Items Tagged with 'Bank of England'

ARTICLES

  • Bailing out the big banks and taking Europe with it

    In the middle of the WikiLeaks scandal that somehow threatens to completely derail international diplomacy, someone left the information valve open. It's a great strategy. Fill the cup so full that no one will want to take a drink. The Federal Reserve, in its massive release of bailout information, cites Dodd-Frank requirements for the release of its data. However, the timing couldn't be better. Today is a great day in mortgage finance to bury bad news. And if your government spent enormous resources helping foreign entities, now is the time to tell us. Apparently.
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  • Note to Dodd, Frank and Dimon: Make It Much, Much Simpler

    Although horse trading over the House and Senate versions of regulatory reform is limping to an end, I thought I’d bring up some fundamental observations the Bank of England’s Andrew Haldane made earlier this year on systemic risk and cost, bank size and diversification. Andy, as some Internet sources refer to him, is Executive Director, Financial Stability, at the BOE.
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  • No Backstop, No Immediate Answers for Sovereign Debt Woes

    Editor's Note: On Monday, Paul Jackson, the publisher of HousingWire, postulated the market sentiment that we are all in this mess together. Two days ago, in one of his rare appearances in front of the press, Bank of England Governor Mervyn King spoke frankly to reporters over the results of his Quarterly Inflation Report.
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  • Printing More Money as a Capital Illusion

    "And I promise to every Floridian that you will all be RICH!! Because we're gonna print some more money! Why didn't anybody ever think of this before??!!" -- Nathan Explosion, Metalocalypse In this episode for the Adult Swim animated series, the front man of Dethklok -- an unrealistically high-earning metal band described as the "world's seventh largest economy" -- feels as newly-elected governor of Florida that his quantitative easing approach to a slumping economy will deliver huge results.
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  • UK Mortgage Lending, Home Prices Rise

    While total lending to individuals was down in the UK, mortgage lending increased by £2.1bn (US$3.39bn) in July, above the £1.9bn increase in June, the Bank of England reported. There were 50,123 purchase mortgages approved in July, a 5% increase from June and a 50% jump from one year ago. There were 35,206 remortgage (refinance) loans approved in July, higher than the June total and the monthly average over the last six months. But the 12-month growth rate ending July 2009 fell by 30 bps to 0.8%. The July net repayment was £400m, from June’s net repayment of £100m.
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  • UK Gross Lending on the Rise: Bank of England

    Gross lending for house purchases is slowly recovering in the United Kingdom due in part to rising mortgage approvals, but refinance activity remains subdued, leaving the overall mortgage lending volume at early 1990s-levels throughout June and July, according to Bank of England research. The news comes as a Morgan Stanley [stock MS][/stock] financial adviser survey showed investors are returning to the structured product market, including mortgage-backed securities.
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  • British Housing Stabilizing, Slowly and Surely

    The British housing market is showing signs of stabilization, though monetary policy and master trust performances remain key areas of caution. The Bank of England’s Monetary Policy Committee voted to keep the official bank interest rate at 0.5%. While very low, the committee could have reduced it even further to promote lending but deemed it unnecessary. The committee also voted to increase its commitment to the asset purchasing program with the financing of an additional £50bn (US$83.8bn) in central bank reserves, bringing the new total investment to £175bn.
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  • Printing Money: The Pamphlet

    Well, we did push for simpler explanations. The Bank of England is creating more money in an effort to increase spending. And Great Britain's Deputy Governor for Monetary Policy, Charlie Bean, wants to make sure the public understands this process by undertaking a seven-day tour ending on Monday across different parts of England, Scotland and Wales. He is also distributing perhaps the most powerful tool of information dissemination known to man: the pamphlet. The Bank's pamphlet explains (excuse the bait-and-switch) that no new money will actually be printed. Ouch!
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