Firms are unclear on FPC’s role November 3, 2011 TOO LITTLE is known about the new Financial Policy Committee’s (FPC) role and instruments and how it will impact on lenders, Paul Smee, director-general of the Council of Mortgage Lenders (CML) said yesterday. Smee warned the post-Financial Services Authority (FSA) landscape for mortgages is going to become more complex under the Prudential Regulation Authority and [...]
House prices edge up in a soft market November 1, 2011 HOUSE prices nudged up last month, beating expectations for no change, driven by sales in more affluent areas, data from mortgage lender Nationwide showed yesterday. House prices rose 0.4 per cent in October having risen 0.1 per cent in September, pushing them 0.8 per cent higher than a year ago, the first time annual house [...]
BBVA sees impairments rise in Spanish business October 26, 2011 SPAIN’S second biggest lender, BBVA, saw profits drop and impairments in its core Spanish business rise in yesterday’s third-quarter results. The bank also gained market share in mortgages, increasing its exposure to the country’s troubled property market. Group pre-tax profits dropped by 21.2 per cent to €4.15bn (£3.61bn), while in Spain pre-tax earnings lost a [...]
Virgin Money to make second Northern Rock bid October 24, 2011 Virgin Money will put in a second round bid to buy nationalised bank Northern Rock, a shareholder has said. Billionaire investor Wilbur Ross, one of the biggest shareholders in Richard Branson’s high street lender, said the bid would be submitted tomorrow. Northern Rock was fully nationalised three years ago but the government has said it [...]
WHAT THE OTHER PAPERS SAY THIS MORNING October 20, 2011 FINANCIAL TIMES KKR BETS ON CHINA SLOWDOWN WITH HK EXPANSION Kohlberg Kravis Roberts is set to expand into Hong Kong in an early bet by the US private equity group on a slowdown in the Chinese economy. The buy-out group, which is among the largest in the world, is planning to expand into Hong Kong [...]
Lending to businesses is still subdued, says Bank October 20, 2011 LENDING to businesses fell again in the three months to August, Bank of England figures showed yesterday. On an annualised basis, the stock of lending from financial institutions fell by 2.1 per cent, or £2.5bn. The decline represents a slowing rate – lending was down 5.8 per cent in the three months to July and [...]
Mortgage lending rises October 20, 2011 Gross mortgage lending rose four per cent on the year to £12.9bn in September, the Council of Mortgage Lenders said, although it said the level of housing market activity was subdued. The CML said gross lending in the third quarter of this year to £38.6bn, up 15 per cent from the second quarter, and two [...]
House price rises limited to the south October 16, 2011 HOUSE prices in the south are now over twice as high as elsewhere in England and Wales, according to asking prices collated by Rightmove. Asking prices in southern regions have shot up by 4.7 per cent this month, wedging an even bigger gap between housing costs in the south compared to further north. In London [...]
New ways to raise funds for your MBA October 12, 2011 FUNDING an MBA can be a tricky thing. Many schools offer grants and scholarships, often sponsored by businesses or donors, and some lucky students’ fees are paid by their businesses. But for many, stumping up the cash for those three little letters involves dealing with banks. As we all know, banks are not exactly keen [...]
Cheap loans aid house prices October 11, 2011 HOUSE prices increased in August compared with July, but are still down on levels seen 12 months ago, according to figures out yesterday from the Department for Communities and Local Government (DCLG). Meanwhile, statistics from the Council of Mortgage Lenders (CML), also out yesterday, showed homeowners taking advantage of low interest rates as remortgage levels [...]