New FCA boss to hold crisis coronavirus meeting with banks March 29, 2020 The interim boss of the City watchdog is set to hold crisis talks tomorrow with the Bank of England and the heads of the high street banks to try and plot a course through the economic chaos triggered by coronavirus. Chris Woolard said he wanted the industry to work out how to protect people unable [...]
Virgin Money delays branch closures in face of coronavirus March 29, 2020 Challenger bank Virgin Money is reviewing plans to close branches as lenders focus on mitigating the impact of the coronavirus. Hundreds of jobs earmarked for redundancy could also now be put on hold as the bank pauses branch closure plans, according to the Sunday Telegraph. Read more: Lloyds suspends 780 planned job cuts amid coronavirus [...]
Travelex shuts all UK foreign exchange bureaus for eight weeks March 27, 2020 Travelex is set to shut all its foreign exchange bureaus in the UK for around eight weeks, it announced in a trading update this morning. It comes after the government introduced strict measures forcing the majority of retail businesses to close in order to contain the spread of coronavirus. Foreign exchange firm Travelex said it [...]
How are the central banks battling coronavirus? March 27, 2020 | City Talk As countries ramp up efforts to control the pandemic, the economic impact of Covid-19 is having an impact on currency values As the reality of the pandemic begins to bite, it’s clear that normal rules no longer apply. Economies across the world are plummeting and governments are scrambling to protect as much as they can [...]
Coronavirus: Bank of England holds rates but paints gloomy economic picture March 26, 2020 The Bank of England has kept interest rates on hold at the record low level of 0.1 per cent but signalled it is prepared to take further action to tackle the effects of coronavirus. The Bank’s monetary policy committee (MPC) today said it “stands ready to respond further as necessary to guard against an unwarranted [...]
Coronavirus: FTSE firms get an extra two months to publish results March 26, 2020 The Financial Conduct Authority (FCA) today said listed companies could have an extra two months to publish their financial results. In a joint statement with audit regulator the Financial Reporting Council (FRC) and the Bank of England’s Prudential Regulation Authority (PRA), the FCA said: “Companies and their auditors currently face unprecedented challenges in preparing and [...]
Coronavirus: Moody’s downgrades outlook for Europe’s biggest banking systems March 26, 2020 Ratings agency Moody’s has downgraded the outlook for six of Europe’s biggest banking systems to “negative” as coronavirus threatens lenders’ profitability and asset quality. Moody’s said the banking systems of France, Italy, Spain, Denmark, the Netherlands and Belgium face a very difficult year and can therefore no longer keep their “stable” rating. The ratings agency [...]
ECB ditches rules limiting €750bn coronavirus bond purchases March 26, 2020 The European Central Bank (ECB) has scrapped nearly all limits to its bond-buying programme, significantly widening the scope of the €750bn (£700bn) of asset purchases it announced last week. The Eurozone’s central bank has previously followed self-imposed rules that say it cannot buy more than a third of a country’s sovereign debt. The Bank was [...]
Non-Standard Finance cuts lending amid coronavirus outbreak March 26, 2020 Non-Standard Finance is cutting lending across its divisions in a bid to mitigate the effects of the coronavirus outbreak on its financial performance. The sub-prime lender said it is reducing lending volumes across all three of its divisions to shift resources to managing collections. The group said it would continue to offer credit, subject to [...]
Cash-poor UK firms lobby for looser rules on stock offerings March 25, 2020 Advisers to cash-strapped British firms are lobbying regulators to loosen rules governing new stock offerings, in the hope it could make it easier for struggling companies to raise funds. An industry body representing investment banks is asking the Financial Conduct Authority (FCA) to increase the maximum allowed discount for equity sales on the London Stock [...]
