The UK's Financial Services Compensation Scheme (FSCS) was increased over the weekend by law from £35,000 to £50,000. This means that for any banking collapse in the future, savers and depositors get their money back within seven days guaranteed, regardless of their loans and borrowings. This is meant to restore some confidence in the system,…
Writing in the Observer, Gordon Brown says that, in the future, banking "becomes the servant of our economy and society, never its master." He wants banks to return to the basics, with the keys to basic banking being "a place where people can keep their savings safe and to provide funds for those who want…
Writing in the Observer, Gordon Brown says that, in the future, banking "becomes the servant of our economy and society, never its master." He wants banks to return to the basics, with the keys to basic banking being "a place where people can keep their savings safe and to provide funds for those who want…
Writing in the Observer, Gordon Brown says that, in the future, banking "becomes the servant of our economy and society, never its master." He wants banks to return to the basics, with the keys to basic banking being "a place where people can keep their savings safe and to provide funds for those who want…
Writing in the Observer, Gordon Brown says that, in the future, banking "becomes the servant of our economy and society, never its master." He wants banks to return to the basics, with the keys to basic banking being "a place where people can keep their savings safe and to provide funds for those who want…
CNN report that New York District Attorney Andrew Cuomo has just served a subpoena on Ken Lewis, CEO of Bank of America, over Merrill Lynch's bonuses and dealings. That's slightly more serious than a Congressional Hearing. The Financial Times expands upon the issue by saying that when "Merrill paid out close to $4bn in bonuses…
CNN report that New York District Attorney Andrew Cuomo has just served a subpoena on Ken Lewis, CEO of Bank of America, over Merrill Lynch's bonuses and dealings. That's slightly more serious than a Congressional Hearing. The Financial Times expands upon the issue by saying that when "Merrill paid out close to $4bn in bonuses…
The UK Banking Bill received Royal Assent to pass into Law on 12th February, and comes into force this weekend. The Banking Act 2009 can be downloaded or read online and in full. The Act has been rushed through to cover the need to nationalise stabilise the UK banks, and has specific provisions that ensure…
The UK Banking Bill received Royal Assent to pass into Law on 12th February, and comes into force this weekend. The Banking Act 2009 can be downloaded or read online and in full. The Act has been rushed through to cover the need to nationalise stabilise the UK banks, and has specific provisions that ensure…
The UK's Office for National Statistics is now estimating the Royal Bank of Scotland and Lloyds Banking Group combined losses will cost between £1 to £1.5 trillion in additional public debt. That's the equivalent of 70% to 100% of the UK's GDP. They've also been reclassified as "public" institutions, which means that all of their…
