Cobus Loots, CEO of Pan African Resources, on delivering sector-leading returns for shareholders. Watch the video here.

Less Ads, More Data, More Tools Register for FREE

Pin to quick picksHSBC Holdings Share News (HSBA)

Share Price Information for HSBC Holdings (HSBA)

London Stock Exchange
Share Price is delayed by 15 minutes
Get Live Data
Share Price: 692.80
Bid: 693.60
Ask: 693.90
Change: -4.90 (-0.70%)
Spread: 0.30 (0.043%)
Open: 697.70
High: 702.30
Low: 692.00
Prev. Close: 697.70
HSBA Live PriceLast checked at -

Watchlists are a member only feature

Login to your account

Alerts are a premium feature

Login to your account

HIGHLIGHTS-Bank of England discusses financial stability in parliament

Tue, 02nd Jul 2013 11:53

LONDON, July 2 (Reuters) - Following are highlights ofremarks made by Bank of England policymakers at a hearing beforeparliament's Treasury Committee to explain its half-yearlyFinancial Stability Report.

Appearing before the committee are Paul Tucker, deputygovernor for financial stability, Andrew Bailey, chief executiveof the BoE's Prudential Regulation Authority, and FinancialPolicy Committee external members Don Kohn and Martin Taylor.

BAILEY ON COOP AND LLOYDS

"We said all along that Coop were not in a position, at thattime, to proceeder, and the reason I wanted that to be made veryclear to Lloyds was that I did not want a situation where thething failed to happen and Lloyds turned round to us and said'well, if only you'd told us'."

"So, although it was slightly unusual in our practice to dothis, I was very insistent that Lloyds were told for that veryreason, that there was a reasonable probability that this wasnot going to happen."

BAILEY ON COOP BANK

"Towards the end of 2011, we made it clear to them that, andI'll use these words carefully, that it was not clear to us thatCoop Banking Group had the ability to transform itselfsuccessfully and sustainably into an organisation on the scalethat would result from acquiring the Verde assets.

"And then we set out five areas that they would have to dealwith. Capital, liquidity and risk management, integration,governance and management. I mean, that's obviously a prettyfull set.

"I made it clear to them, at that point, this is the tailend of 2011, that they had to make that clear to Lloyds."

BAILEY ON WHETHER BANKS CAN INCREASE LENDING

"The answer they give is, they are increasing their capacityto make lending, and my answer to that is, that's good but Ithink the jury is very much out on this. I mean, we have to seethe evidence on this. "

BAILEY ON FLS LENDING FORECAST

"The projection now, and I'll break it down a little bit,looks more positive than we had before and I would say there area number of features to that."

"First of all what we have seen very markedly in the lastyear is a reduction in funding costs, and I would say that hasbeen the major achievement to date in the funding for lendingscheme."

"The projections the banks now have do show stronger lendingacross both the mort gate sector and the small and medium sizedfirms sector in the projections looking ahead."

TUCKER ON LONG-TERM MORTGAGE SUBSIDY

"As we made clear, I hope, we don't think it's wise in themedium to long term at all. This country has had a successfulhousing market without a government subsidy."

TUCKER ON HOUSEHOLD DEBT

"What we are trying to bring about is circumstances that theeconomy recovers with price stability and the debt burden onhouseholds is, as a whole, manageable. But this is a headwindand one of the reasons why we have such loose monetary policy."

KOHN ON SEARCH FOR YIELD

"It is perfectly reasonable to think that the actualtightening exercise, the raising of interest rates, is quitesome distance off."

TUCKER ON MARKET REACTION TO FED COMMENTS

"We need to be on our mettle, not just in this country butour colleagues around the world, so there's a warning shotacross out bows on this...I don't want to create the impressionthat we think that we're on the edge of a cliff."

TUCKER ON NEED TO ENSURE COMPLIANCE WITH RULES

"There are efforts in Basel to address precisely this. Thereis an acute awareness in, around the top table in Basel amongstthe governors, that it is not enough just to issue standards andthen they get implemented in different ways around the world.

"And speaking now as a member of the Financial StabilityBoard Steering Committee, almost the biggest change that isoccurring, whether it is about banks or central counterpartiesor other things, is we now want to know that there is truecompliance with the standards around the world and in broadlyequivalent ways."

TUCKER ON APPLYING 3 PCT LEVERAGE GOAL NOW

"Yes, I think it's right, speaking both as a FPC member andas a PRA board member, and I have to say, as an MPC member aswell."

BAILEY ON CAPITAL AND LEVERAGE GOALS

"We want firms to get there wherever possible, and for thelarge majority of actions to be taken by the end of this year.We've said that some will go into next year, but the target hasbeen to get the institutions on risk-based capital to where wewant them to be, based on the some of the Basel end pointsmeasure at the end of this year."

"Now there is a logic then to saying you're also picking upthe leverage question. You know, why would you take a differentview to that on timing. So there is a presumption startingthere."

"But actually what we have said, and to be very clear onthis, because this is what we are doing at the moment, is wehave said to the institutions (on leverage): 'Will you pleasegive us plans as to how you think and would intend to achievethe target we have set? ... bearing in mind a presumption thatwe do want this to happen as soon as possible."

BAILEY ON LOBBYING

"We are certainly aware that there are conversations thathappened between the banks and officials and ministers...Thething that concerns me is that we are trying to build frankly atransparent process that has accountability in it."

"Because I am very clear that the failures of past regimesin part, but not in whole, have root in the lack ofaccountability, so we want this process to be transparent. And Idon't think it's helpful if there is a large amount of activitythat is private to that which is seeking to influence outcomes.

"I've not been approached by any minister on this question.I was aware, I was made aware, that there were conversationsgoing on with the Treasury. They made it clear to meet that theyregard the PRA as an independent regulator and they were notseeking to intervene on this question with me. But they did makeit clear that those conversations had occurred." (Reporting by Li-mei Hoang and Adam Jourdan)

More News
21 May 2024 16:41

Singapore sells 30-year green bond, raising $1.9 billion

Yield set at 3.30%, coupon rate at 3.25%

*

Read more
21 May 2024 14:08

Begbies Traynor proclaims "strong performance" ahead of annual results

(Alliance News) - Begbies Traynor Group PLC on Tuesday said it expects to report increased revenue and earnings for its latest financial year.

Read more
20 May 2024 16:11

IN BRIEF: HSBC issues EUR1.25 billion fixed to floating rate notes

HSBC Holdings PLC - London-based Asia-focused lender - Issues EUR1.25 billion 3.755% fixed to floating rate notes due 2029 under its debt issuance programme.

Read more
20 May 2024 09:57

SDI profit expected to slump 32% despite trading uptick in second half

(Alliance News) - SDI Group PLC on Monday said it remains in a good position to continue with its buy and build strategy despite a drop in overall performance.

Read more
16 May 2024 20:05

PRESS: HSBC shareholder, Ping An, mulls options for stake — Bloomberg

(Alliance News) - Ping An Insurance Group Co is weighing options that would allow it to reduce its 8% stake in HSBC Holdings PLC, Bloomberg reported Thursday.

Read more
14 May 2024 16:11

Kazakhstan opens thorny debate on 2025 OPEC+ oil quotas

LONDON, May 14 (Reuters) - Kazakhstan opened on Tuesday a thorny debate on OPEC+ production levels, saying it believed it should be allowed to pump more oil in 2025, when all current output cuts by the producer group are due to expire.

Read more
14 May 2024 06:27

UK ministers, companies visit Saudi Arabia to boost trade ties

(Alliance News) - UK Cabinet ministers are visiting Saudi Arabia in a bid to bolster trade links with the kingdom amid reports that Riyadh authorised the use of lethal force to clear land for a new desert city.

Read more
9 May 2024 17:33

London's FTSE 100 hits record for fourth session after BoE signals rate cuts

FTSE 100 up 0.3%, FTSE 250 adds 0.2%

*

Read more
9 May 2024 17:06

STOXX 600 ends at record high; BBVA weighs on Spain

Mercedes-Benz, HSBC, Allianz trade ex-dividend

*

Read more
9 May 2024 15:21

London close: Stocks manage gains as BoE holds rates

(Sharecast News) - London markets closed on a positive note on Thursday, bolstered by the Bank of England's decision to maintain interest rates, in line with market expectations.

Read more
9 May 2024 09:53

LONDON BROKER RATINGS: NatWest target raised, other lenders backed

(Alliance News) - The following London-listed shares received analyst recommendations Thursday morning and Wednesday:

Read more
8 May 2024 12:30

Abu Dhabi's Aldar sell $500 mln in 10-year green sukuk

May 8 (Reuters) - Abu Dhabi's largest real estate developer Aldar Properties Has launched $500 million in 10-year green sukuk, an arranging bank document revealed on Wednesday.

Read more
8 May 2024 07:41

Al Rajhi Bank plans to issue 5.5-year sustainable sukuk, document says

May 8 (Reuters) - Al Rajhi Bank, world's largest Islamic bank in assets and market capitalisation, is planning to sell 5.5-year sustainable Islamic bonds, or sukuk, according to an arranging bank document seen by Reuters on Wednesday.

Read more
8 May 2024 07:18

Aldar Properties starts selling 10-year green sukuk, document says

May 8 (Reuters) - Abu Dhabi's largest real estate developer Aldar Properties has started selling 10-year green Islamic bonds, or sukuk, according to an arranging bank document seen by Reuters on Wednesday.

Read more
7 May 2024 11:30

JPMorgan cuts at least six investment banking jobs in Hong Kong, sources say

HONG KONG, May 7 (Reuters) - JPMorgan Chase & Co has become the latest Wall Street firm to reduce its workforce in Hong Kong, two sources with knowledge of the matter said, amid a weaker market and dealmaking activities.

Read more

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.