Interest rates inch down in third month of Funding for Lending November 29, 2012 INTEREST rates on new secured loans edged down in October, the third month since the Funding for Lending Scheme (FLS) began, data revealed yesterday, but rates on unsecured loans rose. The average interest rate on new secured loans edged down from 3.77 per cent to 3.74 per cent last month, the Bank of England said. [...]
Santander spearheads drive to rehabilitate securitisations November 14, 2012 SANTANDER is set to be the first bank to add a new industry stamp of approval to a securitisation, as the sector hopes to improve the image of financial instruments tarnished in the financial crisis. Securitisations see portfolios of loans – in Santander’s case, car loans – sliced up and sold to investors. The failure [...]
JP Morgan can start buybacks post Whale loss November 8, 2012 JP MORGAN Chase & Co revealed yesterday that US regulators have approved a plan for the bank to use its capital to buy back as much as $3bn (£1.87bn) of its stock in the first quarter of 2013. The company also disclosed that it has reached “an agreement in principle” with the Securities and Exchange [...]
UK house prices fall in October November 6, 2012 UK house prices fell 0.7 per cent in October, Halifax said today. On an annual basis, property values fell 1.7 per cent. In the three months to October, prices were 1.2 per cent lower than in the previous quarter, the fifth successive decline, Halifax said. Martin Ellis, housing economist at the lender, today said: “The [...]
Confidence in UK economy may be short-lived after production data October 28, 2012 CONFIDENCE in the UK economy may take a knock this week, with manufacturing data unlikely to match the strong GDP news released last week. After last week’s upbeat news that the UK has officially exited recession, the manufacturing purchasing managers’ survey (PMI) due on Thursday is expected to show the sector contracted again in October. [...]
Branson plays down interest in RBS branches October 25, 2012 SIR Richard Branson has played down rumours that Virgin Money is at the forefront of a bidding war for 316 bank branches put back on the market by RBS. The founder of Virgin Group told City A.M. yesterday that while Virgin Money could look at the assets, “the bank is singing, and it’s doing great… [...]
No shortage of literature for banking bookworms this month October 23, 2012 RECENT City A.M. award winner and property giant Westfield welcomed the Prime Minister’s wife to their Shepherd’s Bush store yesterday. Samantha Cameron, ambassador of Save the Children, gave a special reading of The Snail and the Whale at Foyles Bookstore to a group of children from Larmenier & Sacred Heart primary school. But for grown-up [...]
Business lending continues to slump as firms reduce debts October 23, 2012 BUSINESS borrowing slid further in September, data revealed yesterday, but mortgage lending increased slightly. Net business lending contracted £1bn between September and August, the British Bankers’ Association said, after falling £1.7bn on average in the previous six months. This continued fall in the stock of loans came from the demand side, the industry body said, with [...]
It might be prime time to refinance October 14, 2012 HISTORICALLY low interest rates and government schemes mean that it may make sense, for some borrowers at least, to remortgage their homes. But data from the Council of Mortgage Lenders serves as a stark reminder as to how tight conditions still are. In 2011, £46.6bn worth of remortgages were taken out by borrowers in 375,000 [...]
HSBC pledges to lend £1bn to boost UK home improvements September 10, 2012 HSBC has pledged to make £17bn available for UK mortgage lending this year, including £1bn for home improvement loans. The figure is a £2bn increase on the amount the bank promised in January, reflecting the coalition’s recent proposals to relax planning laws for homeowners. The government last week announced plans to soften planning rules for [...]