Irish Life growth hit by rise in mortgage arrears May 18, 2011 IRISH banking and insurance group Irish Life said a rising number of its mortgage holders were in arrears, pulling its performance down despite steady growth in its saving and investment products yesterday. Its Permanent TSB mortgage bank, which is loss-making and was found to need an extra €4bn (£3.5bn) of capital in recent stress tests, [...]
Irish Life growth hit by rise in mortgage arrears May 18, 2011 IRISH banking and insurance group Irish Life said a rising number of its mortgage holders were in arrears, pulling its performance down despite steady growth in its saving and investment products yesterday. Its Permanent TSB mortgage bank, which is loss-making and was found to need an extra €4bn (£3.5bn) of capital in recent stress tests, [...]
Moody’s in threat to cut rating of 14 UK financial groups May 24, 2011 Credit rating agency Moody’s said it may cut its rating on 14 British financial groups, including Lloyds and Royal Bank of Scotland, following a reassessment of the level of systemic support they need. The companies which could be downgraded by Moody’s included Bank of Ireland UK, Co-Operative Bank, Coventry Building Society (A3); Lloyds TSB Bank [...]
Lloyds to sell off branches as boss signals bonus clawback May 18, 2011 LLOYDS Banking Group is speeding ahead with the forced sale of 600 branches by the end of this year, chairman Sir Win Bischoff has said, despite uncertainty over whether it could be made to sell more by the Independent Commission on Banking (ICB). Bischoff also indicated that the bank could be the first to make [...]
PERSONAL FINANCE NEWS June 8, 2011 DISTRESSING FINANCES According to R3, the trade body for insolvency professionals, the number of people experiencing financial distress has increased to the highest level recorded. 8m people are due to go into their overdraft this month, with 2m believing that they will go into an unauthorised overdraft position. The findings also show that 6m people [...]
CITY MOVES | WHO’S SWITCHING JOBS June 9, 2011 Barclays Wealth Calum Brewster has been appointed as a director within Barclays Wealth’s wealth management and private banking business, based in Glasgow. Brewster will join on 21 June from Lloyds Banking Group, where he is head of customer experience and strategy in the life pensions and investment division, responsible for a team of 150 staff. [...]
Taking Aim to pass on your wealth August 3, 2011 WRONGLY written off as too risky by many, investing in a managed Alternative Investment Market (Aim) portfolio can be a powerful weapon in the arsenal of avoiding paying more inheritance tax (IHT) than you need. APATHETIC ADULTS Investec has exclusively released the details of a new study to City A.M. that reveals just one in [...]
CITY A.M. | SHADOW MPC STILL DIVIDED OVER INTEREST RATES June 8, 2011 ALLISTER HEATH | CITY A.M. “Quarter per cent rise. Despite some concerning economic data, the economy is expanding, albeit modestly, and creating jobs. The time for “emergency” low rates has passed, and inflationary pressures persist.” SIMON WARD | HENDERSON “Raise to one per cent. Higher inflation is becoming embedded: the value-added deflator, which excludes import [...]
Coe pleads with protesters not to spoil Olympic Torch’s relay route May 18, 2011 THE OLYMPIC Torch will undertake an 8,000 mile journey in the relay preceding the London Games with organisers calling on protest groups not to disrupt its passage after announcing the route yesterday. The Olympic Flame will arrive from Greece on 18 May next year and the relay will commence in Land’s End and continue for [...]
Sir David Walker to assist in RBS probe May 4, 2011 BRITAIN’S financial watchdog has called on Sir David Walker to intervene in a row between the regulator and the Royal Bank of Scotland (RBS) over the publication of the long-awaited report into the lender’s collapse. The City grandee, who led a government inquiry into bank pay in 2009, will help to steer the Financial Services [...]