George Frangeskides, Chairman at ALBA, explains why the Pilbara Lithium option ‘was too good to miss’. Watch the video here

Less Ads, More Data, More Tools Register for FREE
George Frangeskides, Chairman at ALBA, explains why the Pilbara Lithium option ‘was too good to miss’
George Frangeskides, Chairman at ALBA, explains why the Pilbara Lithium option ‘was too good to miss’View Video
Charles Jillings, CEO of Utilico, energized by strong economic momentum across Latin America
Charles Jillings, CEO of Utilico, energized by strong economic momentum across Latin AmericaView Video

Latest Share Chat

Pin to quick picksRBS.L Share News (RBS)

  • There is currently no data for RBS

Watchlists are a member only feature

Login to your account

Alerts are a premium feature

Login to your account

UPDATE 1-Brexit will split financial markets, says Bank of England appointee

Mon, 20th Jul 2020 17:10

(Adds more detail)

By Huw Jones

LONDON, July 20 (Reuters) - Brexit will make markets less
efficient but it won't be disastrous for Britain's economy, an
appointee to the Bank of England's Financial Policy Committee
(FPC) said on Monday.

Britain left the European Union in January, with transition
arrangements that afford continued full access to the bloc
ending in December.

"It will cause fragmentation, it will cause inefficiency,
there will be problems with regulation, but it's not going to be
disastrous... for the economy," Jonathan Hall, told a
confirmation hearing in parliament's Treasury Select Committee.

Faced with an economy slammed by the COVID-19 crisis, Hall,
a former Goldman Sachs banker, is due to start a three-year term
on the FPC, a body set up after regulators failed to spot the
last financial crisis coming a decade ago.

Britain's financial sector is "quite different" in size and
complexity compared with its European peers, Hall said.

Future direct EU access for financial firms in Britain will
hinge on Britain remaining "equivalent" or aligned with rules in
Europe, but Hall said Britain can't be a "rule taker".

"It's very important that the UK does remain the regulator
for the financial market in the UK," he said.

Britain's banks, some of whom needed rescuing by taxpayers
in the last crisis, were in good shape when the COVID-19 shock
hit markets in March, he said.

It was "so far, so good" and there is no evidence that
tougher capital rules brought in after the last crisis were
restricting the ability of banks to lend to help businesses
recover from the impact of COVID, Hall said.

Britain is looking at ways for insurers, pension funds and
others to invest in firms struggling to repay loans taken out
during the pandemic.

"You can imagine some kind of closed-end fund that has a
very diversified pool of small and medium sized businesses. But
does the public sector need to do anything to help that along
given this needs to move faster?" Hall said.
(Reporting by Huw Jones; Editing by Andrew Heavens and Ken
Ferris)

More News
20 May 2020 09:48

Royal Bank Of Scotland Prices Issue Of USD1.60 Billion In Senior Notes

Royal Bank Of Scotland Prices Issue Of USD1.60 Billion In Senior Notes

Read more
19 May 2020 12:21

FOCUS-British backing gives some RBS investors comfort in crisis

* Long-awaited taxpayer exit could now be decade away* Capital stockpile could be used to deliver lending* Investors hope for payouts in the medium termBy Sinead Cruise and Iain WithersLONDON, May 19 (Reuters) - Best known as Britain's biggest finan...

Read more
19 May 2020 12:21

FOCUS-British backing gives some RBS investors comfort in crisis

* Long-awaited taxpayer exit could now be decade away* Capital stockpile could be used to deliver lending* Investors hope for payouts in the medium termBy Sinead Cruise and Iain WithersLONDON, May 19 (Reuters) - Best known as Britain's biggest finan...

Read more
18 May 2020 15:44

NatWest appoints Westpac executive as retail banking boss

LONDON, May 18 (Reuters) - British state-backed bank NatWest has appointed Westpac executive David Lindberg as chief executive of its retail banking business.Lindberg will be tasked with steering one of Britain's largest retail banks through the c...

Read more
12 May 2020 23:04

UPDATE 1-U.S. federal court tells SEC, Justice Dept to review RBS whistleblower case

(Recasts first sentence to reflect court order, adds details of decision and implications, other details)By Michelle Price and Sinead CruiseWASHINGTON/LONDON, May 12 (Reuters) - The U.S. Justice Department and Securities and Exchange Commission mus...

Read more
12 May 2020 13:49

Keep trading from the kitchen: UK bankers face months more of homeworking

By Huw JonesLONDON, May 12 (Reuters) - Many of the City of London's bankers and traders will be working from their kitchens or bedrooms for at least a year under some scenarios being planned by finance companies in Britain.Banks, insurance compani...

Read more
12 May 2020 10:25

U.S. federal court to consider payout suit brought by RBS whistleblower

* Former RBS risk manager claims bounty unlawfully denied -filings* Court may rule for payout, force authorities to reconsider claim* Unclear why agencies deemed RBS fine was ineligible - filingsBy Michelle Price and Sinead CruiseWASHINGTON D.C./L...

Read more
7 May 2020 10:38

RPT-UPDATE 3-British banks can withstand pandemic fallout on economy -BoE

(Repeats to fix formatting, no changes to text)* BoE's stress test based on economic scenario for pandemic* Test assumed GDP drop by almost 30% in Q2 vs Q4 last year* Shows lender's capital buffers sufficient to absorb losses* Would also sufficient t...

Read more
7 May 2020 10:38

UPDATE 3-British banks can withstand pandemic fallout on economy -BoE

(Repeats to adds PIX)** BoE's stress test based on economic scenario for pandemic* Test assumed GDP drop by almost 30% in Q2 vs Q4 last year* Shows lender's capital buffers sufficient to absorb losses* Would also sufficient to help the corporate sect...

Read more
7 May 2020 09:33

UPDATE 2-UK shares end shortened week on upbeat note

(Updates with closing prices. The London market is closed on Friday for a public holiday. Reuters will continue coverage on Monday, May 11)* FTSE 100 up 1.4%, FTSE 250 adds 1.7%* China exports rise for the first time this year* Lenders gain after u...

Read more
7 May 2020 09:31

UK banks' lending to COVID-19-hit firms rises to 5.5 bln pounds

LONDON, May 7 (Reuters) - British banks' lending to firms hit by the coronavirus under the government's main loan guarantee scheme for small and medium-sized firms has risen to 5.5 billion pounds ($6.8 billion) from 4.1 billion pounds last week, ...

Read more
7 May 2020 08:04

RPT-UPDATE 1-British banks can withstand pandemic fallout on economy -BoE

(Repeats to additional clients, no change to text)LONDON, May 7 (Reuters) - A "desk top" stress test has shown that top banks and building societies could keep lending to an economy hit by anticipated fallout from the coronavirus pandemic, the Ban...

Read more
7 May 2020 07:47

UPDATE 3-British banks can withstand pandemic fallout on economy -BoE

** BoE's stress test based on economic scenario for pandemic* Test assumed GDP drop by almost 30% in Q2 vs Q4 last year* Shows lender's capital buffers sufficient to absorb losses* Would also sufficient to help the corporate sector finance cash (Ad...

Read more
7 May 2020 07:47

UPDATE 2-British banks can withstand pandemic fallout on economy -BoE

(Adds detail)By Huw JonesLONDON, May 7 (Reuters) - A stress test has shown that Britain's top banks and building societies could keep lending to an economy that shrinks by almost 30% in the coronavirus pandemic, the Bank of England said on Thursda...

Read more
7 May 2020 07:47

UPDATE 1-British banks can withstand pandemic fallout on economy -BoE

(Adds more detail)LONDON, May 7 (Reuters) - A "desk top" stress test has shown that top banks and building societies could keep lending to an economy hit by anticipated fallout from the coronavirus pandemic, the Bank of England said on Thursday.Th...

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.