The Reserve Bank of Australia has announced that it has cut the country’s interest by 25 basis points, to 4.25%. Governor Glenn Stevens said that whilst some aspects that had slowed economic growth had passed others, notably in Europe, were adversely affecting trade in Asia. The governor went on to say that further slowing of [...]
In its latest Financial Stability Report, the Bank of England’s interim Financial Policy Committee (FPC) says it wants banks to limit dividends and bonuses if their earnings are insufficient to build up capital levels. Banks should also give “serious consideration” to raising external capital. Sovereign and banking risks from the euro area having intensified since [...]
The Bank of England, the Bank of Canada, the Bank of Japan, the European Central Bank, the Federal Reserve, and the Swiss National Bank have announced coordinated actions to improve liquidity and ease strains in the financial markets. Actions include lowering the pricing on the existing temporary US dollar liquidity swap arrangements by 50 basis [...]
Chancellor of the Exchequer, George Osborne, has revealed that the Government’s credit easing scheme will underwrite banks loans of up to £40 billion to Britain’s smaller businesses. Speaking on BBC 1′s Andrew Marr Show, the Chancellor explained that underwriting the loans will mean that companies with turnover of less than £50 million should be able [...]
The Office of Fair Trading (OFT) has published fresh guidance for credit brokers and intermediaries, following a number of complaints. The new rules are designed to tackle unfair practices including: 1. Charging up-front fees and then not delivering the promised service. 2. Unauthorised debiting of customer accounts. 3. Inappropriately asking customers to use premium rate [...]
The Government yesterday unveiled a new housing strategy which promises to break the current cycle in which “lenders won’t lend, builders can’t build and buyers can’t buy”. At the heart of the strategy are plans for a new-build mortgage indemnity scheme that could give a helping hand to up to 100,000 prospective buyers currently frozen [...]
The Policy Board of the Bank of Japan has chosen to once again leave the nation’s interest rate unchanged at between 0% and 0.1%. Japan has seen its economic recovery improve of late, although this has been slowed somewhat by the decline in overseas economies. Export and production continues to increase, and year-on-year CPI (excluding [...]
The Monetary Policy Committee (MPC) of the Bank of England has decided to leave the United Kingdom’s interest rate unchanged at the historic low of 0.5%. The MPC has also elected to leave unchanged the scale of the quantitative easing asset purchase programme, which stands at £275bn. Last month the Bank of England chose to [...]
“Despite improvements in risk management, weak economies and unemployment will take a higher toll”, say the majority of credit risk managers. The prediction comes in a new report from consulting firm, FICO, and the European Financial Marketing Association (Efma), which reflects the views of over 70 risk managers from banks across 26 European countries. Overall, [...]
The European Central Bank’s (ECB) Governing Council has decided to reduce the eurozone’s interest by 25 basis points, taking it down to 1.25%. The decision, which was not widely expected, follows two rate rises earlier in the year which lifted the single currency’s interest rate from its lowest ever level. It also comes after the [...]
Younger Britons are getting into debt earlier in life and will be prevented from acquiring the level of assets secured by their parents and grandparents. The conclusions come from the Debt and the Generations report, commissioned by the Consumer Credit Counselling Service (CCCS), which also warns that falling real incomes are making it increasingly difficult [...]
The Reserve Bank of Australia has announced that it has cut the Australian interest rate by 25 basis point, to 4.5%. A press release from Governor Glenn Stevens asserted that whilst the global economy has seen growth moderate there has, as yet, been no emergence of a major downturn. Australian inflation remains above the target [...]
Since the start of the year, the number of Britons feeling financially insecure has increased across all regions, according to the latest Spending Power report from Lloyds TSB. The North East and West Midlands are worst afflicted with 58% of the population now pessimistic about the state of their finances, but things are hardly any [...]
The Reserve Bank of New Zealand has decided to leave the nation’s interest rate unchanged at 2.5%. Governor Alan Bollard stated in a press release that domestic activity continued to improve at a moderate pace, but that confidence had declined somewhat of late. Governor Bollard warned that the possibility of further global economic slowing due [...]
Worsening household finances were evident across all income groups and regions covered by the latest Markit Household Finance Index. Notably, those with mortgages were feeling the pain, with 41% of respondents in this category reporting tighter finances in October. The research also highlights a steep reversal in the outlook for finances in 12 months’ time, [...]
Debt collectors have been warned off contacting indebted consumers when they are hospitalised; neither should they be pursued using Facebook or Twitter. The Office of Fair Trading (OFT) has today updated its debt collection guidance for all businesses engaging in the recovery of consumer credit debts including banks, law firms, tracing agents and “traditional” debt [...]
The evaporation of consumer confidence in the face of job losses, tighter household budgets and the eurozone crisis has resulted in a sharp rise in firms experiencing “critical” financial distress across many UK business sectors. Latest “Red Flag Alert” figures from insolvency specialist, Begbies Traynor, show: 1. The Travel and Tourism sector is coming under [...]
Firms are more willing to lend to their customers as a way of making up for the shortage of bank lending to businesses, especially to SMEs. According to lease finance provider, Syscap, figures from the Finance & Leasing Association shows a 19% jump in vendor finance in the six months to the end of July, [...]
The Bank of Japan’s Policy Board has announced that it is leaving the country’s interest rate unchanged at between 0% and 0.1%. The Japanese economy continues to pick up, although the rate of improvement has now decreased after a more rapid recovery following the earthquake and tsunami that hit the country earlier in the year. [...]
The Governing Council of the European Central Bank (ECB) has announced that it is leaving unchanged the single currency’s interest rate at 1.5%. Some had called for the rate to be cut, with Brewin Dolphin saying (before the decision was made) that it would be astonishing if the ECB did not reverse the 50 basis [...]
