Britain aligns with EU on delaying Basel bank capital rules
The Bank of England said that it planned to delay implementing a final set of post-financial crisis capital requirements for banks until January 2025. By this they will be bringing Britain in line with the European Union in a move that banks welcomed. Tough bank capital reforms were agreed at a global level. This is…
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Britain sanctions Russian oligarch Timchenko & five banks
Britain imposed sanctions on Gennady Timchenko and two other billionaires with close links to Vladimir Putin. This is after the Russian president deployed military forces into two breakaway regions of eastern Ukraine. British Prime Minister Boris Johnson said that Russia was heading towards pariah status. The world must now brace for the next stage of…
No Evergrande fallout in Britain
Bank of England Governor Andrew Bailey said that resolving Chinese property developer Evergrande Group’s struggle with $300 billion in liabilities has been fairly protracted. But did not threaten financial stability in Britain. China was clearly trying to reduce its reliance on the property sector for growth. Also, Bailey told parliament’s Treasury Committee that the BoE was…
Britain’s bank ‘ring-fencing’ rules need simplifying
Capital rules imposed on Britain’s high street banks after bailouts during the global financial crisis have not harmed competition. But it may need simplifying. Since January 2019, banks like HSBC, Lloyds, NatWest and Barclays with deposits of 25 billion pounds or more. They have been required to hold extra capital around their retail divisions to…
FTSE 100 hits fresh 1-1/2 year high
Britain’s FTSE 100 rose in the first trading session of 2022. This is after its best annual gain in five years. That too after following signs the Omicron coronavirus variant is less likely to derail the global economic recovery. The blue-chip FTSE 100 has gained 1.6%. The domestically focussed mid-cap index advanced 1.8% in a…
Britain’s financial watchdog vigilant ahead of COVID
The Financial Conduct Authority said that regulators will monitor how Britain’s furlough scheme ends for signs of distress among consumers. It also said it was ready to take more legal action to counteract an upturn in financial crime, which was triggered by this pandemic. Britain rolled out measures from March 2020. This is to ease…
Britain unveils plan to return NatWest to majority private control
Britain’s government unveiled a blueprint for returning NatWest to majority private ownership within a year, more than a decade since bailing out the lender at the height of the global financial crisis. The finance ministry said that it had instructed Morgan Stanley to sell NatWest shares on its behalf in a scheme. NatWest shares have…
Britain’s Lloyds enters private rental market
British lender Lloyds Banking Group said that it has launched its private rental business. And the main aim of this business is to buy more than 1,000 residential properties by the end of next year. Under the brand “Citra Living”, Lloyds expects to have its first tenants in Fletton Quays in Peterborough. This was stated…
Britain’s Sunak promises to sharpen City of London’s competitive edge
Britain will unveil its blueprint for building the world’s advanced financial sector after Brexit largely severed the City of London financial district from the European Union. Finance minister Rishi Sunak set out his vision for Britain’s largest tax-raising industry in his first Mansion House speech. He said that ahead of the traditional annual speech event given…
UK watchdog issues warning about 111 unregistered crypto asset firms
Britain’s markets watchdog said that more than 100 unregistered crypto asset firms posed a risk to the broader financial system. They had warned the consumers, banks and payment services companies against dealing with them. Mark Steward, the Financial Conduct Authority’s (FCA) head of enforcement and market oversight, told City & Financial’s City Week event that…
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