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Pin to quick picksLloyds Share News (LLOY)

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BoE risk watchdog delayed disclosing bank capital details

Tue, 01st Oct 2013 13:49

LONDON, Oct 1 (Reuters) - The Bank of England delayeddisclosing how much more capital was needed in the Britishbanking sector in late 2012 because it feared there could be aloss of confidence, it said on Tuesday.

A summary of discussions by regulators about the risks oftalking publicly about insufficient capital levels without clearways to fix them was omitted from the minutes of a meeting ofthe BoE's Financial Policy Committee in November, the Bank said.

"There was a risk that if these factors were highlighted bythe Committee in public, without there being clear accompanyingactions, confidence in UK banks - and hence financial stability- could be adversely affected," the text began.

The FPC did publicly stress the need for more capital atbanks at the time of last November's meeting. Its members wereshown to be in broad agreement that banks had to bolster theirdefences against financial shocks after many underestimated thecost of loans going sour and future fines for misconduct.

However, according to the omitted paragraph which waspublished on Tuesday, the Committee agreed it would be "contraryto the public interest" to reveal its judgments about theoverstatement of bank capital positions across the sector.

The FPC was set up as part of a revamp of Britain'sregulatory system to try to prevent a repeat of the financialcrisis of 2008, when the government had to bail out some of thecountry's largest banks.

A core aim is to flag problems before they get out of hand.

In the originally omitted text, policymakers talked about anunnamed British bank which had issued contingent capitalinstruments and which was in talks with the now defunctFinancial Services Authority about issuing more.

In November 2012 Barclays raised $3 billion incontingent capital bonds that can be written off in a crisis.

The two banks in which the government has a big stake - RBS and Lloyds - had more limited options becausethe Treasury was "not minded" to inject more capital unless"absolutely necessary," although they were able to restructuretheir balance sheets and had state backing, the paragraph said.

"It was important that the FSA firmed up these initialindications with all of the individual institutions promptly, toensure that there was no ambiguity about what the FPC's generalrecommendation implied for each of them," it continued.

"The Committee agreed, however, that it would be contrary tothe public interest to reveal the broad quantitative judgmentsit had made with respect to the overstatement of banks' capitalpositions across the sector, or the FSA's indications of likelyactions that banks might take to rebuild their resilience, atthis point," the text said.

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Baltimore bridge collapse likely to result in multibillion-dollar insurance claims -Lloyd's of London

LONDON, March 28 (Reuters) - The collapse of Baltimore's Francis Scott Key Bridge is likely to lead to a multi-billion dollar insurance loss, the chairperson of commercial insurance market Lloyd's of London said on Thursday.

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27 Mar 2024 14:42

Bank of England steps up scrutiny of private equity and bank valuations

LONDON, March 27 (Reuters) - The Bank of England said on Wednesday it was taking a deeper look at risks from the opaque private equity sector, and why valuations of Britain's main banks are "subdued" compared with international peers.

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21 Mar 2024 10:28

TOP NEWS: Virgin Money and Nationwide agree terms of acquisition

(Alliance News) - Nationwide Building Society on Thursday said that it had finalised terms for its acquisition of Virgin Money UK PLC, and set out the details of the deal set to create "the second largest provider of mortgages and savings in the UK".

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20 Mar 2024 08:44

Paypoint and Lloyds Banking Group extend cards partnership agreement

(Alliance News) - Lloyds Banking Group PLC will become the main card acquiring partner for PayPoint PLC under a deal announced on Wednesday.

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5 Mar 2024 09:55

IN BRIEF: Darktrace hires former Trainline HR head as new CPO

Darktrace PLC - Cambridge, England-headquartered cybersecurity company - Hires David Smith as new chief people officer, effective from April 15. Smith joins Darktrace from CPO role, assumed in September 2021, at software-as-a-service platform 10x Banking Technology Ltd. Company says he "has over 15 years' experience...in a range of people roles". These include serving as HR & talent director at Trainline PLC from October 2018 to November 2020. His other previous employers include Lloyds Banking Group PLC and Cleo AI Ltd.

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London close: Stocks start the month with positive close

(Sharecast News) - London's financial markets finished in positive territory on Friday, with investor sentiment buoyed by the recent easing of inflation in the United States, as market participants mulled the latest manufacturing data from the UK.

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26 Feb 2024 16:09

Director dealings: Lloyds Banking chairman makes share purchase

(Sharecast News) - Lloyds Banking Group revealed on Monday that chairman Robin Budenberg had acquired 1.0m ordinary shares in the FTSE 100-listed financial services giant.

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26 Feb 2024 12:33

IN BRIEF: Lloyds Chair Robin Budenberg buys GBP455,000 in shares

Lloyds Banking Group PLC - Edinburgh-based financial services firm - Chair Robin Budenberg buys 1.0 million shares at GBP0.4549, worth GBP454,925, in London on Friday.

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26 Feb 2024 09:07

LONDON BROKER RATINGS: Jefferies raises ITM Power to 'buy'

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

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23 Feb 2024 10:13

IN BRIEF: Lloyds launches GBP2 billion share buyback programme

Lloyds Banking Group PLC - Edinburgh-based financial services firm - Commences share buyback for up to GBP2 billion worth of ordinary shares. The buyback, conducted by Morgan Stanley & Co International PLC, will run until December 31. Lloyds says that the purpose of the programme is to reduce its ordinary share capital, and the company intends to cancel all repurchased shares.

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23 Feb 2024 09:19

LONDON BROKER RATINGS: Barclays raises Breedon but cuts Domino's Pizza

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

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22 Feb 2024 16:26

London close: Stocks rise amid raft of solid earnings

(Sharecast News) - London's stock markets finished in positive territory on Thursday, bolstered by upbeat performances from US AI chipmaker Nvidia and engine manufacturer Rolls-Royce.

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22 Feb 2024 09:59

CORRECT: Lloyds profit rises but books GBP450 million probe provision

(Correcting sum of Lloyds Banking Group PLC's final dividend.)

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22 Feb 2024 08:24

TOP NEWS: Lloyds profit rises but books GBP450 million probe provision

(Alliance News) - Lloyds Banking Group PLC on Thursday reported an annual profit surge and announced a new share buyback, though it said it has booked a provision in connection to a UK watchdog probe on historic motor finance arrangements.

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22 Feb 2024 07:49

LONDON BRIEFING: Lloyds sets aside GBP450 million for UK motor probe

(Alliance News) - Stocks in London are set to higher on Thursday, as earnings from Nvidia, at the heart of an artificial intelligence boom, did not disappoint.

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