Tag: Bank of England

• Saturday, November 3rd 2012 - 04:03 UTC

  Bank of England governance ‘defective’ with ‘centralized and hierarchical’ structure

  

  Governance of the Bank of England is “defective”, according to the chairman of the Treasury Committee following the publication of three independent reviews into the Bank's performance. Andrew Tyrie said the reviews were too little, too late.

• Monday, October 1st 2012 - 20:44 UTC

  UK banking reform at the heart of discussions in the annual Labour conference

  

  UK Labour leader Ed Miliband has indicated that a threat by banks to move abroad would not deter him from breaking them up if they did not agree to revolutionise their operations and put ordinary customers first.

• Friday, September 28th 2012 - 16:36 UTC

  Report recommends complete overhaul of Libor system and jail for those who try to manipulate it

  

  A report into the Libor rate-rigging scandal says the system is broken and suggests its complete overhaul, including criminal prosecutions for those who try to manipulate it. Its author, regulator Martin Wheatley, told the BBC that bankers guilty of fixing Libor in future could be jailed.

• Friday, August 3rd 2012 - 07:57 UTC

  Bank of England waiting for the latest stimuli measures to filer into the economy

  

  The Bank of England has kept interest rates on hold for August, and also held off from any more stimulus measures, as had been expected. Its rate-setting Monetary Policy Committee (MPC) has voted to maintain rates at the historic low of 0.5%.

• Monday, July 9th 2012 - 18:13 UTC

  Euro zone to tighten financial regulation following the Libor rigging scandal

  

  Michel Barnier, the European commissioner in charge of financial regulation, is expected to bring forward changes to his market abuse directive and regulation within in the next weeks, the Financial Times said on Monday.

• Monday, July 9th 2012 - 18:04 UTC

  BoE Tucker denies making any suggestions to Barclays on the Libor (in 2008)

  

  The deputy governor of the Bank of England (BoE) has said he did not give Barclays instructions to lower its Libor submissions in 2008. Paul Tucker said no government minister had asked him to “lean on” Barclays over its inter-bank lending rates. But he also told MPs that the BoE and the government feared that Barclays may need a bailout.

• Thursday, July 5th 2012 - 22:25 UTC

  Bank of England pumps further £50 billion to the economy; total stimulus £375 bn

  

  The Bank of England has announced on Thursday it will pump a further £50bn into the UK economy over the next four months through its quantitative easing (QE) program to try to help the economy.

• Thursday, July 5th 2012 - 22:20 UTC

  China cuts interest rate a week ahead of next week’s release of second quarter stats

  

  China's central bank cut interest rates for the second time in two months to bolster an economy widely expected to record its sixth successive slide in growth in April-June.

• Wednesday, July 4th 2012 - 23:00 UTC

  Libor rate manipulation: Barclays’ former CEO does not convince PMs and points to Bank of England

  

  British banker Bob Diamond has revealed that one of his big fears during the 2008 global credit crisis was that his bank, Barclays, would be taken over by the British government.

• Wednesday, July 4th 2012 - 05:58 UTC

  Barclays CEO resigns as the Libor rate fixing scandal widens

  

  UK Barclays chief executive Bob Diamond suddenly quit on Tuesday over an interest rate-rigging scandal that threatens to drag in a dozen more major lenders but suggested the Bank of England had encouraged his bank to manipulate the figures