Category Archives: Banking

IMF holds back Cyprus bailout funds

International Monetary Fund says expected tranche of €88m will not be paid after parliament suspended new foreclosure law

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Greek election uncertainty fuels concerns over eurozone stability

Ballot of 300 MPs fails to yield clear result, with two rounds left to choose a winner and avoid eurozone instability Continue reading…
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Posted in Banking, Business, Economics, Euro, Europe, European banks, European monetary union, European Union, Eurozone crisis, Financial crisis, Greece, World news | Comments Off

Bank of England stress test results – live

Rolling coverage as the Bank of England reveals the results of its stress tests of Britain’s banking sector, from 7am.

7.24am GMT

Mark Carney, governor of the Bank of England, says the stress test should give us confidence in the strength of the UK banking sector:

This was a demanding test.

The results show that the core of the banking system is significantly more resilient, that it has the strength to continue to serve the real economy even in a severe stress, and that the growing confidence in the system is merited.”

7.18am GMT

RBS passed stress tests with 4.6% — only just above the 4.5% minimum required

7.18am GMT

This chart show how Co-op’s capital reserves would be wiped out in the adverse scenario used by the BoE, to minus 2.6% of assets.

7.14am GMT

The stress test results are online here.

7.11am GMT

Barclays, HSBC, Nationwide, Santander UK and Standard Chartered have all been given a clean bill of health.

7.07am GMT

The Bank of England’s stress tests are out.

And the top line is that the Co-operative Bank, Lloyds and Royal Bank of Scotland all failed the stringent test.

Three banks -co-op and bailed out Lloyds and RBS – need more capital, the Bank of England said

Co-op’s capital would be “exhausted” after the Bank of England’s test

The big loser from UK stress tests is the Co-op Bank, the only one forced to resubmit its plan after its capital ratio fell from 7.2 to -2.6

6.57am GMT

We’re about to get a flurry of announcements. The Bank of England will release the results of the stress tests, and also unlock the doors to let out the journalists who’ve been briefed on the details since 5am.

And the banks should all issue their own statements…..

6.44am GMT

The eight institutions being tested are Barclays, Lloyds Banking Group, HSBC, Royal Bank of Scotland, Santander, Standard Chartered, Co-operative Bank and the Nationwide building society.

The Co-op Bank has already laid the ground for failure, saying it would be “no surprise” if it didn’t pass the BoE’s test. That makes sense – the troubled lender it has already raised almost £2bn to cover a black hole in its books.

6.40am GMT

Today’s examination should be more rigorous than the Europe-wide stress tests announced back in October (which Barclays, HSBC, Lloyds and RBS passed).

The Bank of England is using subjective measures of a bank’s financial health, such as the type of capital that is being accumulated and the extent to which the lender has been able to anticipate risks.

Bank of England stress tests: what are the banks being tested on?

6.22am GMT

Good morning. We’re about to learn which of Britain’s banks are strong enough to survive a major economic turmoil, and which would be sunk.

Japanese, Chinese, UK and EZ manufacturing PMIs tomorrow, along with UK bank stress tests, UK CPI and ZEW confidence. Xmas comes early

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Posted in Banco Santander, Bank of England, Banking, Barclays, Co-operative Group, Economics, Eurozone crisis, Financial sector, HSBC, Lloyds Banking Group, Nationwide, Royal Bank of Scotland, Standard Chartered, World news | Comments Off