interest rates – although they remain at their historic lows of 0.5 per cent – but to one of a large selection of cakes at this year's Bank of England summer party. The Bank governor [...]
Mark Carney’s Bank of England snubs staffer: Cancels cricket fun at staff party July 4, 2014 Just weeks after one colleague celebrated his love of cricket in a public speech, Mark Carney's Bank of England has confirmed that it has axed all cricket-related hijinks at its staff summer party. There will no cricket match at the central bank's summer, as first reported by Bloomberg. The move is a stark tone change [...]