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Handelsbanken - A brand new type of Bank has sprung up in the UK

A bank, new to Britain, is expanding rapidly across the UK.  Its name is Handelsbanken and it is from Sweden. However, it is about to open its 150th branch in the UK.

Decision Making

Pimco's Gross: Osborne risks pushing UK into recession

Pimco manager Bill Gross has warned chancellor George Osborne his austerity measures risk pushing the UK into recession.


Gross, who manages the world's biggest bond fund, told the Times newspaper that a "mid-course correction" of the fiscal plans would lift the economy and should not damage the country's standing with bond investors.



"The economy in the UK is worse off than it was when the plan was developed, so there should be at a minimum fine-tuning and perhaps re-routing of the plan," he was quoted as saying.

Inclusion of Royal Bank of Scotland and Lloyds Banking Group in the Public Sector Finances

 

The Office for National Statistics and HM Treasury jointly publishes monthly estimates of the Public Sector Finances (PSF). The PSF release published on the 25 January 2011 included, for the first time, complete data for the Lloyds Banking Group (LBG) and the Royal Bank of Scotland (RBS).

The classification of RBS and LBG to the public sector has a significant impact on public sector finance statistics. This article summarises the sources that are being used to incorporate these two banking groups, and the other public sector banks, into the PSF dataset. Explanatory notes describe in more detail how the information has been put together and contain important qualifications of which users need to be aware when analysing and interpreting the results.

Don't interfere, Lord Turner FSA warns new European regulator - three European Supervision Authorities (ESA)

Britain's top financial regulator has issued a warning to Europe not to interfere in the running of the UK's financial markets. Lord Turner, chariman of the Financial Services Authority (FSA), said it was "vitally important" that European financial supervisors did not intervene directly in the running of individual countries' markets. "We are clear the fundamental process of supervision has to occur where expertise is, with the national authorities," said Lord Turner.

Bank of England to Keep FSA as Subsidiary?

Britain's Finance Minister George Osborne is set to detail plans this week to keep part of the Financial Services Authority (FSA) as a subsidiary of the Bank of England, the BBC reported on Sunday.

" .....in his Mansion House speech to London's financial centre or City on Wednesday, Osborne will set out proposals to keep the part of the FSA which overseas financial markets, as a formal subsidiary of Britain's central bank,

the BBC's Robert Peston said.

 

 

The FSA had faced closure under initial proposals from the Conservative Party -- lead partners in the new governing coalition -- to hand responsibility for dealing with the day-to-day supervision of banks to the Bank of England.

 

source: the BBC

US war on banks coming to UK next week

US war on banks coming to UK next week. President Obama's pledge on Thursday afternoon to end the "excess and abuse" and a "binge of irresponsibility" in the financial system, shook shares in banks.

His proposals are twofold: first to stop banks from proprietary trading – where a bank bets on markets with its own money – for their own gain and against their own customers; and second, to limit the pace of sector consolidation to ensure no one bank becomes too large.

The Turner Review - A regulatory response to the global banking crisis

The Financial Services Authority on Wednesday announced a sweeping overhaul of the UK’s financial regulatory regime, marking a definitive break with its previous “light-touch” approach and attempting to set a new global standard for the post-crisis world. Lord Turner, chairman of the Financial Services Authority, set out plans to curb banks’ ability to take excessive risks by forcing them to hold more capital and increase their holdings of liquid assets and cash. He pledged to scrutinise any institution that could threaten the stability of the financial system.

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