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July 24, 2008 1:17:45 PM CDT

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Stories related to: Bank of England

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13 Stories

  • April 2008

    • Bank of England Launches Mortgage Swap Plan

      newser  |  BBC  |  Apr 21, 08 4:00 AM CDT

      Bank of England Launches Mortgage Swap Plan

      Commercial banks will be allowed to temporarily swap some $100 billion in troublesome mortgages for securities backed by Britain's central bank under a plan announced today, the Wall Street Journal reports. The move by the Bank of England, aimed at boosting  liquidity and confidence in the banking system, follows similar action by the US Federal Reserve. More »

      Tags

      Federal Reserve  • Gordon Brown  • mortgage  • Alistair Darling  • mortgage lender  • Bank of England  • consumer debt

    • Bank of England Cuts Interest Rate

      newser  |  Bloomberg  |  Apr 10, 08 7:35 AM CDT

      Bank of England Cuts Interest Rate

      The Bank of England today cut its benchmark interest rate 25 basis points to 5%, reports Bloomberg, hoping to keep the nation’s economy out of recession. Despite the third cut since December, BoE’s rate remains the highest among the Group of Seven industrialized nations; policymakers have drawn fire for being “behind the curve” in responding to the credit crisis. More »

      Tags

      recession  • credit crisis  • Gordon Brown  • inflation  • interest rate cut  • Bank of England  • Mervyn King

    • Mortgage Crisis Spreads Across the Atlantic

      newser  |  Times (UK)  |  Apr 9, 08 10:58 AM CDT

      Mortgage Crisis Spreads Across the Atlantic

      UK home prices tumbled 2.5% in February—the largest fall since the 1990s—as the International Monetary Fund warned that Britain could face a housing crisis similar to the US. British PM Gordon Brown insisted yesterday the decline was containable, but the Bank of England is now under serious pressure to cut interest rates at its meeting tomorrow, the Times of London reports. More »

      Tags

      United Kingdom  • credit crisis  • Gordon Brown  • housing market  • housing crisis  • Alistair Darling  • Bank of England

  • March 2008

    • London Bankers Drown Sorrows at Easter

      newser  |  Independent (UK)  |  Mar 21, 08 10:34 AM CDT

      London Bankers Drown Sorrows at Easter

      As the Bank of England mulled injecting billions more into the nation's shaky financial system, bankers in the city of London swilled pints and reflected on their state of affairs, reports the Independent . "We are meant to be at work but we've come here for some solace," said one banker in a London pub. As a lot, they weren’t optimistic about the BofE’s proposed bailout. More »

      Tags

      London  • Bank of England  • bankers

    • Northern Rock: Post Mortem of a Spectacular Fall

      newser  |  Bloomberg  |  Mar 20, 08 1:49 PM CDT

      Northern Rock: Post Mortem of a Spectacular Fall

      The collapse of Northern Rock, Britains third-largest lender, was "the messiest banking crisis in the Western world resulting from the global credit crunch,'' a UK lawmaker tells Bloomberg in a post mortem of the disaster. “They really screwed it up,” said one analyst of the bank’s hard-charging and ambitious management team. "They should have had other levers to pull." Unable to save itself or attract a buyer, the bank sarcastically called Northern Wreck was taken over by the government last month. More »

      Tags

      credit crisis  • subprime crisis  • Northern Rock  • Bank of England  • bank failure  • CDO  • Adam Applegarth

    • Rogue Traders Bag $200M in Credit Hysteria

      newser  |  Daily Telegraph (UK)  |  Mar 20, 08 7:46 AM CDT

      Rogue Traders Bag $200M in Credit Hysteria

      The UK's financial regulator is probing whether malicious traders attacked the share price of the country's largest mortgage lender yesterday by spreading rumors it faced a major liquidity crisis. The Telegraph reports that HBOS saw its shares plunge 20% as an email circulated suggesting the firm was facing trouble. The hunt is on for at least one rogue trader who shorted HBOS and made $200 million. More »

      Tags

      Great Britain  • credit crisis  • Northern Rock  • Bank of England  • London Stock Exchange

    • Fed Pours $200B Into Global Credit Relief Push

      newser  |  Associated Press  |  Mar 11, 08 10:15 AM CDT

      Fed Pours $200B Into Global Credit Relief Push

      The Fed will inject huge quantities of cash into financial markets as part of a coordinated global attack on the credit crisis, Ben Bernanke announced today. The central bank will loan out another $200 billion, this time on a 28-day basis rather than overnight, the AP reports. The effort will coordinate with the European Central Bank and the central banks of Canada, England, and Switzerland. More »

      Tags

      US economy  • Federal Reserve  • credit crisis  • Ben Bernanke  • interest rate  • liquidity  • Bank of England  • European Central Bank  • Royal Bank of Canada

  • February 2008
  • January 2008

    • Bank of England Governor Gets 2nd Term

      newser  |  Reuters  |  Jan 30, 08 9:40 AM CST

      Bank of England Governor Gets 2nd Term

      Mervyn King has won a second term as governor of the Bank of England, the Fed's British counterpart, ending months of speculation about his future. Reuters reports that King will serve at the head of the UK central bank for another five years despite the City's fury at his handling of the credit crisis and the meltdown of Northern Rock. Several reports had suggested Gordon Brown and Alistair Darling were considering another candidate. More »

      Tags

      United Kingdom  • Gordon Brown  • Alistair Darling  • Bank of England  • central bank  • Mervyn King

  • December 2007

    • UK Cuts Interest Rates, But EU Holds Steady

      newser  |  Bloomberg  |  Dec 6, 07 7:21 AM CST

      UK Cuts Interest Rates, But EU Holds Steady

      The Bank of England cut its benchmark interest rate for the first time in over two years today, reducing the bank rate by a quarter-point to 5.5%. The cut drove the pound down to about $2.02, its lowest in 2 1/2 months. The European Central Bank in Frankfurt, however, didn't go along: it decided to keep its main interest rate unchanged at 4% despite fears of an over-strong euro. More »

      Tags

      interest rate cut  • Bank of England  • European Central Bank  • Mervyn King

  • September 2007

    • UK Bank Chief Takes Heat After U-Turn

      newser  |  Guardian (UK)  |  Sep 20, 07 9:26 AM CDT

      UK Bank Chief Takes Heat After U-Turn

      The leader of the Bank of England, the Fed's counterpart in the UK, is facing substantial pressure to resign. Only last week Mervyn King had declined to offer loans for inter-bank trading to ease credit markets, vowing to discourage the "moral hazard" of risk-taking that led to Northern Rock's collapse. But yesterday the bank injected £10 billion into the money market, and London's financial world is crying foul. More »

      Tags

      Great Britain  • credit crisis  • Northern Rock  • Bank of England  • Mervyn King

    • British Bank Rebounds as Panic Wears Off

      newser  |  Daily Telegraph (UK)  |  Sep 18, 07 12:38 PM CDT

      British Bank Rebounds as Panic Wears Off

      As the lines of people waiting to make withdrawals from Northern Rock bank dwindled today, the British lender’s stock rose, bringing with it other hard-hit British financials. Northern Rock's huge losses in the mortgage market sparked a sell-off, drawing emergency funds from the Bank of England. But the government's move yesterday to guarantee savings and provide emergency credit to any buyer halted the fire sale. More »

      Tags

      Great Britain  • subprime mortgages  • credit crisis  • stocks  • credit market  • Northern Rock  • Bank of England

    • Bank of England Props Up Mortgage Lender

      newser  |  Guardian (UK)  |  Sep 14, 07 9:12 AM CDT

      Bank of England Props Up Mortgage Lender

      Shares of Northern Rock fell 25% today on news that the group, Britain's fifth-largest mortgage lender, got an emergency shot of cash from the Bank of England last night. As worried customers lined up outside Northern Rock branches, the central bank's chancellor urged calm. "At the moment there is plenty of money in the system," said Alistair Darling. More »

      Tags

      Great Britain  • credit crisis  • Northern Rock  • Bank of England  • FTSE

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