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17/06/2010
Chancellor 'Banking On Change'
It's all change in the banking world this week as Chancellor George Osborne has confirmed that he will give the Bank of England the key role in regulating the UK financial sector.
He has confirmed that the Financial Services Authority (FSA) would be broken up and the part that monitors financial institutions would continue as a "new prudential regulator" but would operate as a full subsidiary of the Bank of England.
In his first Mansion House speech, Mr Osborne said also revealed that Hector Sants, the Chief Executive of the FSA, would stay on to oversee the transition.
Apart from the scrapping of the FSA - and the handing over of its regulatory duties - to an increasingly all-powerful Bank of England, Mr Osborne also confirmed there would be a bank levy and further action on pay and bonuses.
But most significantly he announced a new banking commission to overhaul the City. It will examine breaking up the major banks; the competitiveness of the City; whether power had become too concentrated among some leading city institutions; and whether there should be restrictions on bank activities.
In Mr Osborne's words it will be "a new settlement between our banks and the rest of society".
Earlier, Mr Osborne had told the House of Commons that Sir John Vickers, former boss of the Office of Fair Trading, would chair a commission to look into the potential break-up of the UK's biggest banks.
The independent commission will take at least a year to review whether casino-style investment banks should be split from deposit-taking institutions on the High Street.
(BMcC/GK)
He has confirmed that the Financial Services Authority (FSA) would be broken up and the part that monitors financial institutions would continue as a "new prudential regulator" but would operate as a full subsidiary of the Bank of England.
In his first Mansion House speech, Mr Osborne said also revealed that Hector Sants, the Chief Executive of the FSA, would stay on to oversee the transition.
Apart from the scrapping of the FSA - and the handing over of its regulatory duties - to an increasingly all-powerful Bank of England, Mr Osborne also confirmed there would be a bank levy and further action on pay and bonuses.
But most significantly he announced a new banking commission to overhaul the City. It will examine breaking up the major banks; the competitiveness of the City; whether power had become too concentrated among some leading city institutions; and whether there should be restrictions on bank activities.
In Mr Osborne's words it will be "a new settlement between our banks and the rest of society".
Earlier, Mr Osborne had told the House of Commons that Sir John Vickers, former boss of the Office of Fair Trading, would chair a commission to look into the potential break-up of the UK's biggest banks.
The independent commission will take at least a year to review whether casino-style investment banks should be split from deposit-taking institutions on the High Street.
(BMcC/GK)
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02 December 2003
Banking management bear burden of customer trust: FSA
The Financial Services Authority (FSA) will place a new emphasis on the way in which banks treat their customers when providing them with regulated financial services - backed by a readiness to use enforcement powers actively, FSA chairman Callum McCarthy told a bankers conference today.
Banking management bear burden of customer trust: FSA
The Financial Services Authority (FSA) will place a new emphasis on the way in which banks treat their customers when providing them with regulated financial services - backed by a readiness to use enforcement powers actively, FSA chairman Callum McCarthy told a bankers conference today.
24 January 2012
Businesses Enter Ulster Bank Awards
Businesses have come out in force to highlight their good work in this year's Ulster Bank Business Achievers Awards. Almost 400 entries have been received for the prestigious scheme, with strong entry levels in categories such as 'International Business'; 'Best Business Start-Up'; and 'Innovation and Emerging Technology'.
Businesses Enter Ulster Bank Awards
Businesses have come out in force to highlight their good work in this year's Ulster Bank Business Achievers Awards. Almost 400 entries have been received for the prestigious scheme, with strong entry levels in categories such as 'International Business'; 'Best Business Start-Up'; and 'Innovation and Emerging Technology'.
07 October 2011
Bank Of England Bolsters Economy
The UK's central banking organisation, the Bank of England is to inject a further £75bn into the economy through a process known as quantitative easing (QE).
Bank Of England Bolsters Economy
The UK's central banking organisation, the Bank of England is to inject a further £75bn into the economy through a process known as quantitative easing (QE).
17 November 2010
EU May Prop Up Banks As Officials Land In Dublin
It has emerged that the Finance Minister Brian Lenihan has agreed to emergency EU bank funding as a number of EU officials make their way to Ireland. Despite stopping short of accepting a full bailout, Mr Lenihan has admitted for the first time the State's banks may need billions more of capital to stay afloat.
EU May Prop Up Banks As Officials Land In Dublin
It has emerged that the Finance Minister Brian Lenihan has agreed to emergency EU bank funding as a number of EU officials make their way to Ireland. Despite stopping short of accepting a full bailout, Mr Lenihan has admitted for the first time the State's banks may need billions more of capital to stay afloat.
20 August 2009
Building Society's Mortgage 'Surge'
EBS Building Society has expanded its share of the retail mortgage business The company's stake has grown by 5% to 18.5%. It also boosted its slice of the first-time buyer market during the first half of 2009 by 5%. The figures have been released by the Irish Banking Federation.
Building Society's Mortgage 'Surge'
EBS Building Society has expanded its share of the retail mortgage business The company's stake has grown by 5% to 18.5%. It also boosted its slice of the first-time buyer market during the first half of 2009 by 5%. The figures have been released by the Irish Banking Federation.
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