United Kingdom
UK will come out of this stronger: King
Britain will have the best regulatory regime in the world by mid-2008 as a result of the Northern Rock crisis, according to Mervyn King, the governor of the Bank of England.
UK regulator set to clamp down on hedge funds
The Financial Services Authority, the British financial regulator, said on Monday that it will formally assess hedge funds after an initial survey found market abuse prevention in some funds to be poor.
Old Lady could get more privacy under new rules
The Bank of England could soon be able to rescue troubled lenders in secret as a result of the recent Northern Rock crisis.
UK funds unlikely to have helped in crisis
Alistair Darling, the UK chancellor of the exchequer, implied on Thursday that injecting funds into the money markets would have done little to lessen the impact of the subprime crisis in the UK.
New shocks may emerge, Old Lady warns
Holders of stock, commercial real estate and the US dollar could be the next victims of the banking crisis, the Bank of England predicted in the latest edition of its financial stability report.
UK business view used to judge economic impact
Kate Barker, a member of the Bank of England's monetary policy committee, will use business surveys and housing market indicators to judge whether the downside risks to the UK's inflation outlook have increased.
Bank of England reports on the crisis
The Bank of England has acknowledged that the recent banking crisis has revealed that the UK's financial authorities need to strengthen their crisis management arrangements.
Northern Rock's BoE debt rises to £16 billion
Northern Rock has borrowed a further £3 billion ($6.1 billion) from the Bank of England this week, the Bank's balance sheet reveals.
Principles-based rules to stay, says UK regulator
Hector Sants, the chief executive of the Financial Services Authority (FSA), said that the regulator remained committed to its principles-based approach.
Minutes show BoE board split on rate decision
David Blanchflower, a member of the monetary policy committee at the Bank of England, called for a rate cut at October's meeting, the minutes published on Wednesday reveal.
BoE should have helped earlier: Rock chief
Adam Applegath, the chief executive of Northern Rock, said on Tuesday that injections by the Bank of England earlier on could have mitigated Northern Rock's problems.
SWF mentioned in Virgin bid for Northern Rock
A Middle-Eastern sovereign wealth fund could make up part of Virgin's consortium bid for Northern Rock.
Former financial stability adviser returns to Bank
Alastair Clark, a former executive director at the Bank of England, is to rejoin the Bank to advise Mervyn King, the governor, on financial stability.
UK regulators launch reform paper
Alistair Darling, the UK chancellor of the exchequer, announced on Thursday the publication of a banking reform discussion paper, written by the Treasury, the Financial Services Authority (FSA) and the Bank of England.
UK financial sanctions: shift in responsibility
Responsibility for financial sanctions is being transferred from the Bank of England to the Treasury on 24 October.
Differing results on investment adjustment costs
A Bank of England paper evaluating the costs of changes in investment shows the elasticity of investment with respect to the shadow price of capital (the value to the firm of one additional unit of capital) to be 15 times larger than aggregate models…
King names lessons learned from crisis
Mervyn King, the governor of the Bank of England, said on Tuesday he had identified three lessons, so far, from the banking crisis.
King speaks on Northern Rock
Three weeks ago, thousands of depositors queued on the streets outside branches of Northern Rock to take their money out. Those scenes, broadcast around the world, were shocking. How did they come about and how can we prevent them in future? My focus…
FSA chief admits failings over Northern Rock
Hector Sants, the chief executive of the Financial Services Authority (FSA) said on Tuesday that it had failed to anticipate the impact of the credit crunch on Northern Rock, a UK mortgage lender.
UK bankers call for global review of credit crunch
The British Bankers' Association (BBA), the trade body for the finance industry in the UK, has said that a worldwide regulatory review would help markets weather the credit crunch.
Lessons for the UK - BBA
The British Bankers' Association (BBA) has suggested a review of the recently revised money market framework and the move towards principles-based regulation.
Open-ended guarantee for Northern Rock depositors
At the request of Northern Rock, the UK Treasury has agreed to extend the guarantee arranged in mid-September for retail depositors to any new deposits savers make or have made since 19 September. The guarantee will remain in place "during the current…
Old Lady holds rates, relaxes reserve rules
The Bank of England's monetary policy committee on Thursday said it would keep its benchmark rate at 5.75%.
Ex-BoE supervision head criticises FSA
According to Peter Cooke, a former head of banking supervision at the Bank of England, the Northern Rock crisis revealed the need for a proper "mechanism for crisis management", a greater official focus on liquidity rather than solvency and more…