Home loans surge but British consumer remains subdued October 29, 2009 MORTGAGE approvals soared to their highest levels in 18 months but credit card lending remained subdued as recession-hit consumers paid back their debts for the third successive month. Data from the Bank of England showed that a total of 56,215 mortgages were approved in September, up from 52,970 in August and above expectations, indicating that [...]
Rock gets go-ahead to split October 28, 2009 CHANCELLOR Alistair Darling ruled out the prospect of a quick sale of Northern Rock yesterday, despite winning backing from the European Union to split the troubled lender into a “good” and “bad” bank ahead of a sell-off. EU competition commissioner Neelie Kroes approved the government’s proposals to split the Newcastle-based bank, led by chairman Ron [...]
TOP BANKER HIRED TO SPLIT UP ROCK October 27, 2009 SENIOR UBS banker Robin Budenberg is set to be named today as the new chief executive of UK Financial Investments (UKFI), the Treasury unit that manages the government’s holdings in UK banks. Budenberg’s first job will be to oversee the break up of Northern Rock into a “good” and a “bad” bank – a plan [...]
Play the Bank’s QE decision with a punt on gilts October 25, 2009 THIS year we have witnessed the Bank of England take the unprecedented step of buying billions of pounds worth of assets – mostly government bonds – in order to loosen monetary policy further than can be achieved through interest rate cuts alone. It goes without saying that this policy of quantitative easing (QE) has had [...]
EU to allow Rock plan to split itself up October 22, 2009 The European Commission (EC) is expected to approve plans to split Northern Rock into a “good” and “bad” bank by the middle of next week, paving the way for the break-up and sale of the nationalised bank. The EC is set to authorise the plans next Wednesday. They were originally submitted by Northern Rock, led [...]
FSA outlines its crackdown on mortgages October 19, 2009 CITY watchdog the Financial Services Authority (FSA) has unveiled a crackdown on the mortgage-lending market that includes plans to ban the self-certification loan industry. FSA chief executive Hector Sants unveiled a range of proposals including a ban on the self-cert, or “liar loans” industry, where borrowers are able to get mortgages without giving proof of [...]
UK mortgage approvals steady as money supply gauge improves September 29, 2009 BRITISH mortgage approvals for house purchase held broadly steady in August, Bank of England (BoE) figures showed yesterday, while consumers paid down unsecured debt at the fastest rate since records began in 1993. Mortgage approvals, a lead indicator of housing demand, slipped fractionally to 52,317 last month, broadly in line with expectations, from an upwardly [...]
Topps Tiles says green shoots are in sight as sales show signs of stabilising September 23, 2009 TILE and wood flooring retailer Topps Tiles yesterday said its markets were stabilising with sales falling at a slower pace in its second half, adding to hopes the recession may be ending. Topps Tiles – which is seen as a bellwether for DIYspending – said it expected sales at stores open more than a year to [...]
Mortgage approvals soar 81 per cent year on year September 23, 2009 MORTGAGE approvals have risen 81 per cent year on year as the housing market recovers from its sharp spiral downwards, the British Bankers’ Association (BBA) said yesterday. Approvals fell slightly in August compared to July after seven consecutive monthly rises, the BBA said, attributing the dramatic year-on-year increase to the lending drought that gripped the [...]
THE LONDON REPORT September 23, 2009 THE leading share index closed lower yesterday as falling commodity prices stung oil firms and miners while investors stayed cautious ahead of the conclusion of a US Federal Reserve policy meeting. The FTSE 100 ended 0.1 per cent, or 3.23 points, lower at 5,139.37, erasing gains from earlier in the session as shares on Wall [...]