Regulation Correspondent, Europe
Huw's Feed
Dec 16, 2014

Britain’s state-backed banks scrape through stress tests

LONDON (Reuters) – The Bank of England gave Britain’s state-backed lenders a narrow pass in its debut annual stress tests on Tuesday, but warned that next year banks would face tougher checks of their capital strength and international exposure.

Lloyds and rival Royal Bank of Scotland scraped through a doomsday scenario of plummeting house prices and soaring unemployment after both took pre-emptive measures to boost their defences against potential losses.

Dec 16, 2014

Plunging oil prices could boost geopolitical tensions: Bank of England report

LONDON (Reuters) – Plunging oil prices could heighten geopolitical tensions, trigger defaults by U.S. shale oil and gas firms and destabilize euro zone inflation expectations, the Bank of England warned on Tuesday.

In a half-yearly assessment of global financial risks, Britain’s central bank said market concerns about persistent slow growth and political risks had risen over the past six months, and warned investors could ditch risky assets.

Dec 16, 2014

Plunging oil prices could boost geopolitical tensions – BoE report

LONDON, Dec 16 (Reuters) – Plunging oil prices could
heighten geopolitical tensions, trigger defaults by U.S. shale
oil and gas firms and destabilise euro zone inflation
expectations, the Bank of England warned on Tuesday.

In a half-yearly assessment of global financial risks,
Britain’s central bank said market concerns about persistent
slow growth and political risks had risen over the past six
months, and warned investors could ditch risky assets.

Dec 16, 2014

Lloyds payout in balance after scrapes through UK bank test

LONDON, Dec 16 (Reuters) – Britain’s state-backed lenders
only narrowly passed the Bank of England’s debut annual stress
test, putting the prospects of Lloyds paying a dividend
for 2014 in the balance.

Lloyds and its British banking rival Royal Bank of Scotland
on Tuesday scraped through a doomsday scenario of
plummeting house prices and soaring unemployment after both took
pre-emptive measures to shore up their capital.

Dec 16, 2014

Bank of England stress tests pass all banks apart from Co-op

LONDON (Reuters) – All Britain’s main banks would be able to withstand a sharp fall in house prices, other than the troubled Co-operative Bank, the Bank of England said on Tuesday.

State-backed RBS and Lloyds only scraped through the BoE’s first sector-wide test of the health of major lenders after both took pre-emptive measures to shore up their capital defenses before the BoE reached its conclusions.

Dec 15, 2014

UK watchdog bans former BlackRock manager for fare dodging

LONDON (Reuters) – A former BlackRock investment manager has become only the second person to be banned for personal dishonesty by Britain’s financial watchdog after he was caught dodging fares worth 43,000 pounds ($67,000) on his daily commute into London.

When the story broke in April, British newspapers quoted commuters angry that an anonymous hedge fund manger dubbed the “biggest fare dodger in history” was allowed to settle quietly with the railway company without being prosecuted.

Dec 15, 2014

FCA bans former BlackRock employee for fare dodging

LONDON (Reuters) – The Financial Conduct Authority has banned former BlackRock (BLK.N: Quote, Profile, Research) senior official Jonathan Paul Burrows from any role in the financial services sector after he was caught evading 43,000 pounds in fares on his daily train commute into London.

Burrows was a managing director at Blackrock Asset Management Investor Services and on 19 November 2013, he was stopped by ticket inspectors at the exit gates of London’s Cannon Street railway station, the Financial Conduct Authority said in a statement on Monday.

Dec 15, 2014

UK financial watchdog bans former BlackRock employee for fare dodging

LONDON, Dec 15 (Reuters) – Britain’s financial watchdog has
banned former BlackRock senior official Jonathan Paul
Burrows from any role in the financial services sector after he
was caught evading 43,000 pounds ($67,372) in fares on his daily
train commute into London.

Burrows was a managing director at Blackrock Asset
Management Investor Services and on 19 November 2013, he was
stopped by ticket inspectors at the exit gates of London’s
Cannon Street railway station, the Financial Conduct Authority
said in a statement on Monday.

Dec 11, 2014

Global regulators set out stricter rules for pooled debt

LONDON, Dec 11 (Reuters) – Regulators published stricter
rules on Thursday on a class of securities which helped cause
the financial crisis, hoping to reduce the risks of future
market turbulence undermining the banks which own them.

The Basel Committee of banking supervisors unveiled its
finalised framework for regulating asset-backed securities
(ABS), a type of bond based on a pool of loans such as
mortgages, to come into force from January 2018.

Dec 11, 2014

EU delays decision on U.S. securities clearing rules

LONDON (Reuters) – The European Union will take another six
months to make a decision on whether European banks must hold
more capital to safeguard against a U.S. clearing house going
bust.

The Commission has to decide whether U.S. rules for clearing
houses are as strict as those in the EU. The aim is to ensure
that there will be no need to resort to taxpayer cash if things
go wrong.

    • About Huw

      "Huw is based in London and covers European regulatory issues and global rulemaking bodies such as the G20, Financial Stability Board, IOSCO, IASB and the Basel Committee. He has covered EU regulation in Brussels, the emergence pan-European stock markets, and has also been a Wall Street reporter in New York."
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