New Funding for Lending rules fail to improve business lending
Net lending to small businesses under the scheme falls despite Bank of England scrapping mortgage support to encourage corporate lending
US ‘seeks to fine BNP Paribas more than $10bn’
French bank accused of violating US sanctions on Iran, Sudan and Cuba
UK economy in good health, business lobby groups say
The UK economy is in good health according to two major business lobby groups, the CBI and the British Chambers of Commerce (BCC).
Watchdog fears it is scaring off City innovators
INVENTORS creating new finance technology will be welcomed into the City watchdog to find out how regulations can be made to work for them
Banks miss interest rate swap compensation deadline
Some leading High Street banks, including RBS and Barclays, have missed a deadline for agreeing compensation to small businesses for mis-selling interest rate swaps. The banks were told by the regulator to have agreed payment by the end of May.
Now the trade body for the banking industry says it will be "June or July" before the work is finished.
BNP Paribas $10bn fine would be unreasonable, says France
France’s foreign minister has criticised a potential $10bn (£6bn; 7.3bn euros) fine for banking giant BNP Paribas as "not reasonable".
Media reports have suggested the bank might have to pay the fine over allegations it broke trade sanctions against Sudan, Iran and Cuba.
"The fine has to be proportionate and reasonable. These figures are not reasonable," Laurent Fabius said.
The US Justice Department is currently looking into the claims.
UKAR: Taxpayer owned ‘bad bank’ returns £10bn
The taxpayer-owned bad bank created out of the toxic debts of Northern Rock and Bradford & Bingley has now repaid more than £10bn of the £48.3bn it owed the Government.
UK Asset Resolution (UKAR) said it had paid £6.2bn to the Government in the 15 months to the end of March – an extended reporting period to bring it in line with Treasury finances.
However, it warned that rising interest rates mean "a proportion" of its customers will struggle to meet repayments.
Will Royal Bank of Scotland Group plc Really Fail Within The Next Decade?
An explosive new book called Shredded: Inside RBS, The Bank That Broke Britain, has claimed that Royal Bank of Scotland will fail within the next ten years.
The book, written by the financial journalist Ian Fraser, claims that RBS still has a £100bn ‘black hole’ on its balance sheet. What’s more, the book claims that this black hole is a result of “five broad areas of alleged criminality and wrongdoing”.
RBS to impose new curbs on mortgage lending
RBS, which owns NatWest, will restrict customers to borrowing four times their income on loans of £500,000 or more.
Interest rate rise ‘could cause thousands of mortgage arrears’
Raising interest rates by 1% could push thousands into mortgage arrears, according to the head of the "bad bank" that holds the loans of Northern Rock and Bradford and Bingley.
BoE’s Charlie Bean expects rates to hit 3pc in three years
Interest rates are likely to rise to 3pc over the next three to five years as the Bank of England adopts a “baby steps” approach to ending a five-year standstill at 0.5pc and raising the cost of borrowing.
UK banks fail to meet mis-selling interest rate swap compensation deadline
The British Bankers Association (BBA) was cited by BBC as saying that the failure postpones the completion of interest rate swaps compensation process to "June or July".
Risk, regulation and rehabilitation: bankers meet to gauge progress
Attendees at the annual spring meeting of the Institute of International Finance (IIF), the bank industry’s leading lobby group, will meet in London for three days starting on Wednesday.