The Bank Of England has warned that interest rate rises could come sooner and be higher than expected.
For the time being the Monetary Policy Committee (MPC) has agreed to leave the rate unchanged at 0.5%, but said that rates would need to rise ‘earlier’ and by a ‘somewhat greater extent’ than they thought at their last review in November.Read More
The Bank Of England has raised interest rates for the first time in a decade and governor Mark Carney has said the banks should pass the rate rise on to savers.
Base rate has been at a record low since August 2008 when it was slashed from 5.25% to the then record low of 0.5% as an emergency measure to stimulate the economy in the aftermath of the financial crisis.Read More
The Bank Of England has laid out strict new guidelines for the UK banking industry to deal with the consequences of any future financial crisis, avoiding the need for public funds to bail them out.
The Bank’s Purple Book outlines clearly what will happen if the 2008 financial crisis repeats itself and banks are in danger of collapsing.Read More
The Co-operative Bank is no longer up for sale with a rescue plan on the horizon.
The bank had put itself up for sale in February after it was unable to meet capital requirements for Bank Of England regulations.Read More
The Co-operative Bank wants to strike a deal within two weeks to shore up its operation by raising £450 million to cover senior bonds due to mature in September.
Insiders have revealed the plan in which some of the bank’s existing investors will be asked to swap their bonds for shares at a loss.Read More
Virgin Money has become the latest potential buyer to pull out of the Co-operative Bank sale.
The Co-operative Group has written off its 20% stake in the Co-op Bank as it reports its first annual loss since 2013.
The group has announced a £132 million loss for 2016 after a profit of £23 million for 2015.Read More
The Co-operative Bank has been placed under ‘intensive supervision’ by the Bank Of England as its survival options appear to dwindle.
BBC Business editor Simon Jack said: “The BBC understands contingency plans to ensure the ‘orderly failure’ of the 150 year old bank are well advanced.Read More