Carney made clear that a vote for independence would not affect the central bank’s commitment to stand behind the financial system in Scotland, at least until independence was actually achieved. “Whatever happens in the vote, the Bank of England will be the continuing authority for financial stability for some period of time, certainly over the interim period, and we will look to discharge our responsibilities accordingly,” the governor said. “We have contingency plans we develop . . . I would underscore in terms of our responsibilities for financial stability we have a wide range of tools and plans,” he said. (Financial Times)
Ozzie at his best , delaying the retail sale of Lloyds shares but continuing to sell off tranches to IIs Not like him to miss out on an opportunity to gain votes . Maybe he's confident that they'll get back in . Unfortunately this is likely to push back the RBS sale . 2015 / 2016 / 2017 ?.....On a more positive note the current price should prove a bargain in years to come , if you have the patience . Nice little tick up today . GL all.
Royal Bank of Scotland on Tuesday handed 10 directors share allowances worth £3.5m under a new plan by the bank to work around strict rules on bonuses.
The award of just under 1.02m shares comes at a time when executive pay at the state-backed lender is surrounded by controversy, with taxpayers still at a loss from the £45.5bn bailout six years ago.
RBS had pulled plans to pay directors bonuses of up to 200% of their salary after opposition from the Treasury earlier this year. However, the bank had warned that it was facing an "exodus of talented staff".
New European rules mean that bonuses can be no higher than one times basic pay, or 200% with shareholder approval. However, share allowances do not count towards this cap.
Share allowances are seen as different from bonuses given that they are not directly linked to financial performance and are instead role-based pay awards.
The shares were awarded for the eight-month period ended 31 August and they can be vested in 20% portions each year for the next five years.
The biggest allowance, of 154,241 shares worth £0.53m, was made to Rory Cullinan who is the head of restructuring.
Meanwhile, deputy chief executive Chris Sullivan was awarded 134,961 shares worth £0.47m.
Each director sold off just under half of the awarded shares to satisfy an associated tax liability, the bank said.
Interest rate rise becomes more likely as property market takes off again: The latest mortgage lending data has added to the Bank of England’s dilemma over interest rates after a sharp rise in borrowing showed the property market had regained its previous momentum.
JPMorgan " reached a long-awaited deal to sell roughly half its stake in the portfolio of its buyout arm, One Equity Partners. The largest U.S. bank by assets agreed to sell part of its stake to investment firms Lexington Partners LP and Carlyle Group's AlpInvest Partners, the firms said Monday. The deal values the companies J.P. Morgan is selling at around $2 billion, out of One Equity's roughly $4.5 billion in investments, according to people familiar with the matter." (WSJ)
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