Real Madrid top Deloitte Football Money League as Champions League revamp boosts Premier League’s rivals
Mark Carney: Stress test proves banks are “significantly more resilient” December 16, 2014 Mark Carney, the governor of the Bank of England (BoE), has said the results of today’s stress tests prove the new-found resilience at the core of the banking sector. Seven banks and Nationwide building society were tested, with only one, Co-operative Bank, failing. The test scenario was considered especially harsh and included two years of [...]
Mark Carney says UK economy is still in need of stimulus November 25, 2014 Bank of England governor Mark Carney signalled a dovish tone while speaking to MPs yesterday, despite insisting that the UK’s monetary policy will not be loosened even further. Carney told the Treasury Select Committee that Britain was “still an economy that requires monetary stimulus”, despite an expected growth rate of above three per cent this [...]
Is Mark Carney right that clawback may need to cover all bankers’ pay, not just bonuses? November 17, 2014 Alex Edmans, a finance professor at London Business School and Wharton, says Yes. Pay packages should ensure that executives act in the long-run interest of their firms. Short-run bonuses incentivise bankers to boost near-term earnings at the expense of long-run value – such as writing subprime loans or manipulating rates. Clawbacks will deter myopic actions, [...]
Mark Carney: EU bonus cap has “unfortunate” side-effects – reform bankers’ pay instead November 17, 2014 Bank of England governor Mark Carney says massive fines for bad behaviour among bankers hasn't done enough – and that their pay may be overhauled even further in order to "help rebuild trust in financial institutions". New measures could include "clawback" options for bankers' salaries as well as their bonuses, and even paying out "performance [...]
Mark Carney: Banks will have to increase financial buffer to end “too big to fail”, but it’s going to cost them November 10, 2014 Banks will no longer be “too big to fail” if new rules aimed at ensuring banks have enough capital behind them in the event of another financial crisis drawn up by Mark Carney are approved. New proposals put together by the Financial Stability Board, led by Bank of England governor Carney, will curb the need for [...]
Mark Carney plans more capital rules for banks to end taxpayer bailouts November 10, 2014 Global banks face more capital fine tuning as Mark Carney leads the drive to end taxpayer bailouts over the coming weeks and months. The Bank of England governor has been re-appointed as the head of the Financial Stability Board (FSB) – a group of global regulators – and is expected to propose more fine-tuning of [...]
Mark Carney on interest rate rises, Eurozone weakness and the 2015 general election October 13, 2014 Is Bank of England governor Mark Carney on a media blitz? He’s already taken the opportunity to tell bank chiefs to face up to new laws which make them legally responsible for any wrongdoing. And, while attending the annual meeting of the International Monetary Fund in Washington, he’s also given interviews to CNBC and CNN making clear that eurozone weakness and [...]
Mark Carney says bank chiefs should put up with new jail threat law October 13, 2014 Bank of England governor Mark Carney yesterday brushed off the concerns of bankers who are quitting the industry over plans that could see senior executives sent to jail. “If you are the chairman or the head of the risk committee, you have a responsibility for the activities of that institution,” said Carney, speaking in the [...]
Mark Carney wants power to limit your mortgage if house price boom threatens banks October 2, 2014 The Bank of England wants major new powers to cap mortgage loans, yesterday arguing it may need to rein in the housing market if the price boom starts to endanger banks. Officials want the ability to cap the loan-to-value (LTV) ratio of mortgages, as well as the debt to income ratios of some borrowers. The demands [...]
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 [...]