Banking Times: Daily Banking News
 
 
Daily Banking Industry News
Saturday 05th of July 2008
June 18, 2008

uSwitch accuses banks and stores of irresponsible lending

by Gill Montia

Story link: uSwitch accuses banks and stores of irresponsible lending

A survey by price comparison website, uSwitch, suggests that millions of consumers have been issued with credit cards over the past year without giving proof of their financial status.
uSwitch accused banks and retail stores of acting irresponsibly after its Credit Card Affordability Survey revealed that 84% of people questioned, who had been approved for credit […]



June 11, 2008

BBA completes Libor review

by Gill Montia

Story link: BBA completes Libor review

The British Bankers’ Association (BBA) is introducing some changes to the way in which the London Interbank Offered Rate (Libor) is set.
Since the onset of the credit crisis Libor, which defines the rates at which banks lend to one another, has remained high despite cuts in the Bank of England’s base rate.
Some economists have been […]



April 30, 2008

BBA opposes FSA attack on tied advice

by Gill Montia

Story link: BBA opposes FSA attack on tied advice

The British Bankers’ Association (BBA) has criticised new measures being proposed by the Financial Services Authority (FSA) that could curtail or even outlaw tied advice, such as advice given by a bank based on the range of products its provides.
The BBA believes that consumers could lose out under the proposals because they would be caught between […]



April 17, 2008

BBA expedites Libor review

by Gill Montia

Story link: BBA expedites Libor review

The British Bankers’ Association (BBA) has announced that it is bringing forward its review of the way in which it calculates the London Interbank Offered Rate (Libor), the interest rate at which banks lend to one another.
Three month Libor has seen record high levels since the onset of the credit crisis, and has remained high […]



March 22, 2008

UK banking jobs to be cut by 15%

by Dave Nixon

Story link: UK banking jobs to be cut by 15%

Job losses accounting for around 15 per cent of the US and European investment banking industry have become a near certainty in the initial half of this year following the latest turmoil on Wall Street, senior bankers have cautioned.
The US is anticipated to see the utmost cutback in headcount, at about 15 per cent, reflecting […]



March 6, 2008

BBA urges caution on legislation for banks in crisis

by Gill Montia

Story link: BBA urges caution on legislation for banks in crisis

The banking industry is urging Chancellor of the Exchequer, Alistair Darling, to take a cautious approach to new legislation that is being drawn up as a result of the Northern Rock crisis.
The British Bankers’ Association (BBA) has advised the Treasury that it could undermine creditors’ rights if it proceeds with a “special resolution regime” that […]



November 2, 2007

Northern Rock borrowing increases to £23 billion

by Gill Montia

Story link: Northern Rock borrowing increases to £23 billion

Shares in Northern Rock, the troubled mortgage bank, fell 6.5% on Thursday when it was revealed that the bank’s borrowing had increased to around £23 billion.
Figures from the Bank of England covering the week to the 31st October show a £2.2 billion increase in “other assets”.
Analysts have taken this to indicate that Northern Rock has […]



August 31, 2007

Penalty fees survey shocks BBA

by Gill Montia

Story link: Penalty fees survey shocks BBA

uSwitch, the price comparison website, has published the results of a poll in which over 4,000 of its customers were surveyed about the penalty fees charged by leading UK banks.
The research was conducted by YouGov and concluded that UK bank customers who have been charged such fees have paid an average of £742 each, over […]



July 5, 2007

Base Rate Increases to 5.75%

by Gill Montia

Story link: Base Rate Increases to 5.75%

The Bank of England has increased its base rate from 5.5% to 5.75%. The increase is the fifth since August 2006 and follows warnings from the Bank’s Monetary Policy Committee (MPC) that inflationary pressures remain a danger.
The content of the MPC’s statement accompanying the news was similar to the one issued in May, when the […]



June 6, 2007

Banks support EU mobility plans

by Brian Turner

Story link: Banks support EU mobility plans

UK banks across the high street have voiced their support in principle for banking mobility across EU member states.
The proposals being considered in Brussels involves determining how easily EU citizens should be able to transfer bank accounts to other member states.
According to the British Banks Association (BBA), support for a process of “mobility, not portability” […]