|Bid||120.00 x 0|
|Ask||128.00 x 0|
|Day's range||118.20 - 126.60|
|52-week range||2.23 - 266.10|
|Beta (5Y monthly)||1.27|
|PE ratio (TTM)||4.64|
|Earnings date||14 Feb 2020|
|Forward dividend & yield||0.06 (4.53%)|
|Ex-dividend date||26 Mar 2020|
|1y target est||301.06|
Overdraft interest rates will be frozen at their current level for three months, with. customers charged up to a maximum of 19.89%.
HSBC and Lloyds Bank are asking entrepreneurs to put their savings on the line to access government-backed loans of over £250,000.
British banks must keep lending to businesses through the coronavirus crisis to ensure that previously viable companies do not fail, the government and Bank of England said on Wednesday. In a joint letter to the chief executives of major banks, finance minister Rishi Sunak, Bank of England Governor Andrew Bailey and the interim chief executive of the Financial Conduct Authority, Chris Woolard, urged lenders to support the economy.
These two FTSE 100 (INDEXFTSE:UKX) shares could offer long-term growth prospects, in Peter Stephens' opinion.The post As the stock market crash continues, I'd buy these 2 FTSE 100 stocks in an ISA right now appeared first on The Motley Fool UK.
UK banks are stepping up fraud prevention measures to protect customers from scammers eager to exploit the coronavirus pandemic with a whole range of new tricks, including fake sales of medical supplies and bogus government relief schemes. With British households effectively on lockdown, some banks said customers had already been caught out by fraudsters posing as banks, government and even health service providers to persuade victims to hand over passwords or other sensitive data. Barclays, HSBC, Lloyds Banking Group and Royal Bank of Scotland have launched social media campaigns to flag ploys.
The shock from coronavirus to banks is set to be greater but less prolonged than lenders faced in last year's stress test and the financial system remains resilient, the Bank of England said on Tuesday. "Major UK banks are well able to withstand severe market and economic disruption," the BoE's Financial Policy Committee said in a statement from meetings it held on March 9 and March 19. The FPC had already announced that banks can use the capital they hold in their counter cyclical capital buffers (CCYB) to support lending worth up to 190 billion pounds and it indicated on Tuesday that banks could go further if needed.
Banks and their supervisors must remain vigilant in light of the evolving nature of the COVID-19 epidemic to ensure that the global banking system remains financially and operationally resilient, global regulators said on Friday. The Basel Committee of banking supervisors from the world's main financial centres said it held a teleconference on Friday and supported measures taken by members so far.
The Bank of England said on Friday it was cancelling this year's stress test of eight major banks and building societies to enable them to focus on providing lending through the coronavirus crisis. "The recent 2019 stress test showed that the UK banking system was resilient to deep simultaneous recessions in the UK and global economies that are more severe overall than the global financial crisis, combined with large falls in asset prices and a separate stress of misconduct costs," the BoE said. The BoE also said it was delaying other regulatory reports on bank liquidity and climate risk, and a study into open-ended investment funds.
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The Irish central bank on Wednesday cut the amount of capital banks must set aside as extra protection against risks from future crises to zero to support the economy, households and firms through the coronavirus pandemic. The regulator said the so-called counter cyclical capital buffer (CCyB) will be cut to 0% from 1% no later than April 2 and it plans no subsequent increase before the first quarter of 2021 at the earliest. The central bank will meet domestic retail banks on Thursday to discuss a broader response to the crisis and said the banking system has in recent years built up capital and liquidity buffers precisely for periods such as this.
An accounting rule introduced after the global financial crisis faces its first big test as banks seek relief in the face of government calls to keep coronavirus-hit borrowers afloat. Known as IFRS9, it is mandatory in over 100 countries, including the European Union and Britain, but not in the United States, where there is a tougher version with full upfront provisioning for expected losses. "Obviously IFRS 9 is an issue for us and all banks in terms of how we recognise any provision," Alison Rose, chief executive of the Royal Bank of Scotland, said on Tuesday.
The RBS share price has plunged in value this year, but it's starting to look like a deal that's too good to pass up, says Rupert Hargreaves. The post RBS's dividend yield just hit 8%! Here's why I'd invest £2k appeared first on The Motley Fool UK.
Britain's banks have asked the Bank of England to scrap this year's stress test of lenders and to soften rules to help them cushion expected losses as the coronavirus pandemic hits their staff and customers, banking sources said on Friday. "It would be stupid to run a stress test during a stress," a senior banker told Reuters. The central bank's Financial Policy Committee, which monitors risks in the financial system, typically agrees scenarios for the annual test of banks' resilience at its first quarter meeting and publishes them on March 24.
Small businesses have reported significant pressures on their cash levels as the Bank of England announces emergency measures to deal with the economic impact of coronavirus.
Britain said on Wednesday it plans to fully implement globally-agreed bank capital rules that were a response to the financial crisis a decade ago. Tougher Basel capital rules were devised by global financial regulators to prevent a repeat of the 2008 crisis when taxpayers had to bail out undercapitalised banks. Much of the package has been implemented but some remaining elements will come into force over the next few years and European banks have been lobbying to water some of them down.
British taxpayers are forecast to make a 32.1 billion pound loss on the long-delayed privatisation of state-backed lender Royal Bank of Scotland , according to an updated official forecast on Wednesday. The loss estimate – published by the Office for Budget Responsibility alongside the first budget from Boris Johnson's government – has increased from a previous forecast of 31 billion pounds made in March last year. The government has offloaded RBS stock twice before, but has not sold any shares since June 2018 amid market turmoil exacerbated by Brexit uncertainty and more recently fears over the economic impact of the coronavirus outbreak.
British taxpayers are forecast to make a 32.1 billion pound ($41.53 billion) loss on the long-delayed privatisation of state-backed lender Royal Bank of Scotland, according to an updated official forecast on Wednesday. The loss estimate – published by the Office for Budget Responsibility alongside the first budget from Boris Johnson's government – has increased from a previous forecast of 31 billion pounds made in March last year. The government has offloaded RBS stock twice before, but has not sold any shares since June 2018 amid market turmoil exacerbated by Brexit uncertainty and more recently fears over the economic impact of the coronavirus outbreak.
Britain's banks are reviewing how they could fulfil legal obligations to hold an annual meeting for their shareholders if the government follows other nations in restricting large gatherings to contain the spread of coronavirus. Royal Bank of Scotland, which is due to hold its annual general meeting (AGM) on April 29 in Edinburgh, said it still planned to hold the gathering, but was looking at how it could use technology to allow shareholders to participate remotely. HSBC said it was pressing ahead with plans for an AGM on April 24 in London but that if the government changed its stance on large public gatherings, shareholders could be restricted from travelling or attending.
Shares in Britain's top lenders resisted big falls on Wednesday after the Bank of England said banks could tap special capital reserves to keep lending to businesses and households as the coronavirus tightens its grip on Europe. The move is expected to mitigate further pressure on bank profit margins following the BoE's surprise cut in interest rates by half a percentage point to 0.25%, as the central bank looks to bolster Britain's economy in the face of the outbreak. Shares in Britain's biggest domestic lender, Lloyds Banking Group were trading up 2.4%, while shares in Barclays and Royal Bank of Scotland gained 3.5% and 2.3% respectively.
(Bloomberg Opinion) -- Governments’ economic policy response to the coronavirus has been a mess of one-off rate cuts, a little bit of liquidity provision and a bunch of disparate spending promises. A coordinated fiscal and monetary effort is sorely needed — if not at the supranational level (which would be ideal), then at least at the individual country level. More important still will be nimble short-term stimulus and cash flow measures to prevent companies from going bust and the economy from seizing up.Some people might think Brexit Britain would be the last place to show the world how to manage this stuff. But, as my Bloomberg News colleague David Goodman highlighted this week, the country is starting to look like a test case for joined-up economic action on tackling the outbreak’s financial impact. Just look at Wednesday morning’s shock 50bps cut to interest rates by the Bank of England, and its package of other stimulus measures. Unchained from the rest of the European Union, which has been leaden-footed in its coronavirus response so far, this is the moment for Boris Johnson’s Tory government to show the benefits of a Treasury and a central bank that are in lockstep.The U.K. Budget on Wednesday will also see the long-expected unveiling of the new government’s fiscal strategy, with extra impetus provided by Covid-19. It has already been augmented by Wednesday morning’s BOE action. We may also see at some point a series of measures where the central bank and the finance ministry work together to ensure stability.A fiscal bazooka was already expected after the government’s previous fiscal rules were relaxed by one percentage point to allow a budget deficit of up to 3% of gross domestic product, creating room for 100 billion pounds ($130 billion) of investment spending over the next five years. This might be relaxed even further and matched with up to 10 billion pounds of regular and emergency spending and tax cut measures.It helps that both Chancellor of the Exchequer Rishi Sunak and incoming BOE Governor Andrew Bailey (he joins on March 16, but has already been making his presence felt) are new kids on the block, so they’re open to novel approaches. Bailey is moving across from the Financial Conduct Authority, and he was heavily involved in the BOE’s response to the global financial crisis when he worked there previously.Mervyn King, a former BOE governor, said on Monday that more targeted measures were needed. He was right about that. A pause on people’s tax bills, and on mortgage and loan payments for households and corporates, would be wise. Royal Bank of Scotland Group Plc has already said it will waive mortgage payments for three months for those impacted by the virus. Italy is moving in this direction, as is Germany. But there’s yet to be a unified EU response; the silence from Brussels is deafening.Payment holidays won’t be enough, though. The BOE’s Term Funding Scheme — a package of cheap loans to banks — has been reopened and targeted at lending to small- and medium-sized companies. Similarly, there has been a temporary relaxation of the “counter-cyclical capital buffer,” which determines how much capital banks need to hold. That will free up a lot of lending firepower.There’s no time to set up new institutions. The banking system is the most efficient transmission mechanism to the real economy. The central bank will in effect be an agent for additional fiscal stimulus from the government. This will blur its formal monetary role but it could set a vital precedent without compromising its independence.Britain has the chance to create a template for governments and central banks working together. The interest rate cut was the inevitable first move. But the other steps are the really interesting ones.(This column was updated with details of BOE interest rate cut.)To contact the author of this story: Marcus Ashworth at email@example.comTo contact the editor responsible for this story: James Boxell at firstname.lastname@example.orgThis column does not necessarily reflect the opinion of Bloomberg LP and its owners.Marcus Ashworth is a Bloomberg Opinion columnist covering European markets. He spent three decades in the banking industry, most recently as chief markets strategist at Haitong Securities in London.For more articles like this, please visit us at bloomberg.com/opinionSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.