Deloitte probes Bank of England payments crash November 24, 2014 The Bank of England yesterday hired Deloitte to investigate the crash in its payments systems last month. On 20 October the, Real-Tim Gross Settlement (RTGS) system failed, causing faults in the Chaps payments channel, which is used for large-scale transactions. The system is largely used by companies and banks to transfer funds, but individuals also [...]
Bank of England tells banks’ directors to be more ambitious November 20, 2014 Banks’ directors are too focused on complaining about the risk of going to jail, and not doing enough to work on the big objectives of their companies, the Bank of England’s Martin Taylor said yesterday. To run a bank properly, non-executives should work together on the big strategic direction of the bank. Currently, they often [...]
Bank of England fines RBS over payments crash November 20, 2014 NEGLECTED IT systems could put the safety and soundness of RBS at risk, the Bank of England warned yesterday as it teamed up with the City watchdog to fine the bank £56m. The regulators were investigating a serious payments system crash, which locked millions of customers out of their accounts in mid-2012. It is a [...]
Fed to raise interest rates before Bank of England November 19, 2014 US INTEREST rates are expected to rise before those in the UK, as the Federal Reserve last night indicated it will not slow down its path to tighter money despite wobbles in the world economy. Mark Carney has indicated the Bank of England will keep rates lower for longer as wages are not yet rising [...]
Bank of England MPC minutes: Policymakers defy expectations to stay firm on interest rate hike vote November 19, 2014 The Bank of England's monetary policy committee (MPC) voted 7-2 against raising rates in November, unchanged from last month's vote – despite speculation there might be a stronger vote in favour of keeping rates low. However, the minutes did reveal that there was a "material spread of views" amongst policy makers over the future outlook. [...]
Bank of England’s Kristin Forbes: “Banking deglobalisation will have widespread repercussions for the United Kingdom” November 19, 2014 Shrinking international financial flows could make it more difficult for the UK to fund its current account deficit, Bank of England monetary policy committee member Kristin Forbes said today. The American economist argued that international financial flows have shrunk since the last financial crisis, leading to a climate of banking deglobalisation. Forbes, who [...]
As the Bank of England predicts low inflation for longer, is real wage growth here to stay? November 12, 2014 Rob Wood is chief UK economist at Berenberg Bank, says Yes. Real wage growth is here to stay, but it’s important to keep some perspective. We are finally seeing wages rise above inflation, partly because petrol and food price falls have dragged the latter down. Money wage growth remains weak, if better than a few [...]
Quarterly inflation report: Bank of England signals no interest rate hike until autumn 2015, cuts growth and inflation forecasts November 12, 2014 No rate rise until next autumn – that was the message from Bank of England governor Mark Carney in his quarterly inflation report this morning. "What really matters is the broad process of monetary policy, not a specific date for the first interest rate rise", Carney said, causing markets to predict the first increase will [...]
Bank of England fires chief currency dealer Martin Mallett after forex scandal probe November 12, 2014 A senior figure at the Bank of England has been fired for serious misconduct after failing to follow internal policies. BoE chief currency dealer Martin Mallet, who has worked at the Bank for 30 years, was suspended in March. Following a disciplinary procedure, he was dismissed yesterday. The BoE made clear this was in relation [...]
Bank of England expected to cut UK growth outlook November 10, 2014 The Bank of England (BoE) is expected to lower its growth and inflation forecasts for the UK on Wednesday, signalling a delayed rate hike. Wednesday sees the release of the BoE’s quarterly Inflation Report, which sets out the Bank’s estimates for GDP growth and inflation. August’s edition predicted growth of 3.5 per cent in 2014, [...]