IFS: family living standards to fall by 10pc over the next three years September 11, 2011 BRITISH families will continue to feel the effects of the “great recession” of 2008-2009 for up to a decade, according to the Institute for Fiscal Studies (IFS), with living standards declining by more than 10 per cent over the next three years. The respected independent economic forecaster says the impact of the financial crisis and [...]
Delay banking reforms: BCC September 11, 2011 A LEADING business organisation has urged the government to prioritise growth over regulatory reform ahead of today’s publication of the final report from the Independent Commission on Banking (ICB) John Longworth, the new director general of the British Chambers of Commerce (BCC) said he accepted the “need to ensure our banking system is robust” but [...]
Consumers should decide which banks are risky September 11, 2011 THE key principle has been established: banks are too big to fail. But Sir John Vickers’ preferred solution – ring-fencing – is cosmetic, simplistic and likely to be irrelevant to future crises. Instead the reforms should focus on transparency and choice. There is little competition in banking and consumers have no real choice at all. [...]
A tenth of applicants still refused board approval by City watchdog September 11, 2011 THE Financial Services Authority (FSA) is still rejecting just under a tenth of applications for professionals seeking to become board members, new figures reveal. Despite regular communication between the regulator and City firms, it appears that management teams are no closer to understanding what it is the FSA wants in its approval process for board-level [...]
Labour: errant bankers must be struck off September 11, 2011 ED Miliband, the leader of the Labour party, yesterday called for a new code of conduct for the banking industry which would allow for bankers to be “struck off” in the same way as doctors and lawyers. Speaking ahead of the publication of the final Independent Commission on Banking report this morning, Miliband said the [...]
New bank rules should be phased in gradually September 11, 2011 TODAY’S publication of the Independent Commission on Banking’s final report promises to be a watershed moment for the industry. The proposals outlined by Sir John Vickers and his colleagues could play a huge role in shaping the future of banking in the UK. However we must be very careful that at a time when bank [...]
Virgin is unmoved by Lloyds branch sale sweeteners September 11, 2011 LLOYDS has failed to attract serious interest from Virgin Money in its branch sale despite proposals to sweeten the deal in recent weeks. It is understood that despite reports that Virgin was preparing to bid on the 632 branches being sold before a second deadline at the end of September, it is unlikely to make [...]
Lagarde plays down €200bn capital scare September 11, 2011 INTERNATIONAL Monetary Fund (IMF) managing director Christine Lagarde has played down reports that a draft IMF document showed a €200bn (£172bn) shortfall in European banks’ capital. Lagarde (right) said the reports were misleading and that the international bailout fund was still finalising its study. “There has been misreporting about the €200bn, this number is tentative,” [...]
Juppe: Eurozone chaos a danger to the EU project September 11, 2011 FRENCH foreign minister Alain Juppe warned Greece that it must stick to the terms of the bailout agreement, in a speech in Australia yesterday. “Greece has to correct its mistakes,” he said. “They also have to honour the commitments that they have made.” He upped the pressure on the debt-stricken government to follow its planned [...]
French banks set for Moody’s downgrade September 11, 2011 FRANCE’S top banks are bracing themselves for a likely credit rating downgrade from Moody’s as early as this week, sources close to the situation said, further complicating their efforts to assure investors they are riding out the tensions in funding markets. Several sources said this weekend that BNP Paribas, Societe Generale and Credit Agricole were [...]
