European Central Bank, Bank of England leave interest rates unchangedOctober 8th, 2009 ECB, BoE leave interest rates unchangedFRANKFURT — The European Central Bank and the Bank of England both left their key interest rates unchanged Thursday at record lows. The ECB left its main refinancing rate at 1 percent while the Bank of England left its rate at 0.5 percent.
Bank of England holds key rate at 0.5 pct; no move on expanding money supplyOctober 8th, 2009 Bank of England holds key rate at 0.5 pctLONDON — The Bank of England kept its main interest rate unchanged at the record low of 0.5 percent Thursday and held off from any further moves to expand the money supply — for now. Both decisions were widely expected but the Bank of England said it would keep its asset purchase program — known as quantitative easing — under review.
Nigeria banks to get $2.5B rescue in first for the continent; bank chief fires 5 top execsAugust 14th, 2009 Nigeria banks to get $2.5B bailout; 5 execs firedLAGOS, Nigeria — Nigeria will inject US$2.55 billion into five troubled banks, the country's banking chief announced Friday, in Africa's first major bank rescue program since the global credit crunch began. Central bank chief Sanusi Lamido Sanusi also guaranteed creditors and depositors, but fired top executives at five of the country's 24 banks because of poor decisions that had led one of the five into "technical insolvency" and to undercapitalization in the other four.
ECB, Bank of England expected to hold rates steady; eyes on BoE monetary easingAugust 6th, 2009 ECB, Bank of England to hold rates steadyFRANKFURT — Central banks for Europe and Britain are almost certain to keep their benchmark interest rates at record lows on Thursday amid early signs of economic recovery, while attention will focus on whether the Bank of England will hold back from further expanding the money supply. Both the European Central Bank and the Bank of England are expected to keep rates at 1 percent and 0.5 percent respectively when they announce their monthly decision.
Bank of England expands asset purchases to increase money supply, keeps rates at 0.5 percentAugust 6th, 2009 Rates unchanged, but BoE adds monetary easingLONDON — The Bank of England is keeping official interest rates at a record low of 0.5 percent — but it is expanding its program to expand the money supply by 50 billion pounds to 175 billion pounds. With recent signs of an economic recovery on the horizon, the extension of the so-called quantitative easing program announced by the bank on Thursday indicates it remains cautious about those early indicators.
British Central Bank expands program to increase money supply, shows caution about recoveryAugust 6th, 2009 Central banks keep rates unchangedLONDON — The Bank of England surprised markets on Thursday with a significant expansion of its program to boost the money supply and support growth, even as it and the European Central Bank kept official interest rates steady at record lows. The move by the British central bank to boost its so-called quantitative easing program by 50 billion pounds ($84 billion) to 175 billion pounds ($295 billion) garnered the main attention in Europe, underscoring official caution about recent signs of an economic recovery.
UK Treasury chief to call on banks to improve lending to small businesses to boost economyJuly 27th, 2009 UK calls on banks to improve lendingLONDON — Britain's Treasury chief Alistair Darling will call on banks to reduce the costs of loans to small businesses as he attempts to halt the country's slide further into recession when he meets with banking executives later Monday. Darling is expected to tell executives from banks including Barclays PLC and the bailed out Royal Bank of Scotland PLC that they must do more to improve lending in return for massive taxpayer support.
Bank of England holds interest rates at 0.5 pct; maintains policy to increase money supplyJune 4th, 2009 Bank of England keeps interest rates at record lowLONDON — The Bank of England has kept official interest rates at a record low of 0.5 percent and maintained its policy of increasing the money supply to the economy. With early — but tentative — signs of an economic recovery on the horizon, the bank's decision on Thursday represents a cautious stance.
Bank of England holds interest rates steady at 0.5 percent; increases asset purchase programMay 9th, 2009 Bank of England increases asset purchase programLONDON — The Bank of England has kept official interest rates on hold at a record low of 0.5 percent — but has increased its program to buy back assets to increase the domestic money supply. At the end of its monthly rate-setting meeting on Thursday, the bank said it is increasing the size of its so-called quantitative easing program by 50 billion pounds ($75.4 billion) to 125 billion pounds.
European Central Bank cuts main interest a quarter point to 1 percent ThursdayMay 8th, 2009 ECB cuts a quarter pointFRANKFURT — The European Central Bank has cut its main interest rate by a quarter point to 1 percent and is likely to unveil more measures aimed at boosting the economy of the 16-nation euro zone. The downward move was the fourth such decision this year by the Frankfurt-based bank that sets monetary policy for countries that share the euro currency.
Government gives big banks needing capital after stress tests 1 month to develop approved planMay 8th, 2009 Gov't sets June 8 deadline for banks' capital planWASHINGTON — The nation's biggest banks that are found to need more capital after government stress tests will have one month to come up with a plan to raise the additional resources, federal regulators said Wednesday. The government said that after the results of the stress tests are released Thursday, the banks found to need more capital will have until June 8 to get a plan approved by their regulators.
ECB cuts main interest a quarter-point to 1 percent; BoE holds rate unchanged at 0.5 percentMay 8th, 2009 ECB cuts a quarter percent; BoE keeps 0.5 pct rateFRANKFURT — The European Central Bank cut its main interest rate by a quarter point to 1 percent Thursday and is poised to unveil more measures to help boost the 16-nation euro zone economy. The ECB also cut its interest rate on its marginal lending facility — used to lend money to banks overnight — by a half a point to 1.75 percent from 2.25 percent.
European Central Bank set to cut rates again, focus on what new measures emergeMay 1st, 2009 ECB set to cut rates again, new measures awaitedLONDON — The European Central Bank will likely cut its main interest rate Thursday by a quarter point to 1 percent — possibly bringing its series of cuts to an end — and unveil additional measures to help boost the euro-zone economy. The bank left markets feeling let down last month with a smaller than anticipated quarter point cut, but bank president Jean-Claude Trichet indicated that the next meeting in May would be "key" and that a further rate reduction was indeed possible.
Dhanalakshmi Bank to raise Rs.4 bn, open 80 new branchesMarch 18th, 2009 THIRUVANANTHAPURAM - Kerala-based Dhanalakshmi Bank will soon open 80 new branches across the country and raise Rs.4 billion (Rs.400 crore) in the next fiscal, a top official said here. At present, the 81-year-old bank has 174 branches in the country, of which 130 are in Kerala.
Government seeks $4.2 bn from World Bank to recapitalise banksFebruary 15th, 2009 NEW DELHI - The government has sought an additional $4.2 billion loan from the World Bank, majority of which will be used to recapitalise four state-run banks, a top official said here Monday. 'The government has sought additional world bank spending of $4.2 billion.
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