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” [...]
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 [...]
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, [...]
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 [...]
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, [...]
