United Kingdom
Old Lady cuts rates to 5.5%
The Bank of England's rate-setting Monetary Policy Committee (MPC) voted on Thursday to cut its benchmark bank rate by 25 basis points after data suggested the UK economy was weakening.
UK moves to encourage SWF investment
The British authorities on Tuesday launched a charm offensive in a bid to coax sovereign wealth funds to invest in UK business.
We were transparent enough, say bankers
Investors were given all the information they required on structured products, a group of senior figures at top investment and commercial banks told UK lawmakers on Tuesday.
UK regulator warns on worsening liquidity risk
Mortgage lenders must protect themselves against the "very real prospect" that liquidity conditions will worsen in 2008, Clive Briault, the retail managing director at the Financial Services Authority (FSA), Britain's banking regulator, said on Tuesday.
Injections pose no moral hazard risk: ECB member
In spite of the Bank of England's claims to the contrary, moral hazard should not be an issue in deciding whether or not to inject extra funds into the money markets, a member of the European Central Bank's (ECB) executive board said on Monday.
Old Lady changes tack and steps in with £10bn
The Bank of England said on Thursday that it would lend an extra £10 billion ($20.7 billion) at its benchmark bank rate to allay fears that interbank borrowing costs will shoot up over December.
UK's King gloomy on economic conundrum
Mervyn King, the governor of the Bank of England, said on Thursday that the economic outlook is "uncomfortable" because the problems of the credit crisis are now coupled with burgeoning inflationary pressures.
Britain asks EU to back Rock aid
United Kingdom authorities have requested European Commission approval of their decision to give Northern Rock more than £20 billion-worth ($41 billion) of Bank of England money under the Union's state aid rules.
Favoured Rock bid would repay £11 billion
The preferred bid for Northern Rock, led by the Virgin group of companies, would repay £11 billion-worth ($22.7 billion) of the beleaguered mortgage lender's Bank of England debt.
Poor data raises chances of UK rate cut
Worse-than-expected growth and woeful housing statistics have increased the likelihood that the Bank of England will move to cut rates next month.
Consumption and income link strengthens in slump
Private consumption is more sensitive to changes in disposable income during recessions, research published by the Bank of England finds.
Lomax on current monetary policy issues
Rachel Lomax, the deputy governor responsible for monetary policy at the Bank of England, delivered the following speech on Thursday night:
UK's Gieve surprises with rate cut vote
Sir John Gieve, the deputy governor at the Bank of England responsible for financial stability, was one of two dissenters who voted for a rate cut at the monetary policy committee's November meeting, minutes published on Wednesday reveal.
A troubling lesson of Northern Rock
The Northern Rock crisis has revealed a fundamental change in the nature of bank runs, says Robert Pringle, the editor of Central Banking journal.
UK regulator sticks to stance despite Rock run
Britain's head regulator defended the Financial Services Authority's (FSA) principles-based approach, saying that it offers the "best chance" of balancing "the benefits and risks of innovation."
Further fall in Northern Rock shares
Northern Rock shares dropped further on Tuesday from 104p ($2.14) to 95p at the close after losing almost a fifth of their value on Monday. The drop follows comments by the British chancellor and rumours that one of the bids tabled for the troubled…
Northern Rock stock falls on bid comments
Shares in Northern Rock, the mortgage lender, plummeted 19% on Monday after it revealed takeover bids were worth less than the company's stock market value at the Friday close.
Mervyn King and Northern Rock
The question of Mervyn King's reappointment as governor of the Bank of England has become inextricably linked to the saga of Northern Rock, says Robert Pringle, the editor of Central Banking journal.
US subprime conditions set to worsen - Kroszner
Randall Kroszner, a governor of the Federal Reserve, warned on Friday that conditions in the US mortgage market had yet to reach rock bottom. Speaking in New York, Kroszner said that there were two reasons why he believed market conditions would worsen:…
We're half-way to normal, says UK's King
Presenting the Bank of England's Inflation Report for November, Mervyn King, the governor of the Bank, said that key indicators of stress in financial markets had recovered partly from the levels reached in August and September but that the situation was…
Scrap agencies' role in Basel: ex-UK rate-setter
Basel II needs to go back to the drawing board before it is even out of the blocks because of rating agencies' influence in the framework, says Willem Buiter, a former member of the Bank of England's monetary policy committee, now a professor at the…
UK business group backs SWF rules
The Confederation of British Industry (CBI), the United Kingdom's largest business association, has said that sovereign wealth funds should be subject to the same code of self regulation that is being proposed for private equity firms.
Stability needs reliable systems: BoE's Jenkinson
The resilience of wholesale payment, clearing and settlement systems to both operational and financial shocks remains a key requirement of financial and monetary stability, says Nigel Jenkinson, the executive director responsible for financial stability…
Bank of England holds rates at 5.75%
The Bank of England's rate-setting board voted on Thursday to keep its benchmark bank rate at 5.75%.