Milestones for ending Libor will be hit by coronavirus, says City watchdog March 25, 2020 The coronavirus pandemic will make it harder for some firms to meet some of the milestones for transitioning away from Libor, the Financial Conduct Authority (FCA) said. Libor, or the London Interbank Offered Rate, is an interest rate benchmark used in contracts worth around £355 trillion globally. The rate was widely discredited after banks were [...]
Government and Bank of England urge banks to keep lending despite coronavirus uncertainty March 25, 2020 British banks must continue to provide loans during the coronavirus pandemic to ensure that previously viable companies do not fail due to the crisis, the government and Bank of England said. In a joint letter to the chief executives of major banks, Chancellor Rishi Sunak, Bank of England governor Andrew Bailey and the interim chief [...]
Over 400,000 volunteer to help NHS tackle coronavirus March 25, 2020 The number of people volunteering to help the NHS tackle the coronavirus pandemic has surged past 400,000, Prime Minister Boris Johnson said. Speaking at Number 10’s daily press conference on the outbreak, Johnson said some 405,000 people had put themselves forward for the scheme within 24 hours of a government appeal. Read more: Coronavirus may [...]
Credit Suisse cuts ex-boss Thiam’s bonus in wake of spying scandal March 25, 2020 The spying scandal that rocked Credit Suisse cost former chief executive Tidjane Thiam part of his bonus in 2019, with his overall compensation falling 15 per cent to 10.7 million Swiss francs (£9.2m). Thiam quit in February after a bitter boardroom battle with chairman Urs Rohner in the wake of the scandal over surveillance of [...]
Companies given longer to file Companies House accounts amid coronavirus turmoil March 25, 2020 Businesses are to be given an extra three months to file their accounts with Companies House to let them prioritise responding to the coronavirus pandemic, the government announced. Under the measures, which come into force today, any company that applies for an extension to file their results citing Covid-19 will automatically and immediately be granted [...]
Lloyds suspends 780 planned job cuts amid coronavirus uncertainty March 24, 2020 Banking giant Lloyds is suspending 780 job cuts across its branches amid surging demand for loans and uncertainty over how many of its staff may need to self-isolate. The cuts were originally announced in February as part of a cost-cutting drive by Lloyds, which is working to shrink its branch network in response to declining [...]
Coronavirus: G7 pledges to continue fiscal expansion for ‘as long as needed’ March 24, 2020 Finance ministers and central bankers from the G7 countries have pledged to expand fiscal and monetary actions for “as long as needed” to restore global economic growth and confidence pummeled by the coronavirus. “We will do whatever is necessary to restore confidence and economic growth and to protect jobs, businesses, and the resilience of the [...]
Swedbank money laundering report uncovers €37bn ‘high risk’ payments March 24, 2020 Swedbank carried out €37bn (£34bn) of transactions with a high risk of money laundering over a five-year period, according to a damning report into the beleaguered Swedish lender’s compliance controls. The report, published by law firm Clifford Chance, showed that Swedbank actively pursued high-risk individuals in the Batlic region, some of whom had been rejected [...]
Bank of England will ‘closely’ monitor credit to economy amid coronavirus crisis March 24, 2020 The Bank of England’s Financial Policy Committee (FPC) said it will “monitor closely” the credit conditions facing the economy amid the coronavirus pandemic, and stands ready to take further actions if needed. In minutes from recent meetings released this morning, the Committee said it “stands ready to take any further actions deemed appropriate to support [...]
ECB intends to be ‘significant’ buyer in commercial debt market March 24, 2020 The European Central Bank intends to become a major buyer of commercial debt when it enters the market, according to ECB policymaker Francois Villeroy de Galhau. In an interview with French website Wansquare, Villeroy said the central bank plans to enter the market for commercial paper — a type of short-term unsecured debt issued by [...]
