Da La Rue’s share price climbs after Bank of England confirms 10-year deal October 13, 2014 De La Rue's share price rose today after its 10-year deal to print sterling bank notes received the final approval. The printer and passport manufacturer will take on the new contract, producing bank notes from the Bank of England's base in Debden, Essex, in April. De La Rue, which has been printing bank [...]
BoE had prepared emergency bank fund in event of Scottish independence referendum Yes vote October 10, 2014 The Bank of England had prepared emergency funding if Scotland voted for independence, and warned over the possible impact it could have on the UK's credit rating, it has emerged. Minutes of discussions by the BoE's financial policy committee (FPC) published today show detailed contingency plans had been put together, including provisions for banks [...]
Interest rates: Bank of England keeps base rate at 0.5 per cent October 9, 2014 The pound has risen against the dollar today, after the Bank of England confirmed the base rate would stay at 0.5 per cent. The Old Lady of Threadneedle Street threw no surprises into the mix today, with the monetary policy committee (MPC) voting to keep the interest rate where it has been since March 2009. [...]
Bank of England wants savers’ first £1m deposit to be protected October 6, 2014 Deposits of up to £1m should be guaranteed under the government-backed scheme to reassure savers their money is safe, the Bank of England proposed yesterday. Currently, the first £85,000 with any bank or building society is protected under the Financial Services Compensation Scheme. It was extended to that level during the financial crisis, as worries over the [...]
Bank of England: Banks must submit ring-fencing plans by year-end October 6, 2014 British banks have been given less than three months to put together an initial plan of how they would protect retail customers from any potential fall out from their riskier activities. The Bank of England has published four papers outlining its plan to improve the financial stability and security of deposit takers, to avoid a [...]
Bank of England backs move for greater powers over mortgage lending as it warns over financial instability posed by housing market October 2, 2014 The Bank of England has warned that the UK housing market represents a continued risk to financial stability, backing government calls for greater powers to cap mortgage lending for homes and buy-to-let properties. The BoE's Financial Policy Committee has come out in support of George Osborne's suggestion, which was initially put forward over the summerand reiterated [...]
Bank of England’s David Miles: Perfect interest rate forecasts are impossible September 30, 2014 Critics of the Bank of England who demand more detail on the future path of interest rates do not realise how hard it is to predict economic movements, policymaker David Miles said last night. The Bank has set out rough guidance, telling markets that interest rates will only rise slowly and will stay below pre-crisis [...]
Bank of England pledges to get tough on insurers’ risk plans September 25, 2014 INSURANCE firms will not get regulatory approval unless they can prove they have rigorously estimated the risks they face across their business, Bank of England boss Mark Carney said yesterday. The new Solvency II rules come into force next year, making insurers lay out more detailed risk and capital plans, across Europe. “This rigour has [...]
Mark Carney: Bank of England will get tough on the insurance industry September 25, 2014 The Bank of England is cracking down on malpractice in the insurance industry, governor Mark Carney said today. In a speech this afternoon, Carney indicated regulators will come down hard on insurance companies that give a distorted view of risk to decrease the amount of capital they are expected to hold. A new regime, known [...]
Bank of England under fire as it hides lender aid September 24, 2014 The bank of England is cutting the data published on support offered to banks when they get in trouble, in the hope that secrecy will give lenders time to recover before investors find out. But economists fear the Bank of England is becoming less transparent just as it is gaining major new powers. Liquidity support had [...]