BBA: Mortgage approvals rise as buyers beat stamp duty hike January 26, 2010 THE number of mortages approved in December reached its highest level since September 2007, the British Bankers’ Association (BBA) said yesterday. Net mortgage lending rose by £3.5bn in December, which was up modestly from £3.4bn in November and above an average level of £2.9bn over the past six months. The number of home loans agreed [...]
Bradford & Bingley liquidation cleared by European Union January 25, 2010 EU REGULATORS yesterday cleared the liquidation of failed British bank Bradford & Bingley after a request from UK authorities, which broke up and partly nationalised the lender nearly two years ago. Hit by a sharp rise in funding costs during the credit crunch, Bradford & Bingley sold its savings business and branch network to Spain’s [...]
B&B, Rock on cusp of bad bank merger January 24, 2010 PART-nationalised lender Bradford & Bingley is on the brink of receiving the go-ahead from the European Commission for its package of UK state aid, in a move that will pave the way for a merger of its toxic mortgage book with Northern Rock’s bad bank. A marriage of Bradford & Bingley and Northern Rock’s bad [...]
Economic Diary January 17, 2010 WHILE US banks will be dominating the calendar across the Atlantic next week, in Britain it is definitely the economic releases that will be taking centre stage. Kicking off is the property website Rightmove’s January house asking price survey, released this morning. The survey shows a monthly rise of 0.4 per cent and a 4.1 [...]
Bovis boost to housing market January 14, 2010 BOVIS is the latest housebuilder to issue upbeat figures fuelling hopes of a recovery in the housing market. The company said profit forecasts were on target with the average sales price up 2.5 per cent on 2008 to £154,600 in 2009. Bovis completed 1,803 homes compared with 1,817 in 2008 – with 1,527 of those [...]
Virgin Money moves into retail banking January 8, 2010 VIRGIN Money has moved into the retail banking sector after taking over a small private bank in a £50m deal. The move to buy Church House comes two years after the company failed to win control of Northern Rock. Virgin Money will pay £12.3m for the bank while pumping in a further £37.3m of capital [...]
UK mortgage loans at a 20 month peak January 4, 2010 UK MORTGAGE approvals rose in November to their highest level since March 2008 as confidence trickles back into the property market, Bank of England figures showed yesterday. Loan approvals numbered 60,518 over the month, rising from an upwardly-revised 57,718 in October and more than double the record low of 27,162 set in November 2008. The [...]
Bank buyers circle as Rock splits off unit January 4, 2010 THE race to snap up the good assets of Northern Rock heated up yesterday, with Virgin Money and National Australia Bank (NAB) emerging as the frontrunners. Clydesdale and Yorkshire Bank owner NAB is understood to have held meetings with potential advisers including Lazard, Citigroup, Credit Suisse and Morgan Stanley ahead of a potential bid for [...]
Details of RBS pain revealed by Treasury December 7, 2009 The full extent of the Royal Bank of Scotland’s stricken assets were made public yesterday, when the government published details of the insurance scheme set up to stabilise the bank. The Asset Protection Scheme (APS), which will insure £282bn of the bank’s assets, covers £15.4bn of residential mortgages, £80bn of loans, £39bn of derivatives, and [...]
SAVINGS GIANTS IN MEGA-MERGER December 1, 2009 YORKSHIRE Building Society is in advanced merger talks with beleaguered competitor Chelsea, in a deal experts said could fuel further consolidation in the sector. A tie-up, yet to be approved by the FSA, would create a major force in the building society arena. With £38bn assets and 2.7m members it would be second only to [...]