The two major markets, stock market and the property market have tumbled tremendously as a result of the financial crisis. Bank has adopted strict policies that have tightened the outgoing loans and it has aggravated the whole economy with its credit crunch. Most of the people’s 401K accounts have started shrinking and they are getting […]
Financial Services Authority officials have been taking particular interest in exposure to Irish institutions.
This is over and above the usual regulatory monitoring requirements, suggesting it has particular concern about the security of these loans - made with the savings of society members.
The FSA’s anxieties centre on the building society sector, which lost a collective £200m […]
Stockbroker belt towns such as Windsor in Berkshire, one of the most sought-after areas to live in the UK, are among the hardest hit since the recession kicked in.
It is one of 16 towns and cities in the UK where prices have dropped by at least 20%.
Burton-on-Trent in […]
Quidco, the UK's largest cashback website, is offering a novel way to raise money for charities that will not see you having to dip into your pockets. Now you can donate as you shop.
Quidco's new service enables you to donate cash-back earned through buying goods online to a cause close to your heart - be […]
It also predicts a deep recession lasting throughout next year and a ‘very real probability’ that Britain will go bankrupt.
The report leaked yesterday from financial analysts Numis Securities says that the collapse in house prices is not ‘anywhere near over’.
They have already fallen 21% from their peak, but the report says they will slump […]
The vast majority of firms say they have insufficient assets to meet their pension promises, with only 9% of companies still having a surplus.
The figures from the Pension Protection Fund, the body created to bail-out bankrupt pension schemes, revealed a ‘black hole’ of £219bn facing almost 7,800 final salary schemes.
This is up from £191bn […]
While banking chiefs have come under the spotlight for the huge sums they are paid, the plight of rank and file bank staff who have lost much if not all of their savings, thanks to the spectacular collapse of the industry, has largely been overlooked.
Many banks encouraged their employees to buy […]
The deal was intended to save HBOS from collapse but instead the once successful Lloyds has been dragged down with its former rival.
Over the weekend Lloyds was effectively nationalised after the Government agreed to take a stake of up to 77% in return for a £260bn bailout.
Meanwhile, the portfolios of more than […]
The Bank of England cut the base rate from 1% to just 0.5% last week - the lowest level ever.
Though it is devastating for savers, it means many existing tracker borrowers will see the rate they pay on their mortgage fall for the sixth consecutive month. Trackers are popular because the rate paid moves […]
The society, which has 35 branches, also reined in lending dramatically last year as it decided to keep out of a rapidly deteriorating housing market. That saw net new lending almost halve from £1.35bn to £723m.
At the same time the amount it wrote down against likely bad loans among its customers jumped dramatically from […]
© 2008 Daily Financial News