United Kingdom
Survey reveals borrowing woes for UK firms
UK businesses will struggle to borrow in the coming months but households will find banks still willing to lend, according to the Bank of England's latest credit conditions survey, published on Wednesday.
SEC and FSA chiefs to discuss hedge fund rules
Paul Atkins, the commissioner of the US Securities and Exchange Commission, and Hector Sants, the chief executive of the UK Financial Services Authority, will meet with senior hedge fund professionals to ask if funds should be regulated and to see what…
Politicians want more power to veto Bank
An enquiry into the crisis at Northern Rock by Treasury ministers is expected to result in calls for their colleague, the chancellor of the exchequer, to be able to overrule the Bank of England and the Financial Services Authority (FSA).
Sentance links UK inflation with global economy
The openness of the UK economy makes inflation vulnerable to global forces in the short term said Andrew Sentance, an external member of the Bank of England's Monetary Policy Committee, on Monday.
BoE bulletin reviews UK reaction to turmoil
The Bank's quarterly bulletin for the third quarter covers developments in sterling financial markets from June to September, which marked the beginning of the current bout of stress in the global financial markets.
UK head regulator: borrowing rules should change
Sir Callum McCarthy, the chairman of the Financial Services Authority (FSA) - the UK's financial watchdog, has said the authorities should alter banking regulation in light of the problems faced by Northern Rock.
Mini-crises stretch ahead: UK economist
Instead of a sharp but swift adjustment, the prospect now is for a series of mini-crises stretching for years ahead, says the City economist Stephen Lewis in his commentary on the latest developments in the UK banking crisis.
Bank of England issues auction information
The Bank of England published on Friday details of its forthcoming term auctions.
King's paper on current turmoil
The governor of the Bank of England, Mervyn King, presented a 10-page paper on the recent market turmoil and the Bank's response, to the British parliament's Treasury Committee prior to his testimony on 20 September.
Embattled King blames legislation for reticence
Mervyn King, the governor of the Bank of England, says the central bank is "hemmed in" by legislation, which "made it almost impossible for us to act as a lender of last resort in the way that I would prefer."
MPC minutes show 9-0 vote to hold rates
Minutes from September's meeting of the Bank of England's rate setting Monetary Policy Committee show that all the members were in favour of keeping the cost of borrowing at 5.75%.
Bank of England backtracks on money market tactics
In a remarkable about-turn, the Bank of England yesterday moved to inject liquidity into the longer-term money market by announcing plans to provide funds at three-month maturity against a wide range of collateral, including mortgages.
Mervyn King - a governor in distress
No governor of the Bank of England in living memory - and very few governors of any industrial country - has come in for such an avalanche of media criticism as Mervyn King has suffered in recent days.
Bank funding: gone in 15 seconds?
Bank runs, once triggered, are set to become much quicker and less controllable in future.
Bank of England fights to restore financial order
The Bank of England has today lent £4.4bn ($8.8bn) of "exceptional" funds at its benchmark interest rate of 5.75% and says that it will offer the same amount on September 20 in seven-day debt.
Treasury Committee calls for more MPC transparency
A report from the UK parliament's Treasury Committee, published Tuesday, says that the Bank of England should disclose how members of its rate-setting Monetary Policy Committee (MPC) voted at the same time as it announces its interest rate decisions.
Bank of England bails out Northern Rock
The governor of the Bank of England, Mervyn King, is coming under increasing criticism over his handling of the crisis.
Bank funding for buyer of Northern Rock?
The Bank of England's emergency facility to Northern Rock will still be available to any buyer of the ailing bank, it was confirmed today.
Overnight UK rates jump
On Monday, overnight sterling lending rates briefly hit levels not seen in over six years,reported Reuters, as the deepening crisis surrounding Northern Rock sparked a scramble among banks for immediate access to cash.
FSA pronounces on Northern Rock
The Financial Services Authority, the UK's financial watchdog, made an announcement today about Northern Rock.
Launch the lifeboats? Not likely!
The closest parallel to the rescue of Northern Rock is the secondary banking crisis which erupted at the end of 1973 and which brought down a whole string of so-called "secondary" banks. That financial crisis, like this one, was preceded by a long period…
Bank of England moves to aid mortgage lender
The Bank of England said on Friday that it would provide a liquidity support facility for Northern Rock, a UK mortgage lender.
Bank of England injects £4.4 billion extra
The Bank of England loaned £4.4 billion ($8.9 billion) more than the forecast reserves target on Thursday after promising to do so last week if overnight lending rates remained high.
King refuses to aid markets
Mervyn King, the governor of the Bank of England, said on Wednesday that he believed providing additional liquidity against a wider range of collateral and over longer periods "sows the seeds of a future financial crisis".