Permanent TSB completes EU deleveraging plan with sale of second slug of its mortgage book to Cerberus October 27, 2016 The fund that has spent billions hoovering up some of the UK's banks' most distressed mortgage portfolios, today splashed out €2.4bn (£2bn) to snaffle Permanent TSB's Irish housing book. US distressed debt investor Cerberus Capital Management already owns 50 per cent of Capital Home Loans, a subsidiary of Permanent TSB, and this deal completes the part state-owned lender's €8.4bn [...]
Deutsche Bank’s Mexican operations sold to Investabank October 27, 2016 Deutsche Bank has sold its two Mexican units as part of an ongoing drive to flog non-core assets. Investabank picked up Deutsche Bank Mexico and Deutsche Securities for an undisclosed amount – although it is looking to investors to provide 2.5bn pesos (£112m) to help fund the purchase. The deal is still subject to sign-off [...]
Time to remortgage? The rates on two-year fixed deals are very low, but watch out for additional fees October 27, 2016 Brexit has been kind to mortgage holders. As the Bank of England’s interest rate has come down, banks have been able to borrow more cheaply, allowing competition to increase and mortgage rates to fall. Borrowers have been quick to take advantage of the deals on offer; in August, the number of people remortgaging hit a [...]
Mortgage approvals fell 15 per cent in September October 26, 2016 The number of mortgages approved by high street lenders fell 15 per cent in the year to September, figures published today showed. The British Bankers' Association said the number of mortgages given approval hit 71,738 in September – up from 69,499 in August. But the figure was down on the 74,252 six-month average, and three per cent lower in [...]
Deutsche Bank share price dips on reports mega $14bn fine settlement has been delayed October 25, 2016 Deutsche Bank's shares dropped again today, as investors digest reports that the bank's settlement of a potential mega fine has been delayed. The German lender's share price is currently down 2.3 per cent at €13.00, having been on a rollercoaster ride ever since it was announced the US Department of Justice (DoJ) could hit it with a fine for as [...]
Deutsche Bank predicted to reveal a loss this week, and it doesn’t look good for 2016 on the whole either October 23, 2016 Deutsche Bank is expected to report a loss when it reveals its results on Thursday. According to a consensus of analysts' thoughts, the embattled German lender is predicted to report a net loss of €610m (£542.9m) for the third quarter of the year, although some have forecast quarterly losses could be as deep as €2.1bn. Analysts have also [...]
Deutsche Bank’s share price just rose above its pre-panic level October 21, 2016 What a difference a month (and a bit) makes. This morning shares in Deutsche Bank finally rose back to the level they were at before the lender was threatened with a massive $14bn (£11.4bn) fine by the US Department of Justice (DoJ) and everyone lost their heads. Good news for chief executive John Cryan. Shares in the lender hit [...]
French banks in for a bumpy ride, but they’re still better than the ones in Germany and Italy October 20, 2016 French banks are weathering the negative interest rate storm better than their Eurozone rivals, thanks to healthier balance sheets and more sustainable business models. France’s three leading banks – Societe Generale, BNP Paribas and Credit Agricole – have outperformed the continent-wide Euro Stoxx banking index over the past year, and even with economic growth set [...]
Gross mortgage lending down seven per cent in September October 20, 2016 Gross mortgage lending fell seven per cent last month, but hit the highest September figure since 2007. According to the Council of Mortgage Lenders (CML), gross mortgage lending was £20.5bn in September, down seven per cent month-on-month. Read more: London boss of Barratt Developments arrested on suspicion of misconduct The figure represented a two per [...]
Britain’s banks back in the firing line for potential mortgage calculation failings October 19, 2016 Mortgage lenders may have been over-charging hundreds of thousands of customers in arrears according to UK's banking watchdog. The Financial Conduct Authority (FCA) today announced that it will consult for guidance on whether banks have broken FCA rules and miscalculated mortgage repayments. Read more: Tyrie urges FCA to publish its report into RBS After working with [...]