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20/03/2008
Market Crisis Sparks Bank Chiefs Summit
Britain's major bank chiefs will hold crisis talks today with Bank of England Governor, Mervyn King.
The discussion is likely to address yesterday's stock market drama that caused one high street lender's share price to crash by almost 20%.
The Financial Services Authority has launched an inquiry into whether or not a 'whispering campaign' was the reason for the dramatic drop in share values.
The banks will seek assurance from Mr King that help will be provided in the event of any cash shortage.
Angela Knight, Chief Executive of the British Bankers Association, told the BBC's Today programme: "The Bank of England is very keen to ensure that we have good strong confidence in all our market - after all we've got good strong banks."
The bank which suffered the shares crash, HBOS has denied rumours of funding difficulties.
A HBOS spokeman said: "A number of ill-founded and malicious rumours abut the UK banking system in the markets.
"These rumours have not a shred of substance whatsoever. They are just lies."
The FSA said in a statement: "There has been a series of completely unfounded rumours about UK financial institutions in the London market over the last few days, sometimes accompanied by short-selling."
HBOS closed 7% down in London yesterday. The FTSE 100 Index ended up 60.2 points down at 5545.6.
The global credit crunch began last summer with news of multi-million dollar bad debts in the US mortgage sector. The impact of that has made banks around the world less willing to lend to each other.
(DS)
The discussion is likely to address yesterday's stock market drama that caused one high street lender's share price to crash by almost 20%.
The Financial Services Authority has launched an inquiry into whether or not a 'whispering campaign' was the reason for the dramatic drop in share values.
The banks will seek assurance from Mr King that help will be provided in the event of any cash shortage.
Angela Knight, Chief Executive of the British Bankers Association, told the BBC's Today programme: "The Bank of England is very keen to ensure that we have good strong confidence in all our market - after all we've got good strong banks."
The bank which suffered the shares crash, HBOS has denied rumours of funding difficulties.
A HBOS spokeman said: "A number of ill-founded and malicious rumours abut the UK banking system in the markets.
"These rumours have not a shred of substance whatsoever. They are just lies."
The FSA said in a statement: "There has been a series of completely unfounded rumours about UK financial institutions in the London market over the last few days, sometimes accompanied by short-selling."
HBOS closed 7% down in London yesterday. The FTSE 100 Index ended up 60.2 points down at 5545.6.
The global credit crunch began last summer with news of multi-million dollar bad debts in the US mortgage sector. The impact of that has made banks around the world less willing to lend to each other.
(DS)
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Co-Op Urge More Banks To Help Bankrupt Customers
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The Bank of England’s Monetary Policy Committee today voted to maintain the official Bank Rate paid on commercial bank reserves at 0.5%. The Committee also voted to maintain the stock of asset purchases financed by the issuance of central bank reserves at £200 billion. The previous change in Bank Rate was a reduction of 0.5 percentage points to 0.
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Bank Of England Maintains Bank Rate At 0.5%
The Bank of England's Monetary Policy Committee has voted to maintain the official Bank Rate paid on commercial bank reserves at 0.5%. The Committee also voted to maintain the stock of asset purchases financed by the issuance of central bank reserves at £375bn.
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Bank Reports Five-Year High In Housing Market
House prices in the UK have increased by 5.4% in the year to August, reaching its highest rate since June 2010. The news comes in the latest house price survey carried out by the Halifax. In their report, it shows that house prices peaked above £170,000 for the first time in five years.
15 October 2015
New BoE And Financial Services Bill Published
The government has published a new Bank of England and Financial Services Bill, aimed at strengthen the governance and accountability of the Bank, update resolution planning and crisis management arrangements between the Bank and Treasury, and extend the principle of personal responsibility to all sectors of the financial services industry.
New BoE And Financial Services Bill Published
The government has published a new Bank of England and Financial Services Bill, aimed at strengthen the governance and accountability of the Bank, update resolution planning and crisis management arrangements between the Bank and Treasury, and extend the principle of personal responsibility to all sectors of the financial services industry.
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Northern Ireland WeatherToday:It will be cloudy again throughout the day. Mainly dry in the morning, but patchy drizzle in places, becoming more widespread and persistent in the afternoon. Freshening southwesterly winds. Maximum temperature 12 °C.Tonight:Cloudy with a spell of heavy rain pushing south through late evening and the early hours, followed by some clear spells. Minimum temperature 6 °C.
