Bl***y Banks Again
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Re: Bl***y Banks Again
Panda Thu 8 Nov - 17:44
Swiss National Bank News
Swisscom Lowers Earnings Forecast as Quarterly Profit Drops
Swisscom AG, Switzerland’s biggest phone company, reduced its full-year earnings forecast on costs related to cutting jobs after third-quarter profit missed analysts’ estimates.
Swiss Consumer Prices Continue Slump in October
Swiss consumer prices extended their longest slump in at least four decades in October as the franc’s strength continued to erode costs of imports.
Swiss Property in ‘Risk Zone’ for First Time Since 1991
The UBS Swiss Real Estate Bubble Index entered the “risk zone” for the first time since 1991, putting pressure on the Swiss National Bank to take measures to curb the country’s property boom.
Yen Weakens on BOJ Easing Bets, Panasonic Loss Forecast
The yen weakened against all of its 16 major counterparts before the Bank of Japan releases minutes tomorrow of its Oct. 4-5 meeting amid speculation the central bank will ease monetary policy further.
Pound Rises on Outlook for Less Stimulus as SNB Boosts Holdings
The pound strengthened for a second day against the dollar amid speculation the Bank of England will refrain from adding monetary stimulus to the economy when policy makers meet next week.
Credit Suisse to Cut More Costs as Quarterly Profit Falls
Credit Suisse Group AG, the second- biggest Swiss bank, increased a target for cost reductions after posting a drop in third-quarter profit on an accounting charge related to its own debt.
Switzerland: The Other Currency Manipulator
Last night, Mitt Romney once again declared that he would name China a currency manipulator on “day one” of his presidency and impose tariffs if the Chinese won’t let their currency appreciate. So why is Romney so soft on Switzerland, which has an explicit policy of weakening its currency?
Swiss Banks Go Local in Bid to Lure Latin American Millionaires
Swiss private banks are looking for footholds in Latin America as the lower fees and higher interest rates offered by local wealth managers deter the region’s super- rich from traveling to Geneva and Zurich.
SNB’s Danthine Says Too-Big-to-Fail Issue Remains Unsolved
Swiss central bank Vice Chairman Jean-Pierre Danthine said the problem about too-big-to-fail banks can’t be considered solved as long as they don’t meet the 2019 capital requirements.
SNB’s Jordan Says Franc Continues to Be Very Strong, Overvalued
Swiss National Bank Chairman Thomas Jordan said that while he welcomes the franc’s recent weakening, the Swiss currency remains “overvalued
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Even Switzerland , not a Euro Member is feeling the pinch.
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Re: Bl***y Banks Again
Panda Thu 8 Nov - 18:05
Bank holds interest rate at record low for 44th month
The Bank of England has kept its base rate at a record low of 0.5pc for the 44th consecutive month and decided against extending its quantitative easing programme.
The Bank of England's MPC has held the interest rate at 0.5pc Photo: PA
By Matthew Sparkes
12:00PM GMT 08 Nov 2012
78 Comments
The Bank's Monetary Policy Committee (MPC) kept interest rates at their record low despite the economy returning to growth in the third quarter, when GDP expanded by 1pc and brought the UK's double-dip recession to an end. It also held off on extending the £375bn quantitative easing programme, although the vote is expected to have been close.
Several MPC members have voiced concerns over the inflationary effects of printing money and questioned the efficacy of the plan. Central bankers also hope that the Funding for Lending scheme, which offers cheap credit to banks in the hope that they will begin lending more freely, will begin to have a positive effect in coming months.
Interactive chart: Bank of England base rate
Howard Archer, chief UK and European economist at IHS Global Insight, said: "We suspect that the Bank of England’s decision to hold off from further stimulus at the November MPC meeting may very well have followed a very close vote within the committee.
"We are doubtful that the decision marks the end of quantitative easing given that recovery currently looks fragile, feeble and far from guaranteed. Indeed we expect another, and likely final, £50bn of QE to be enacted in the early months of 2013.
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"Meanwhile, we remain firmly of the view that interest rates will not go below 0.5pc. However, we do not expect any increase in interest rates for at least another two years."
The Bank of England will release the minutes of the MPC meeting on November 21.
Earlier this week Andrew Sentance, PricewaterhouseCoopers’ senior economic adviser and a member of the MPC until earlier this year, set out his opposition to another round of quantitative easing and said rates needed to rise to 3pc by 2015 to reduce the risk of “distorting” the economy.
His comments came as the European Commission warned that Chancellor George Osborne is likely to miss his debt reduction target when the Office for Budget Responsibility updates its forecasts next month. “It appears that the Government may miss its target of having debt fall as a share of GDP by 2015-16 if no new measures are introduced in the Autumn Statement on December 5,” the EC said in its economic update.
Economics
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British economy to grow faster than all major countries in Europe
Britain's smaller companies buckle under pressure
Osborne: still 'long way to go' on economy
Take GDP growth with a 'pinch of salt'
Bank of England must return interest levels to normal, says Andrew Sentance
The Bank of England has kept its base rate at a record low of 0.5pc for the 44th consecutive month and decided against extending its quantitative easing programme.
The Bank of England's MPC has held the interest rate at 0.5pc Photo: PA
By Matthew Sparkes
12:00PM GMT 08 Nov 2012
78 Comments The Bank's Monetary Policy Committee (MPC) kept interest rates at their record low despite the economy returning to growth in the third quarter, when GDP expanded by 1pc and brought the UK's double-dip recession to an end. It also held off on extending the £375bn quantitative easing programme, although the vote is expected to have been close.
Several MPC members have voiced concerns over the inflationary effects of printing money and questioned the efficacy of the plan. Central bankers also hope that the Funding for Lending scheme, which offers cheap credit to banks in the hope that they will begin lending more freely, will begin to have a positive effect in coming months.
Interactive chart: Bank of England base rate
Howard Archer, chief UK and European economist at IHS Global Insight, said: "We suspect that the Bank of England’s decision to hold off from further stimulus at the November MPC meeting may very well have followed a very close vote within the committee.
"We are doubtful that the decision marks the end of quantitative easing given that recovery currently looks fragile, feeble and far from guaranteed. Indeed we expect another, and likely final, £50bn of QE to be enacted in the early months of 2013.
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"Meanwhile, we remain firmly of the view that interest rates will not go below 0.5pc. However, we do not expect any increase in interest rates for at least another two years."
The Bank of England will release the minutes of the MPC meeting on November 21.
Earlier this week Andrew Sentance, PricewaterhouseCoopers’ senior economic adviser and a member of the MPC until earlier this year, set out his opposition to another round of quantitative easing and said rates needed to rise to 3pc by 2015 to reduce the risk of “distorting” the economy.
His comments came as the European Commission warned that Chancellor George Osborne is likely to miss his debt reduction target when the Office for Budget Responsibility updates its forecasts next month. “It appears that the Government may miss its target of having debt fall as a share of GDP by 2015-16 if no new measures are introduced in the Autumn Statement on December 5,” the EC said in its economic update.
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Economics
In Finance »
The ten richest people in the world
Debt crisis: live
Related Partners
In Economics
British economy to grow faster than all major countries in Europe
Britain's smaller companies buckle under pressure
Osborne: still 'long way to go' on economy
Take GDP growth with a 'pinch of salt'
Bank of England must return interest levels to normal, says Andrew Sentance
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Re: Bl***y Banks Again
Panda Fri 9 Nov - 7:31
HSBC investigation: Drug dealers, gun runners and Britain’s biggest bank
Britain’s biggest bank is at the centre of a major HM Revenue and Customs investigation after it opened offshore accounts in Jersey for serious criminals living in this country, The Telegraph can disclose.
The disclosures raise serious questions about HSBC’s procedures in Jersey Photo: ALAMY/REUTERS
By Holly Watt, Robert Winnett and Claire Newell
9:52PM GMT 08 Nov 2012
The tax authorities have obtained details of every British client of HSBC in Jersey after a whistleblower secretly provided a detailed list of names, addresses and account balances earlier this week.
The Telegraph understands that among those identified on the list are Daniel Bayes, a drug dealer who is now in Venezuela; Michael Lee, who was convicted of possessing more than 300 weapons at his house in Devon; three bankers facing major fraud allegations and a man once dubbed London’s “number two computer crook”. A series of other accounts containing six-figure deposits are also registered to modest addresses in relatively poor parts of the country.
The disclosures raise serious questions about HSBC’s procedures in Jersey, with the bank already preparing to pay fines of around $1.5 billion in America for breaking money laundering rules.
The bank is legally obliged to report to the authorities any suspicions about the source of money deposited in its accounts.
HM Revenue and Customs is now understood to be trawling through a list of the names and addresses of more than 4,000 people based in Britain who had bank accounts at HSBC in Jersey.
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I worked at HSBC Jersey many years ago as a Company and Trust administrator and the Trusts were paper thin , even then there was a lot of shall I say "unorthodox " procedures.
How the mighty have fallen, greedy Bankers again.!!!!!
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Re: Bl***y Banks Again
Panda Fri 9 Nov - 16:48
The U.K Serious Fraud Office is to investigate UBS, RBS and Barclays with regard to the LIBOR crisis and jail sentences could result.
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Re: Bl***y Banks Again
Panda Sat 10 Nov - 9:05
HSBC investigation: Singer James Blunt on list of Jersey accounts
James Blunt, one of Britain’s most successful pop singers, has been identified in a leaked list of HSBC offshore customers in Jersey which has led to an HM Revenue and Customs investigation.
Clockwise: James Blunt; Charles Blunt, the singer's father, with Sir George Young MP; Blunt's family house in St Mary Bourne, near Andover Photo: Clara Molden/Vagner Vidal/www.sirgeorgeyoung.org.uk
By Robert Winnett, Claire Newell and Holly Watt
10:00PM GMT 09 Nov 2012
Mr Blunt, a public school educated former Army officer, deposited more than £2 million in the offshore tax haven and registered the account at his parents’ British address.
The singer has previously denied that he is a tax exile after buying a property in Switzerland and states on official company records that his nationality is British.
His management company declined to comment on Blunt’s tax and financial affairs and it is not known if the Jersey account has been declared to British tax authorities.
There is no suggestion he has done anything illegal.
The Telegraph disclosed on Friday that a whistle-blower has provided HM Revenue and Customs with full details of every HSBC client who has an account in Jersey. More than 4,000 people based in Britain, including several serious criminals who bank with HSBC in Jersey, are now embroiled in a major tax investigation.
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The bank on Friday failed in an attempt to seek a High Court injunction to prevent the identification of its offshore banking customers. HSBC said that the release of the information would be a breach of Britain’s strict privacy laws. The case has echoes of a similar legal situation in Greece, when Costas Vaxevanis, an editor, was arrested for disclosing details of HSBC’s Greek customers who had offshore accounts in Switzerland.
The legal threat against Mr Vaxevanis drew international condemnation as campaigners claimed that it undermined the principle of a free press.
HMRC warned it would “come down hard” on individuals evading tax and urged anyone banking with HSBC in Jersey who had not made the necessary legal disclosures to come forward. It is expected to set up a dedicated phone line this weekend.
“We will come down hard on any evidence of tax evasion and other money laundering,” said a spokesman for HMRC. “It always makes sense to come forward and talk to us before we come to you.”
On Thursday, this newspaper disclosed that several serious criminals had been allowed to open accounts on Jersey with HSBC. The disclosures raise serious questions about the bank’s procedures in Jersey, at a time when Britain’s biggest bank is preparing to pay fines of more than $1.5 billion in America for breaking money laundering rules.
The bank is legally obliged to report to authorities any suspicions about the source of money deposited in its accounts.
Catherine McKinnell, a shadow Treasury minister said: “These are very serious allegations. The Chancellor must ensure that HM Revenue and Customs and the FSA investigate this quickly, have the resources they need to do so and take any action required.”
The regulatory authorities in Jersey also said they would “deal with any issues that may arise”.
The HSBC list obtained by the British tax authorities is understood to identify 4,388 British-based people holding £699 million in offshore current accounts. Of the those accounts registered to British addresses at HSBC in Jersey, 525 live in Kensington and Chelsea. A further 452 have addresses in the central London borough of Westminster.
Mr Blunt, 38, has a home on the Spanish island of Ibiza and a chalet in the Swiss ski resort of Verbier.
His first album, Back to Bedlam, became one of the biggest-selling albums of the past decade. The single You’re Beautiful sold more than 3 million copies. Mr Blunt has previously denied being a tax exile after speculation about his status.
In an interview in which he directly addressed the issue in 2008, he said: “The house in Verbier is a tax burden, not a tax dodge. I bought it because I love skiing. And I live in Ibiza because if I only get two weeks off a year, I might as well spend it somewhere my friends might want to come and visit me. I haven’t got a house in the UK just because it wouldn’t be practical.”
HSBC lists Mr Blunt as living at his parents’ home in Hampshire.
Other prominent people on the list include Sir Mark Thatcher, the son of the former prime minister. He in understood to have stopped banking with HSBC several years ago and now lives abroad.
Many of the bank accounts on the leaked database are registered to modest properties despite the banking facilities usually being offered only to the wealthiest Britons. The list contains the addresses of council-owned flats, a mobile home and other houses that cost a small fraction of the amount the account holder has deposited in Jersey.
A spokesman for HSBC said the bank would co-operate fully with the authorities. “We are investigating the reports of an alleged loss of certain client data in Jersey as a matter of urgency,” said a spokesman. “We have not been notified of any investigation in relation to this matter by HMRC or any other authority but, should we receive notification, we will co-operate fully with the authorities.
“HSBC remains fully committed to adoption of the highest global standards, including the procedures for the acceptance of clients.”
Blunt: the pop star who claims he’s too posh to be popular
James Blunt is one of the biggest-selling recording artists Britain has produced, yet the nation has never quite taken him to its heart.
A 2006 survey of the public’s “most annoying things” put the singer fourth only to cold callers, caravans and queue-jumpers. He was judged to be a greater irritant than tailgating drivers and noisy neighbours.
Blunt found fame in 2005 with the lovelorn ballad You’re Beautiful and its follow-up, Goodbye My Lover. The debut album from which they were taken, Back to Bedlam, sold 11 million copies and was the decade’s bestselling record.
But, as he conceded in one interview: “A lot of people out there just don’t like me.”
The singer said he accepted that his music was not to everyone’s taste, but suggested an additional reason for his unpopularity.
“My main crime,” he said, “is to be posh.”
Born James Hillier Blount, he was educated at Harrow before attending Bristol University and Sandhurst.
He served in the Life Guards, part of the Household Cavalry, and was part of the Nato peacekeeping force in Kosovo – keeping his guitar strapped to the outside of his tank.
One of his final duties before leaving the Army in 2002 was to guard the Queen Mother’s coffin at Westminster Abbey.
After Back to Bedlam became a hit, Blunt embraced the rock star lifestyle with gusto.
He built a nightclub in his Ibiza villa and is regularly photographed on yachts with beautiful women. His current girlfriend is Sofia Wellesley, a descendant of the Duke of Wellington.
He has denied that he lives outside the UK – his other home is in the exclusive Swiss ski resort of Verbier – as a tax dodge, saying he prefers to own property “somewhere my friends might want to come and visit me”.
Despite his jet-set existence, he claims to be a man of simple tastes. “I don’t do flash cars, I don’t do flash clothes. I’m not really into possessions,” he said.
“In London, I’ll get the Tube or the bus and I’d rather go to a pub more than some amazing restaurant. When I go to Ibiza, I’ll go on easyJet. It’s cheap.”
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Drug dealers, gun runners and HSBC
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Pru fined £50,000 for 'farcical' three-year error
Banking industry PPI bill tops £11bn
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Re: Bl***y Banks Again
Panda Sat 10 Nov - 9:27
11:35PM GMT 09 Nov 2012 Barclays facing more investigation by US Dept of Justice
53 Comments
Officials at the Department of Justice are examining how the UK bank got a licence to run investment banking and wealth management operations in the Gulf country in 2009, the Financial Times reported on Friday night.
Barclays disclosed last week that it is co-operating with an investigation by the DoJ and the Securities and Exchange Commission into whether it breached the Foreign Corrupt Practices Act (FCPA). The FCPA gives US authorities powers to levy heavy fines and potentially prosecute individuals if corruption has been perpetrated by a company with strong ties to the US.
The bank is already facing an investigation by the Serious Fraud Office in the UK into the fees it paid in 2008 to Qatar's sovereign wealth fund as it raised capital at the height of the financial crisis. Last week's disclosure of the probe by US authorities overshadowed the first set of results from Anthony Jenkins, the new chief executive of Barclays.
Mr Jenkins replaced Bob Diamond, who quit after Barclays paid £290m to settle allegations some of its traders tried to manipulate the interest rate libor. Analysts have warned that the potential costs of the ongoing investigations Barclays faces is a shadow over the bank's share price. The bank reported a pre-tax loss of 47m pounds last quarter after taking setting aside 700m pounds to compensate customers who were mis-sold payment protection insurance.
Barclays shares closed down 2.7pc to 230.5p in London.
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Barclays declined to comment. The Department of Justice could not be reached for comment.
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This is a British Bank....what does it say about the FSA et al that it has taken a U.S. enquiry to discover all this corruption.!!!
53 Comments Officials at the Department of Justice are examining how the UK bank got a licence to run investment banking and wealth management operations in the Gulf country in 2009, the Financial Times reported on Friday night.
Barclays disclosed last week that it is co-operating with an investigation by the DoJ and the Securities and Exchange Commission into whether it breached the Foreign Corrupt Practices Act (FCPA). The FCPA gives US authorities powers to levy heavy fines and potentially prosecute individuals if corruption has been perpetrated by a company with strong ties to the US.
The bank is already facing an investigation by the Serious Fraud Office in the UK into the fees it paid in 2008 to Qatar's sovereign wealth fund as it raised capital at the height of the financial crisis. Last week's disclosure of the probe by US authorities overshadowed the first set of results from Anthony Jenkins, the new chief executive of Barclays.
Mr Jenkins replaced Bob Diamond, who quit after Barclays paid £290m to settle allegations some of its traders tried to manipulate the interest rate libor. Analysts have warned that the potential costs of the ongoing investigations Barclays faces is a shadow over the bank's share price. The bank reported a pre-tax loss of 47m pounds last quarter after taking setting aside 700m pounds to compensate customers who were mis-sold payment protection insurance.
Barclays shares closed down 2.7pc to 230.5p in London.
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Barclays declined to comment. The Department of Justice could not be reached for comment.
==============================
This is a British Bank....what does it say about the FSA et al that it has taken a U.S. enquiry to discover all this corruption.!!!
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Re: Bl***y Banks Again
Badboy Sat 10 Nov - 19:30
NATWEST STAFF WERE BULLIED INTO OFFERING PPI AND EXPECTED TO MEET QUARTLERLY TARGETS.
THIS STOPPED WHEN RBS TOOK OVER(GUARDIAN MONEY SECTION)
THIS STOPPED WHEN RBS TOOK OVER(GUARDIAN MONEY SECTION)
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Re: Bl***y Banks Again
Panda Sun 11 Nov - 19:56
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Re: Bl***y Banks Again
Badboy Sun 11 Nov - 20:11
HOW THE MIGHTY HAVE FALLEN!
NEVER HEARD OF SOME OF THESE BANKS
NEVER HEARD OF SOME OF THESE BANKS
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Re: Bl***y Banks Again
Panda Mon 12 Nov - 16:01
Well......would you Adam and Eve it, Middle East Banks are springing up all over the City of London and doing very well. It is because of the downfall of British Banks and the Middle East money available. Seems as tghough there is no ethical banking these days and Sony's prediction a couple of years ago will be true.
I saw it on youtube and wish I could find it but this is what Sony Predicted.
1. With the average Western Family having 2or3 children and the Middle East 5or6 in two generations time the Muslims will rule the World.
2. With such sophisticated technology today, what pupils are taught today in School will be obsolete by the time they leave.
can't remember the rest.
I think it was called Sony Presentation for anyone who wants to try and find it.
I saw it on youtube and wish I could find it but this is what Sony Predicted.
1. With the average Western Family having 2or3 children and the Middle East 5or6 in two generations time the Muslims will rule the World.
2. With such sophisticated technology today, what pupils are taught today in School will be obsolete by the time they leave.
can't remember the rest.
I think it was called Sony Presentation for anyone who wants to try and find it.
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Re: Bl***y Banks Again
Badboy Mon 12 Nov - 21:09
NOT SURE IF RELEVANT TO BANKING THREAD,I SAW AN AD IN THE TELEGRAPH(GUARDIAN WAS UNAVAIBLE TODAY AT NEWSAGENT TODAY)SAYING IF YOU HAVE YOUR ISA/PENSION ETC WAS UNDERPERFORMING,YOU SHOULD CONTACT THEM TO SUE THE BANKS OR WHOMEVER SOLD YOU THE ISA/PENSION ETC ,ANY ACTIONS IF SUCCESSFULL COULD POTENTIALLY COST THE BANKS POENTIALLY BILLIONS.
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Re: Bl***y Banks Again
Panda Mon 12 Nov - 21:31
Badboy wrote:NOT SURE IF RELEVANT TO BANKING THREAD,I SAW AN AD IN THE TELEGRAPH(GUARDIAN WAS UNAVAIBLE TODAY AT NEWSAGENT TODAY)SAYING IF YOU HAVE YOUR ISA/PENSION ETC WAS UNDERPERFORMING,YOU SHOULD CONTACT THEM TO SUE THE BANKS OR WHOMEVER SOLD YOU THE ISA/PENSION ETC ,ANY ACTIONS IF SUCCESSFULL COULD POTENTIALLY COST THE BANKS POENTIALLY BILLIONS.
I'm not sure you can do that Badboy but many Banks are paying out thousands of £'s on mis-selling of PPI's ( personal protection insurance) usually for Mortgages and Bank Loans, maybe that is what you are thinking of.
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Re: Bl***y Banks Again
Badboy Mon 12 Nov - 22:01
IT WAS AN ADVERT;INVESTMENT LOSS NOTICEPanda wrote:Badboy wrote:NOT SURE IF RELEVANT TO BANKING THREAD,I SAW AN AD IN THE TELEGRAPH(GUARDIAN WAS UNAVAIBLE TODAY AT NEWSAGENT TODAY)SAYING IF YOU HAVE YOUR ISA/PENSION ETC WAS UNDERPERFORMING,YOU SHOULD CONTACT THEM TO SUE THE BANKS OR WHOMEVER SOLD YOU THE ISA/PENSION ETC ,ANY ACTIONS IF SUCCESSFULL COULD POTENTIALLY COST THE BANKS POENTIALLY BILLIONS.
I'm not sure you can do that Badboy but many Banks are paying out thousands of £'s on mis-selling of PPI's ( personal protection insurance) usually for Mortgages and Bank Loans, maybe that is what you are thinking of.
HAVE YOU SUFFERED BECAUSE YOU WERE MIS-SOLD ON INVESTMENT BY YOUR BANK,BUILING SOCIETY OR FINANCIAL ADVISOR?
YOU COULD CLAIM BACK YOUR LOSSES ON AN INVESTMENT FUND,PENSION OR ISA IF;
YOU WERE SOLD AN INVESTMENT WITHOUT HAVING BEEN PROPERBLY ADVISED OF THE RISKS
YOUR PERSONAL CIRUMSTANCES OR ATTITUDE TO RISK WASN'T PROPERBLY CONSIDERED
YOU WERE SOLD A SIPP OR A POOR RETURNING ANNUITY
YOU WERE ADVISED TOINVEST ALL OR MOST OF YOUR SAVINGS INTO A SINGLE INVESTMENT
YOU WERE ADVISED TO UNNECESSARY TRANSFER A PENSION
YOU WERE SOLD A PROPERTY FUND INVESTEMENT
YOUR PENSION IS WORTH LITTLE MORE OR LESS THAN THE CONTRIBUTIONS YOU HAVE PAID INTO IT
YOU WERE SOLD A GUARANTEED INVESTMENT PLAN/BOND AND ALTHOUGH RECEIVED YOUR MONEY BACK,YOU HAVE LOST YEARS OF INTEREST.
NO WIN ,NO FEE
NEGLECTASSISANT.COM
LIKE TO SEE WHAT HAPPENS ON THIS ONE
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Re: Bl***y Banks Again
Panda Thu 15 Nov - 13:09
Moody's to review UK's AAA rating in early 2013
Moody's will revisit the UK's AAA rating in early 2013, the credit rating agency said on Wednesday night, warning about the weak economy and the eurozone's debt crisis.
A weaker macroeconomic environment will complicate the government's ability to raise revenues Photo: Reuters
6:30AM GMT 15 Nov 2012
50 Comments
The rating and its negative outlook are underpinned by "significant structural strengths," Moody's said in a statement on its annual credit report on the UK. Those strengths include a "very favorable debt structure," said Sarah Carlson, a senior credit officer with Moody's sovereign risk group.
Other positives include "the fact that the country has a large, diversified, highly competitive economy, a very flexible labor force, and its track record of structural reform," she added.
But Government efforts to cut the debt "are being hampered by weaker economic prospects as well as by the risks posed by the ongoing euro area sovereign debt crisis," the Moody's statement said.
"Although these challenges are currently reflected in the negative outlook on the UK's sovereign rating, Moody's will revisit the Aaa rating and outlook in the first few months of 2013 to assess the impact of these challenges and of the government's upcoming autumn Statement," Moody's added.
A weaker macroeconomic environment will complicate the government's ability to raise revenues and increase the risk that the country's debt metrics will not stabilize within the next three to four years. That uncertainty was the main driver for Moody's move to drop the outlook to negative in February, Reuters reported.
Moody's will revisit the UK's AAA rating in early 2013, the credit rating agency said on Wednesday night, warning about the weak economy and the eurozone's debt crisis.
A weaker macroeconomic environment will complicate the government's ability to raise revenues Photo: Reuters
6:30AM GMT 15 Nov 2012
50 Comments The rating and its negative outlook are underpinned by "significant structural strengths," Moody's said in a statement on its annual credit report on the UK. Those strengths include a "very favorable debt structure," said Sarah Carlson, a senior credit officer with Moody's sovereign risk group.
Other positives include "the fact that the country has a large, diversified, highly competitive economy, a very flexible labor force, and its track record of structural reform," she added.
But Government efforts to cut the debt "are being hampered by weaker economic prospects as well as by the risks posed by the ongoing euro area sovereign debt crisis," the Moody's statement said.
"Although these challenges are currently reflected in the negative outlook on the UK's sovereign rating, Moody's will revisit the Aaa rating and outlook in the first few months of 2013 to assess the impact of these challenges and of the government's upcoming autumn Statement," Moody's added.
A weaker macroeconomic environment will complicate the government's ability to raise revenues and increase the risk that the country's debt metrics will not stabilize within the next three to four years. That uncertainty was the main driver for Moody's move to drop the outlook to negative in February, Reuters reported.
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Re: Bl***y Banks Again
Badboy Thu 15 Nov - 13:41
I AM SURE I READ SOMEWHERE THAT MOODY WILL DOWNGRADE THE RATING OF SOME BANKS EITHER OF THE LIBOR SCANDAL OR BECAUSE THEY ARE PAYING OUT COMPENSATION TO CUSTOMERS.
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Re: Bl***y Banks Again
Panda Thu 15 Nov - 14:14
Badboy wrote:I AM SURE I READ SOMEWHERE THAT MOODY WILL DOWNGRADE THE RATING OF SOME BANKS EITHER OF THE LIBOR SCANDAL OR BECAUSE THEY ARE PAYING OUT COMPENSATION TO CUSTOMERS.
I'm not sure about that Badboy Credit Rating depends on a Banks Liquidity and Liabilities. While the fines are heavy they would not alter the rating of a Bank but much depends on how many Lawsuits the Banks Face.
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Re: Bl***y Banks Again
Keela Thu 15 Nov - 14:57
Panda wrote:Badboy wrote:NOT SURE IF RELEVANT TO BANKING THREAD,I SAW AN AD IN THE TELEGRAPH(GUARDIAN WAS UNAVAIBLE TODAY AT NEWSAGENT TODAY)SAYING IF YOU HAVE YOUR ISA/PENSION ETC WAS UNDERPERFORMING,YOU SHOULD CONTACT THEM TO SUE THE BANKS OR WHOMEVER SOLD YOU THE ISA/PENSION ETC ,ANY ACTIONS IF SUCCESSFULL COULD POTENTIALLY COST THE BANKS POENTIALLY BILLIONS.
I'm not sure you can do that Badboy but many Banks are paying out thousands of £'s on mis-selling of PPI's ( personal protection insurance) usually for Mortgages and Bank Loans, maybe that is what you are thinking of.
PPI is Payment Protection Insurance. Insurance taken out to cover payments on loans, mortgages etc if you are unable to work.
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Re: Bl***y Banks Again
Panda Thu 15 Nov - 15:54
Keela wrote:Panda wrote:Badboy wrote:NOT SURE IF RELEVANT TO BANKING THREAD,I SAW AN AD IN THE TELEGRAPH(GUARDIAN WAS UNAVAIBLE TODAY AT NEWSAGENT TODAY)SAYING IF YOU HAVE YOUR ISA/PENSION ETC WAS UNDERPERFORMING,YOU SHOULD CONTACT THEM TO SUE THE BANKS OR WHOMEVER SOLD YOU THE ISA/PENSION ETC ,ANY ACTIONS IF SUCCESSFULL COULD POTENTIALLY COST THE BANKS POENTIALLY BILLIONS.
I'm not sure you can do that Badboy but many Banks are paying out thousands of £'s on mis-selling of PPI's ( personal protection insurance) usually for Mortgages and Bank Loans, maybe that is what you are thinking of.
PPI is Payment Protection Insurance. Insurance taken out to cover payments on loans, mortgages etc if you are unable to work.
A friend of mine took out Loan Insurance and got £5,000 from Lloyds.All these Companies offering to find out if you qualify have made a small fortune, because these investigations go back several years and the daft part is the Loans were paid back.!!!!
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Re: Bl***y Banks Again
Panda Thu 15 Nov - 16:10
A Director of a Sharia Bank in the City was asked why these Banks were becoming so popular . He said they are not investment Banks trading on Derivatives, short selling etc so Account Holders knew their money was safe . The trust in Banks has never been so low and apparently Building Societies are becoming more popular for House Buyers.
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Re: Bl***y Banks Again
Panda Thu 15 Nov - 16:33
RBS 'could quit an independent Scotland'
Royal Bank of Scotland's chairman has suggested the lender could consider moving from its Edinburgh headquarters if Scottish independence brought "extra difficulties".
RBS is headquartered in Edinburgh and has 90,000 employees across the UK and 26m customers. Photo: Getty Images
By Telegraph Staff, and agencies
2:44PM GMT 14 Nov 2012
251 Comments
Sir Philip Hampton on Tuesday appeared before a House of Lords committee, which is investigating the economic implications of Scottish independence.
Asked whether the bank would look at where it is domiciled if Scotland voted for independence in 2014, he said: "The overriding requirement is to serve our customers and through that to produce the best value we can for shareholders. We have no intention or plan to relocate from Scotland."
He continued: "We are very happy and Scotland is a very effective place at the moment to do business.
"If, as a result of a vote for independence, we found extra difficulties or cost pressures or whatever arising from that, then we would have to think about alternatives.
"But we don't expect at the moment, we don't identify any clear rationale for making major domicile changes."
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He added: "Small countries don't often have big banks."
RBS is headquartered in Edinburgh, with 90,000 employees across the UK and 26m customers.
Alex Salmond, Scotland's first minister, rejected concerns about the future of RBS in Scotland, saying that he thought the comments made by Sir Philip were "very positive".
"I think when you've got a bunch of people on a committee who are pursuing a political agenda, they try to trap people into saying things," he said.
"I thought Philip Hampton was very clear in his statement that the Royal Bank is headquartered in Scotland."
Stephen Boyle, head of group economic affairs at RBS, told the committee that indepedence or staying part of the United Kingdom would be "economically neutral".
Also on Tuesday, senior peers warned that the deal to stage the Scottish independence referendum signed by David Cameron and Alex Salmond could be declared "unlawful" if challenged in court.
The Lords Constitution committee concluded the Edinburgh Agreement could be judicially reviewed and found to be ultra vires because the legislation upon which it is based deals with devolution, not independence.
Although the lords conceded any challenge was unlikely to succeed, they said they cannot rule out a protester raising legal action that would bring “delay and disruption” to the referendum
Royal Bank of Scotland's chairman has suggested the lender could consider moving from its Edinburgh headquarters if Scottish independence brought "extra difficulties".
RBS is headquartered in Edinburgh and has 90,000 employees across the UK and 26m customers. Photo: Getty Images
By Telegraph Staff, and agencies
2:44PM GMT 14 Nov 2012
251 Comments Sir Philip Hampton on Tuesday appeared before a House of Lords committee, which is investigating the economic implications of Scottish independence.
Asked whether the bank would look at where it is domiciled if Scotland voted for independence in 2014, he said: "The overriding requirement is to serve our customers and through that to produce the best value we can for shareholders. We have no intention or plan to relocate from Scotland."
He continued: "We are very happy and Scotland is a very effective place at the moment to do business.
"If, as a result of a vote for independence, we found extra difficulties or cost pressures or whatever arising from that, then we would have to think about alternatives.
"But we don't expect at the moment, we don't identify any clear rationale for making major domicile changes."
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18 Oct 2012
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He added: "Small countries don't often have big banks."
RBS is headquartered in Edinburgh, with 90,000 employees across the UK and 26m customers.
Alex Salmond, Scotland's first minister, rejected concerns about the future of RBS in Scotland, saying that he thought the comments made by Sir Philip were "very positive".
"I think when you've got a bunch of people on a committee who are pursuing a political agenda, they try to trap people into saying things," he said.
"I thought Philip Hampton was very clear in his statement that the Royal Bank is headquartered in Scotland."
Stephen Boyle, head of group economic affairs at RBS, told the committee that indepedence or staying part of the United Kingdom would be "economically neutral".
Also on Tuesday, senior peers warned that the deal to stage the Scottish independence referendum signed by David Cameron and Alex Salmond could be declared "unlawful" if challenged in court.
The Lords Constitution committee concluded the Edinburgh Agreement could be judicially reviewed and found to be ultra vires because the legislation upon which it is based deals with devolution, not independence.
Although the lords conceded any challenge was unlikely to succeed, they said they cannot rule out a protester raising legal action that would bring “delay and disruption” to the referendum
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Re: Bl***y Banks Again
Panda Thu 15 Nov - 16:37
CitiGroup....too big to fail has become too big to manage. Shareholders want a breakup of this Bank and all U.S. Banks.
Some say it would make Banks less competitive but a major Investment Company Manager says 4 banks for 55 million customers is too big.
Some say it would make Banks less competitive but a major Investment Company Manager says 4 banks for 55 million customers is too big.
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Re: Bl***y Banks Again
Panda Fri 16 Nov - 6:48
RBS And Lloyds TSB 'May Cost Taxpayer £66bn'
Costly mistakes in the handling of Northern Rock must not be repeated in any future sale of state-backed RBS and Lloyds, say MPs.
5:18am UK, Friday 16 November 2012
Northern Rock was nationalised in 2008
RBS and Lloyds remain in public ownership
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More than £66bn of taxpayers' money invested in RBS and Lloyds TSB may never be recovered, MPs have warned.
The Commons Public Accounts Committee (PAC), warned that lessons needed to be learned from the sale of Northern Rock - and applied to decisions concerning any future sale of the banks "with value to the taxpayer taking precedence over speed of exit".
The MPs, who are charged with monitoring Government financial affairs, said that the Treasury made a series of costly mistakes in its handling of Northern Rock, which had to be taken into public ownership in 2008.
Just two bidders were interested in taking it over, sparking fears that the two remaining state-backed banks, RBS and Lloyds, will fail to be sold for a profit.
Auditors earlier this year estimated that losses on the Northern Rock rescue would amount to £2bn. That figure includes the loss of about £480m on the sale of Northern Rock Plc to Virgin Money, owned by Sir Richard Branson, last year.
The estimated losses were highlighted in a report in May by the National Audit Office (NAO) into the nationalisation of the bank in 2009 and its subsequent part sale.
Northern Rock Plc was sold to Virgin Money, owned by Sir Richard Branson
The report criticised then Chancellor Alistair Darling for failing to look at the full consequences to the taxpayer.
Labour MP Margaret Hodge, who chairs the PAC committee, said: "The lack of competition does not fill us with confidence that the taxpayer will make a profit on the sale of the two banks which remain in public ownership, RBS and Lloyds.
"There is a risk that the £66bn invested in RBS and Lloyds may never be recovered.
"It is vital that the final decisions on the wholly owned banks are made with value to the taxpayer taking precedence over speed of exit.
"This will not be the last banking crisis, and the next one is likely to be different. The Treasury must ensure it retains the right staff with the right skills to understand the risks and respond effectively.
"It needs to learn the lessons from the creation and sale of Northern Rock and make sure that these are applied in future, including to any sale of RBS and Lloyds."
The run on deposits at Northern Rock in September 2007 was one of the pivotal moments in the financial crash.
After nationalisation, the bank was split into a mortgage lending and savings arm, Northern Rock plc, and Northern Rock (Asset Management), which held its bad debt.
The move was supposed to generate lending but it fell well short of its £15bn target, reaching just £9.1bn.
MP Margaret Hodge says the £66bn invested in RBS and Lloyds may be lost
The Treasury has accepted its part in a "monumental collective failure", according to the report.
It has now set up a dedicated team, UK Financial Investments (UKFI), to manage taxpayer shares in banks.
Earlier this year the Treasury's most senior official, Sir Nicholas Macpherson admitted the taxpayer lost out because of five months of "drift" as the crisis unfolded.
A spokesman for the Treasury said the decision to nationalise Northern Rock in 2008 was taken in the interest of financial stability, and that the sale of Northern Rock plc to Virgin Money last year represented "good value for money for the taxpayer, and has helped increase high-street competition".
A Treasury aide added: "RBS and Lloyds have made good progress over the last two years and our goal remains the same: To get the best possible value for taxpayers."
Matthew Sinclair, chief executive of the TaxPayers' Alliance, said: "This report on the expected cost of the Northern Rock fiasco will come as a devastating blow for taxpayers who are already carrying a huge loss from the Government's stake in RBS."
Costly mistakes in the handling of Northern Rock must not be repeated in any future sale of state-backed RBS and Lloyds, say MPs.
5:18am UK, Friday 16 November 2012
Northern Rock was nationalised in 2008
RBS and Lloyds remain in public ownership
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More than £66bn of taxpayers' money invested in RBS and Lloyds TSB may never be recovered, MPs have warned.
The Commons Public Accounts Committee (PAC), warned that lessons needed to be learned from the sale of Northern Rock - and applied to decisions concerning any future sale of the banks "with value to the taxpayer taking precedence over speed of exit".
The MPs, who are charged with monitoring Government financial affairs, said that the Treasury made a series of costly mistakes in its handling of Northern Rock, which had to be taken into public ownership in 2008.
Just two bidders were interested in taking it over, sparking fears that the two remaining state-backed banks, RBS and Lloyds, will fail to be sold for a profit.
Auditors earlier this year estimated that losses on the Northern Rock rescue would amount to £2bn. That figure includes the loss of about £480m on the sale of Northern Rock Plc to Virgin Money, owned by Sir Richard Branson, last year.
The estimated losses were highlighted in a report in May by the National Audit Office (NAO) into the nationalisation of the bank in 2009 and its subsequent part sale.
Northern Rock Plc was sold to Virgin Money, owned by Sir Richard Branson The report criticised then Chancellor Alistair Darling for failing to look at the full consequences to the taxpayer.
Labour MP Margaret Hodge, who chairs the PAC committee, said: "The lack of competition does not fill us with confidence that the taxpayer will make a profit on the sale of the two banks which remain in public ownership, RBS and Lloyds.
"There is a risk that the £66bn invested in RBS and Lloyds may never be recovered.
"It is vital that the final decisions on the wholly owned banks are made with value to the taxpayer taking precedence over speed of exit.
"This will not be the last banking crisis, and the next one is likely to be different. The Treasury must ensure it retains the right staff with the right skills to understand the risks and respond effectively.
"It needs to learn the lessons from the creation and sale of Northern Rock and make sure that these are applied in future, including to any sale of RBS and Lloyds."
The run on deposits at Northern Rock in September 2007 was one of the pivotal moments in the financial crash.
After nationalisation, the bank was split into a mortgage lending and savings arm, Northern Rock plc, and Northern Rock (Asset Management), which held its bad debt.
The move was supposed to generate lending but it fell well short of its £15bn target, reaching just £9.1bn.
MP Margaret Hodge says the £66bn invested in RBS and Lloyds may be lost The Treasury has accepted its part in a "monumental collective failure", according to the report.
It has now set up a dedicated team, UK Financial Investments (UKFI), to manage taxpayer shares in banks.
Earlier this year the Treasury's most senior official, Sir Nicholas Macpherson admitted the taxpayer lost out because of five months of "drift" as the crisis unfolded.
A spokesman for the Treasury said the decision to nationalise Northern Rock in 2008 was taken in the interest of financial stability, and that the sale of Northern Rock plc to Virgin Money last year represented "good value for money for the taxpayer, and has helped increase high-street competition".
A Treasury aide added: "RBS and Lloyds have made good progress over the last two years and our goal remains the same: To get the best possible value for taxpayers."
Matthew Sinclair, chief executive of the TaxPayers' Alliance, said: "This report on the expected cost of the Northern Rock fiasco will come as a devastating blow for taxpayers who are already carrying a huge loss from the Government's stake in RBS."
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Re: Bl***y Banks Again
Panda Fri 16 Nov - 17:28
Deutsche Bank May Have to Pay $1.9 Billion in Kirch Suit
By Karin Matussek - Nov 16, 2012 5:00 PM GMT
Deutsche Bank AG (DBK) may have to pay as much as 1.5 billion euros ($1.9 billion) in a case tied to the collapse of the Kirch group of media companies, a Munich court said today.
Judge Guido Kotschy said in a preliminary assessment of the case that it is likely that Deutsche Bank and former Chief Executive Officer Rolf Breuer will be found liable in the lawsuit. The damages will range from 120 million euros to 1.5 billion euros, he said.
The case is one of several lawsuits continuing after Leo Kirch’s July 2011 death that allege the bank secretly plotted to bring about the demise of his media empire. Part of the conspiracy, they argue, was a 2002 interview on Bloomberg Television in which Breuer said “everything that you can read and hear” is that “the financial sector isn’t prepared to provide further” loans or equity to Kirch.
“We don’t believe that the comments in the interview were a mere accident, as you told us here at the beginning of this case,” Kotschy said in court, addressing Breuer. “It just doesn’t fit the facts.”
Deutsche Bank and Breuer have denied the allegations.
“The insinuations are violating my personal honor,” Breuer said today in closing arguments.
Deutsche Bank spokesman Christian Streckert declined to comment on Kotschy’s assessment beyond the bank’s statements in court. The court scheduled another hearing for Dec. 14.
Rejected Settlements
Deutsche Bank rejected a possible settlement with the Kirch side in March. The lender and Kirch’s heirs discussed a possible 800 million-euro settlement, a person with knowledge of the negotiations said at the time. The Frankfurt-based bank last year was said to have rejected a 775 million-euro settlement proposed by the Munich court.
“The judge looks to have given a range with a sum that is unacceptable to the Kirch side and includes a horror scenario for Deutsche Bank, which is likely to help get them to settle,”said Christian Muschick, an analyst with Silvia Quandt Research in Frankfurt who has the equivalent of a hold recommendation on Deutsche Bank shares. “The figure Deutsche Bank was said to reject as a settlement earlier is pretty much in the middle of the range, maybe that’s where we’ll end up after all.”
Kotschy told the parties in October that the court was of the preliminary opinion the Kirch side successfully showed Breuer and Deutsche Bank intentionally wronged Kirch by obstructing the restructuring of the group.
Kirch Death
Kirch, who died last year at the age of 84, pursued claims against Breuer and Deutsche Bank seeking at least 3.3 billion euros.
The litigation spawned a separate criminal probe by Munich prosecutors over testimony Breuer gave last year in another Kirch case. Former Deutsche Bank CEO Josef Ackermann, former Chairman Clemens Boersig and former board member Tessen von Heydebreck are also under investigation over their testimony.
Deutsche Bank has denied wrongdoing by any of its executives.
Today’s case is: OLG Muenchen, 5 U 2472/09.
==========================================
Deutsche Bank is also facing a hefty fine because of it's involvement in the LIBOR crisis.
By Karin Matussek - Nov 16, 2012 5:00 PM GMT
Deutsche Bank AG (DBK) may have to pay as much as 1.5 billion euros ($1.9 billion) in a case tied to the collapse of the Kirch group of media companies, a Munich court said today.
Judge Guido Kotschy said in a preliminary assessment of the case that it is likely that Deutsche Bank and former Chief Executive Officer Rolf Breuer will be found liable in the lawsuit. The damages will range from 120 million euros to 1.5 billion euros, he said.
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The case is one of several lawsuits continuing after Leo Kirch’s July 2011 death that allege the bank secretly plotted to bring about the demise of his media empire. Part of the conspiracy, they argue, was a 2002 interview on Bloomberg Television in which Breuer said “everything that you can read and hear” is that “the financial sector isn’t prepared to provide further” loans or equity to Kirch.
“We don’t believe that the comments in the interview were a mere accident, as you told us here at the beginning of this case,” Kotschy said in court, addressing Breuer. “It just doesn’t fit the facts.”
Deutsche Bank and Breuer have denied the allegations.
“The insinuations are violating my personal honor,” Breuer said today in closing arguments.
Deutsche Bank spokesman Christian Streckert declined to comment on Kotschy’s assessment beyond the bank’s statements in court. The court scheduled another hearing for Dec. 14.
Rejected Settlements
Deutsche Bank rejected a possible settlement with the Kirch side in March. The lender and Kirch’s heirs discussed a possible 800 million-euro settlement, a person with knowledge of the negotiations said at the time. The Frankfurt-based bank last year was said to have rejected a 775 million-euro settlement proposed by the Munich court.
“The judge looks to have given a range with a sum that is unacceptable to the Kirch side and includes a horror scenario for Deutsche Bank, which is likely to help get them to settle,”said Christian Muschick, an analyst with Silvia Quandt Research in Frankfurt who has the equivalent of a hold recommendation on Deutsche Bank shares. “The figure Deutsche Bank was said to reject as a settlement earlier is pretty much in the middle of the range, maybe that’s where we’ll end up after all.”
Kotschy told the parties in October that the court was of the preliminary opinion the Kirch side successfully showed Breuer and Deutsche Bank intentionally wronged Kirch by obstructing the restructuring of the group.
Kirch Death
Kirch, who died last year at the age of 84, pursued claims against Breuer and Deutsche Bank seeking at least 3.3 billion euros.
The litigation spawned a separate criminal probe by Munich prosecutors over testimony Breuer gave last year in another Kirch case. Former Deutsche Bank CEO Josef Ackermann, former Chairman Clemens Boersig and former board member Tessen von Heydebreck are also under investigation over their testimony.
Deutsche Bank has denied wrongdoing by any of its executives.
Today’s case is: OLG Muenchen, 5 U 2472/09.
==========================================
Deutsche Bank is also facing a hefty fine because of it's involvement in the LIBOR crisis.
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Re: Bl***y Banks Again
Panda Sun 18 Nov - 8:55
British banks becoming uninvestable, ABI warns
British banks shares are becoming “uninvestable” due to opaque accounts, regulatory upheaval and political interference, a powerful investor group has warned MPs.
Investors hope the findings will serve as a warning to politicians and regulators who want the major banks to raise billions of pounds of capital to shore up their balance sheets Photo: Getty Images
By Louise Armitstead
9:00PM GMT 17 Nov 2012
79 Comments
The Association of British Insurers (ABI) says institutions are reluctant to invest in high street banks because of increasing risks and shrinking returns.
The trade group is preparing to deliver a hard-hitting report to the Parliamentary Commission on Banking Standards on behalf of its members who control £1.5 trillion assets and are among the bank’s biggest investors.
In preliminary evidence last week, the ABI told the Commission: “We are concerned that banking regulators are currently focused on financial stability at the expense of economic growth. This has a negative impact on banks’ investability.”
The ABI added: “The prospects of sustainable economic recovery in the UK are to some extent dependent on banks being able to raise the funds necessary to finance the growth of small and medium-sized companies. From the perspective of institutional investors, it is essential that banks should be an investable proposition.”
Investors hope the findings, which will be submitted in full at the end of the month, will serve as a warning to politicians and regulators who want the major banks to raise billions of pounds of capital to shore up their balance sheets.
Related Articles
One shareholder said: “Regulators may decide that the banks need more capital, but we need to think carefully before we give it to them. Banks are increasingly risky and the returns are poor, there’s not much incentive to invest in them.”
In an early submission ahead of its report, the ABI said: “So far the public debate on banks’ capitalisation has reflected the views of regulators, politicians and policymakers… but not the providers of the capital – the investors. If more capital is required in the UK banking system, as recently suggested by the Financial Policy Committee, then investors need to understand first, why this is the case and, secondly, what is the likely return on the capital invested and associated risks.”
The ABI added: “If [return on equity] remains structurally below the cost of equity, the equity of banks will remain essentially uninvestable.”
The powerful investor group is taking in the views of British and international investors as well as the chairmen and chief financial officers of UK banks. The directors of UK Financial Investments, the body that manages the taxpayer states in lenders including Royal Bank of Scotland and Lloyds Banking Group, have also been consulted.
So far the ABI inquiry has revealed that institutional investors are opposed to some of the Government’s key regulatory proposals, including enacting Sir John Vickers’ plan to ringfence retail divisions from investment banking operations.
The ABI has told the Commission: “Universal banking is not viewed by most investors as an inherently broken model. While accepting that it will happen, investors so far are unconvinced about the real benefits of ringfencing and/or separation and are sceptical about the benefits relative to the operational costs and disruption.”
Investors are also concerned about a “resolution” plan to wind up banks in the event of a new financial crisis. “The risk-return of additional loss absorbency or bail-in capital is confusing the market and requires clarification,” the ABI said.
The group said “there is no doubt that equity investors want a secure and properly capitalised banking system and are supportive of regulatory reform” – but not at the cost of confidence in the system. Shareholders “require, above all,… confidence in both the future operating and regulatory environment”, the ABI said.
Last year, David Cumming, head of equities at Standard Life, warned that the Government’s “constant interference” in the banks is “unhelpful” and is in danger of damaging the lenders, small businesses and the British economy.
He said banks must be “allowed to deliver adequate returns to stakeholders. If not, debt and equity funding will become more expensive, consequently reducing their capacity to lend, thus damaging their businesses and the long-term prospects for this country’s financial sector and the economy as a whole.”
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British banks shares are becoming “uninvestable” due to opaque accounts, regulatory upheaval and political interference, a powerful investor group has warned MPs.
Investors hope the findings will serve as a warning to politicians and regulators who want the major banks to raise billions of pounds of capital to shore up their balance sheets Photo: Getty Images
By Louise Armitstead
9:00PM GMT 17 Nov 2012
79 Comments The Association of British Insurers (ABI) says institutions are reluctant to invest in high street banks because of increasing risks and shrinking returns.
The trade group is preparing to deliver a hard-hitting report to the Parliamentary Commission on Banking Standards on behalf of its members who control £1.5 trillion assets and are among the bank’s biggest investors.
In preliminary evidence last week, the ABI told the Commission: “We are concerned that banking regulators are currently focused on financial stability at the expense of economic growth. This has a negative impact on banks’ investability.”
The ABI added: “The prospects of sustainable economic recovery in the UK are to some extent dependent on banks being able to raise the funds necessary to finance the growth of small and medium-sized companies. From the perspective of institutional investors, it is essential that banks should be an investable proposition.”
Investors hope the findings, which will be submitted in full at the end of the month, will serve as a warning to politicians and regulators who want the major banks to raise billions of pounds of capital to shore up their balance sheets.
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One shareholder said: “Regulators may decide that the banks need more capital, but we need to think carefully before we give it to them. Banks are increasingly risky and the returns are poor, there’s not much incentive to invest in them.”
In an early submission ahead of its report, the ABI said: “So far the public debate on banks’ capitalisation has reflected the views of regulators, politicians and policymakers… but not the providers of the capital – the investors. If more capital is required in the UK banking system, as recently suggested by the Financial Policy Committee, then investors need to understand first, why this is the case and, secondly, what is the likely return on the capital invested and associated risks.”
The ABI added: “If [return on equity] remains structurally below the cost of equity, the equity of banks will remain essentially uninvestable.”
The powerful investor group is taking in the views of British and international investors as well as the chairmen and chief financial officers of UK banks. The directors of UK Financial Investments, the body that manages the taxpayer states in lenders including Royal Bank of Scotland and Lloyds Banking Group, have also been consulted.
So far the ABI inquiry has revealed that institutional investors are opposed to some of the Government’s key regulatory proposals, including enacting Sir John Vickers’ plan to ringfence retail divisions from investment banking operations.
The ABI has told the Commission: “Universal banking is not viewed by most investors as an inherently broken model. While accepting that it will happen, investors so far are unconvinced about the real benefits of ringfencing and/or separation and are sceptical about the benefits relative to the operational costs and disruption.”
Investors are also concerned about a “resolution” plan to wind up banks in the event of a new financial crisis. “The risk-return of additional loss absorbency or bail-in capital is confusing the market and requires clarification,” the ABI said.
The group said “there is no doubt that equity investors want a secure and properly capitalised banking system and are supportive of regulatory reform” – but not at the cost of confidence in the system. Shareholders “require, above all,… confidence in both the future operating and regulatory environment”, the ABI said.
Last year, David Cumming, head of equities at Standard Life, warned that the Government’s “constant interference” in the banks is “unhelpful” and is in danger of damaging the lenders, small businesses and the British economy.
He said banks must be “allowed to deliver adequate returns to stakeholders. If not, debt and equity funding will become more expensive, consequently reducing their capacity to lend, thus damaging their businesses and the long-term prospects for this country’s financial sector and the economy as a whole.”
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Banks and Finance
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Panda- Platinum Poster
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Re: Bl***y Banks Again
Badboy Sun 18 Nov - 13:55
IT SEEMS THAT CARD INSURANCE(COO ETC) MIGHT BE THE NEXT SCANDAL.
POSSIBLY OFF TOPIC
POSSIBLY OFF TOPIC
Badboy- Platinum Poster
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» BL**DY BANKS !!
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