Banking News

BSA welcomes increase in FSCS limit to £50,000

Commenting on the FSA's announcement, Adrian Coles, Director-General of the BSA said: "We welcome today's announcement that the level of compensation for savers will increase from £35,000 to £50,000 on Tuesday. This will mean that at least 97% of building society savers are fully covered by the Financial Services Compensation Scheme.

Abbey appoints Paul Pester to manage B&B direct channels

Paul Pester, currently Managing Director of Premium Banking at Abbey, has been appointed to take responsibility for Bradford & Bingley's retail distribution, including their branch network.

ECB keep interest rates unchanged

Following today's decision by the ECB to keep interest rates unchanged, Paul Niven, Head of Asset Allocation at F&C, comments: As widely expected, the ECB kept interest rates unchanged today, at 4.25%. Rates were last altered in July, when they were hiked to a seven year high in an effort to curb inflation, which was running at around twice the level that the ECB would tolerate.

US Senate approves rescue plan, as doubts emerge about its efficacy

Paul Niven, Head of Asset Allocation at F&C: The Troubled Asset Relief Program, or the Emergency Economic Stability Bill to give the proposed legislation its full legislative title, was put to vote for the second time this week, this time to the US Senate.

First plan not necessarily the best

Following this week's rejection of Henry Paulson's ‘Troubled Asset Relief Programme' by the US House of Representatives, Defaqto's economist Michael Baxter comments on the decision.

Icelandic government takes control of Glitnir

Commenting on the Icelandic government taking control of Glitnir, the country's third-largest bank, Kevin Mountford, head of banking at moneysupermarket.com, said: "Part of Iceland has finally started to melt.

Your money is safe, FSCS tells Bradford & Bingley depositors

It is business as usual for depositors and other customers of Bradford & Bingley, who need have no concerns about the safety of their money.

HM Treasury: Bradford and Bingley

The Chancellor announced today that Bradford & Bingley's UK and Isle of Man retail deposit business along with its branch network has been transferred to Abbey National plc.

moneysupermarket.com: Nationalisation of Bradford & Bingley

Commenting on the confirmation of the nationalisation of Bradford & Bingley, Kevin Mountford, head of banking at moneysupermarket.com, said: "After weekend of speculation, confirmation that Bradford & Bingley is to be broken up will come as a surprise to nobody.

Provision of Credit Information Services to be licensed

Consumers who are thinking of paying for credit information services will have greater protection under new OFT licensing requirements coming into force on 1 October.

US $700 billion bailout plan

Commenting on the US's $700 billion bailout plan being blocked, Kevin Mountford, head of banking at moneysupermarket.com, said: "While it is crazy to think that taxpayers should have to bail out poorly managed, irresponsible banks, it is clear that decisive action needs to be taken to avoid further economic problems around the globe.