The Royal Mint has reported that the number of counterfeit £1 coins in circulation is on the rise. In a routine sampling of British coinage, the Mint found one in forty of the coins to be faked, the highest proportion since their introduction in 1983. In terms of value, faked £1 coins could therefore account [...]
Credit card and identity theft insurer, CPP, is claiming that banks are becoming increasingly reluctant to compensate the victims of card fraud. According to the company, over 12 million Britons have experienced some form of card fraud in the past year. The firm’s research has also revealed that the average loss was in excess of [...]
A report from the Treasury Select Committee, which is currently examining the events surrounding the banking crisis, suggests that the Government’s bank bail-out schemes will fail to free up lending. Initial efforts to recapitalise banks in October were followed by further measures this month, as a lack of credit continued to present a serious threat [...]
The Bank of Israel has continued to slash interest rates, which it has cut by 75 basis points to 1% for February. The last time the country’s rates were not cut was in October, when they were kept at 4.25%. Since then rates have plunged by 325 basis points. Israel’s interest rate now stands at [...]
A preliminary agreement has been signed between French banks Crédit Agricole S.A. and Société Générale which entails unification of their asset management businesses. The combined asset management operation will be the 4th largest in Europe and the 9th biggest on the global stage, with Crédit Agricole S.A. holding a 70% stake and Société Générale having [...]
New research from uSwitch.com has revealed that one-third of UK savings accounts offer an interest rate of 0.5% or below. The return is equivalent to 12p a month or £1.41 over a year, on an average savings balance of £2,813. The price comparison website’s personal finance manager, Louise Bond, comments that base rate decreases represent [...]
Deutsche Bank has made a pair of senior appointments in its businesses in the Middle East and North Africa (MENA) region. Salman Al-Khalifa has been named as the head of Global Markets MENA, and Hussein Hassan assumes the roles of head of Structuring MENA and head of Islamic Finance. Salman Al-Khalifa was formerly Deutsche Bank’s [...]
Spanish banking group, Santander, has announced that it will compensate individual clients who have lost out as a result of the alleged fraud by former Nasdaq chairman, Bernard Madoff. In December, Mr Madoff was accused of running a “pyramid” operation through his Wall Street hedge fund and committing a $50 billion fraud that has the [...]
Lloyds Banking Group has issued an update on its efforts to locate dormant account holders. The bank launched a scheme last summer, when it said it had around 120,000 accounts that had not seen any activity for at least 15 years. Tracing agency, Tracesmart, was appointed to track down dormant account holders including those at [...]
Savers with the Post Office are now covered by the Irish government’s guarantee scheme. The move has been made possible because the Post Office provides financial products through a partnership with the Bank of Ireland. More than 500,000 account holders will benefit from the new arrangement; the Irish Deposit Protection Scheme guarantees all savings, unlike [...]
Ulster Bank Group, which is owned by Royal Bank of Scotland, is restructuring. The lender is further integrating its First Active business, which it acquired in 2003 when it was the First National Building Society. First Active is Ulster Bank’s specialist mortgage and investment division and employs over 400 staff across its branch network. The [...]
The Consumer Credit Counselling Service (CCCS) is alerting consumers to the dangers of so called “payday” loans. This form of short-term lending can provide borrowers who have bad credit histories (and are therefore unable to secure mainstream credit) with fast cash. However it can be one of the most expensive ways in which to borrow [...]
The Association of British Insurers (ABI) has published research which reveals a worrying picture of public opinion towards saving. The Savings and Protection survey, conducted by YouGov, showed that almost three-quarters (73%) of Britons think that the benefits of saving have fallen during the course of the last year. Only 7% of respondents felt the [...]
French bank BNP Paribas’ board of directors met recently to be informed of the estimated financial performance over the last year and quarter. For the entirety of 2008 the bank estimates it will make a profit of around €3bn, but with a €1.4bn loss for Q4. The firm’s annual success was due largely to Retail [...]
Dutch Bank ING has released preliminary, unaudited figures for its recent financial performance. For 2008 the firm expects a loss of €1bn, after special items and divestments, with an underlying banking result of €500m in the black, and an underlying insurance loss of €900m. The final quarter of last year saw a loss of €3.3bn, [...]
Communication consultants Cohn & Wolfe have today released a survey which reveals the level of resentment and anger the British public feel towards the country’s financial institutions. The research, conducted in January, shows that three out of five of those questioned did not believe that their bank was looking after their best interests, and that [...]
Lord Myners, who was appointed Financial Services Secretary to the Treasury in October, has spoken out about the salaries and bonuses commanded by executives of the UK’s beleaguered banking sector. In an interview with The Sunday Times, the City minister said that the golden days of huge bonuses are over, describing some banking heads as [...]
