Libor: the vital number for every banker June 27, 2012 Q What is Libor? A The London interbank offered rate (Libor) is set daily for 10 major currencies and for 15 borrowing periods, ranging from overnight loans to 12 months. It is set by the British Bankers’ Association, after speaking to 16 banks and studying their data on the cost and price of lending to [...]
…but repossessions now hitting the north June 25, 2012 MORTGAGE holders in northern regions are more likely to lose their homes to lenders than people in the south, a group of surveyors said yesterday. Parts of the north east and north west of England have significantly higher rates of repossession, the data from e.surv found, though the group added that banks are trying to [...]
Mortgage loans rebound from collapse in April June 21, 2012 MORTGAGE lending jumped sharply in May, rebounding from a weak figure in April and showing solid growth on the year, according to industry data published yesterday. However, analysts warned the overall level of lending is still well below that seen in the pre-crisis years, and said banks are facing regulatory pressures holding back the market. [...]
Julius Baer in talks for BAML wealth division June 19, 2012 JULIUS Baer is in talks with Bank of America about buying Merrill Lynch’s non-US wealth management unit, valued at up to $2bn (£1.3bn), in what would be a massive deal for the acquisition-hungry Swiss private bank. Consolidation in the wealth management industry has been a major theme since the 2008 financial crisis, as an increase [...]
Government’s plan to subsidise credit could easily backfire June 15, 2012 USUALLY, formal dinners at Mansion House in the City are highly enjoyable but somewhat predictable affairs. This one was unusually exciting. For the first time I can remember, the speeches from George Osborne and Sir Mervyn King included major news bombshells. The Bank is launching an £80bn “funding for lending” plan to cut the cost [...]
Government’s plan to subsidise credit could easily backfire June 14, 2012 USUALLY, formal dinners at Mansion House in the City are highly enjoyable but somewhat predictable affairs. This one was unusually exciting. For the first time I can remember, the speeches from George Osborne and Sir Mervyn King included major news bombshells. The Bank is launching an £80bn “funding for lending” plan to cut the cost [...]
Osborne should reject the Vickers report in his Mansion House Speech June 13, 2012 GEORGE Osborne is a flip-flop chancellor – but on all the wrong policies. One area where a u-turn would be welcome is on the implementation of the Vickers report. However, In his Mansion House speech tonight, he will signal an intention to plough on as before – accepting both the good and the bad. Let’s [...]
Housebuilder Bellway enjoys strong sales June 8, 2012 Housebuilder Bellway announced today that it had enjoyed a “resilient” spring selling season, with visitor levels and reservation rates having surpassed expectations. This successful period meant that Bellway’s target set at the beginning of the financial year of achieving 5 per cent volume growth is now “secure”. Reservations increased following the introduction of government scheme [...]
The subprime mortgage crisis isn’t over – UK taxpayers remain liable June 7, 2012 THE subprime mortgage crisis isn’t over. On the back of misguided government policies, taxpayers in the US and UK remain on the hook for huge sums. The ideology of affordable housing must end. It took just 13 years to destroy the American mortgage market with devastating effects for the rest of the world. The process began [...]
House price rise 0.5pc in May June 7, 2012 House prices rose by 0.5 per cent in May, rebounding from a 2.3 per cent decline in April, but prices were still slightly lower on the year, figures from mortgage lender Halifax showed on Thursday. The Halifax house price index showed house prices were 0.1 per cent down in the three months to May compared [...]