LONDON (Reuters) – The British government said on Thursday it would step up efforts to boost competition in banking and rejected criticism that its tax changes would leave the sector worse off.
The government surprised banks earlier this month by announcing a new 8 percent surcharge on profits from January, sending shares in new banks like Aldemore (ALD.L: Quote, Profile, Research, Stock Buzz), Virgin Money (VM.L: Quote, Profile, Research, Stock Buzz) and Shawbrook (SHAW.L: Quote, Profile, Research, Stock Buzz) tumbling.
LONDON (Reuters) – Tougher capital rules imposed on banks in the European Union since the financial crisis will be reviewed to see if they unnecessarily crimp lending, the bloc’s financial services chief said on Wednesday, as Europe makes growth its top priority.
Jonathan Hill said the bloc’s capital requirements law may be changed to make it easier for banks to lend to companies.
LONDON (Reuters) – Almost seven years after the collapse of Lehman Brothers sparked mayhem in markets, regulators are still years away from being able to wind down a major failed bank at no cost to taxpayers, the Bank of England said on Tuesday.
Lehman’s demise in 2008 spawned new rules to make it possible to let a bank fail without calling on taxpayers or causing widespread damage to the economy.
LONDON, July 14 (Reuters) – Almost seven years after the
collapse of Lehman Brothers sparked mayhem in markets,
regulators are still years away from being able to wind down a
major failed bank at no cost to taxpayers, the Bank of England
said on Tuesday.
Lehman’s demise in 2008 spawned new rules to make it
possible to let a bank fail without calling on taxpayers or
causing widespread damage to the economy.
By Huw Jones
(Reuters) – European Union reform of the securitized debt market to help to revive the region’s economy is likely to be binding on member countries to speed up change, a senior official from the bloc’s executive body said on Tuesday.
The European Commission is due to come up with concrete proposals in late September for a capital markets union or CMU to make it easier for companies in Europe to raise cash from financial markets.
LONDON, July 10 (Reuters) – Britain’s banks could have to
use a stricter method than global peers for calculating a key
measure of capital from next year to make gaming the rules
harder, the Bank of England said on Friday.
The BoE’s Prudential Regulation Authority (PRA) published a
consultation paper setting out how lenders should compile and
publish leverage ratios, a measure of capital to balance sheets
on a non risk-weighted basis.
LONDON, July 10 (Reuters) – Britain’s financial watchdog has
promised to be clearer about how it decides whether to punish
banks and individuals after industry criticism of inconsistency.
The Financial Conduct Authority (FCA), launched in 2013 at a
time of intense political pressure to clean up markets, has been
levying record fines on banks after a string of misconduct and
mis-selling scandals going back two decades or more.
LONDON, July 9 (Reuters) – Britain will not use new EU
insurance rules to force the sector to top up on capital but
some companies will need a lengthy grace period to increase
their safety buffers, the country’s top insurance regulator said
The new EU capital rules for insurers, known as Solvency II,
take effect in January.
LONDON, July 8 (Reuters) – Britain will largely replace a
levy on bank balance sheets with a surcharge on profits in a
move experts said would help quell talk among lenders of moving
elsewhere to lighten their regulatory burden.
UK Finance Minister George Osborne offered further comfort
to banks facing a welter of new rules since the financial crisis
by asking their regulator, the Bank of England, to help keep
Britain a “highly attractive” location for lenders.
LONDON (Reuters) – Markets are coping well with uncertainty over Greece’s future in the euro zone, with little sign so far of contagion that would undermine wider European Union financial stability, the bloc’s banking regulator said on Wednesday.
Euro zone members have given Greece until the end of the week to come up with a proposal for sweeping reforms in return for loans that will keep the country from crashing out of the euro.