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.
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.
Bank of England says growth in lending to individuals slows in JuneJuly 29th, 2009 UK lending growth slows in JuneLONDON — Net lending to individuals in the United Kingdom rose by 400 million pounds ($655 million), a drop of 100 million pounds from the six-month average, the Bank of England said Wednesday. Net mortgage lending rose by 300 million pounds, the same as in May but only a third of the April gain and consumer credit rose by 100 million pounds.
Bank of England says mortgage approvals hit 14-month high in June, though lending growth slowsJuly 29th, 2009 UK mortgage approvals at 14-month high in JuneLONDON — The number of mortgages approved for house purchase in the U.K. hit a 14-month high in June, Bank of England figures showed Wednesday, suggesting the property market is recovering despite still weak lending activity.
UK Land Registry says England-Wales house prices rose 0.1 percent in JuneJuly 28th, 2009 Report: England-Wales house prices up 0.1 pctLONDON — House prices in England and Wales rose 0.1 percent in June from May, the Land Registry said Tuesday, reinforcing a growing belief that property values are beginning to stabilize after dropping sharply in the past year. The number of homes sold in recent months is just half of year-ago volumes, reflecting the reduced availability of mortgage finance and potential sellers holding back until prices improve.
Report: UK gross mortgage lending rises 17 percent in June from MayJuly 20th, 2009 UK mortgage lending up 17 pct in JuneLONDON — Gross mortgage lending in the United Kingdom rose by 17 percent in June compared to the previous month but still lagged at about half of year-ago levels, the Council of Mortgage Lenders said Monday. The figure was echoed by the Bank of England, which reported that the availability of mortgage finance had improved slightly in the second quarter, the first gain since the second quarter of 2007.
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 rates a quarter point, will buy bonds, offer longer bank creditsMay 8th, 2009 European Central Bank cuts rates a quarter pointFRANKFURT — The European Central Bank cut interest rates a quarter point to 1 percent Thursday and said the reduction wasn't necessarily its last, while announcing still more measures to push money into the 16-country euro zone's financial system and support its economy. The Bank of England also moved to shore up its economy, stepping up efforts to increase the money supply although it left its rates unchanged at 0.5 percent.
European Central Bank cuts rates, to buy euro covered bonds, extend 12-month credit to banksMay 8th, 2009 ECB cuts a quarter percentFRANKFURT — The European Central Bank cut interest rates a quarter point and said it would buy euro-denominated bonds as well as offer longer-term credit to banks as it moves to get more money flowing through the 16-nation euro zone economy. ECB President Jean-Claude Trichet, in remarks to reporters after the bank lowered its benchmark interest rate to 1 percent on Thursday, unveiled the new measures to accompany already announced ones such as increased amounts of bank credits and broader collateral rules for banks that tap them.
European Central Bank cuts rates, to buy euro covered bonds, extend 12-month credit to banksMay 8th, 2009 ECB cuts key rate a quarter percent; to buy bondsFRANKFURT — The European Central Bank cut interest rates a quarter point and said it would buy euro-denominated bonds as well as offer longer-term credit to banks as it moves to get more money flowing through the 16-nation euro zone economy. ECB President Jean-Claude Trichet, in remarks to reporters after the bank lowered its benchmark interest rate to 1 percent on Thursday, unveiled the new measures to accompany already announced moves including increased credit amounts and broader collateral rules for banks that borrow from it.
Bank of England cuts rate, boosts money supplyMarch 6th, 2009 LONDON - The Bank of England (BoE) Thursday cut interest rates to 0.5 percent and injected up to 75 billion pounds ($105 billion) into the economy through quantitative easing. The rate cut from one percent was the fifth since last October.
US mortgage defaults reach record highMarch 6th, 2009 WASHINGTON - Lenders are taking back homes in the US at a record pace as families can't afford mortgage payments, a industry report said Thursday indicating the country's housing crisis deepened further at the end of last year. The Mortgage Bankers Association (MBA) said 3.3 percent of all mortgage-holders were in foreclosure at the end of 2008 - up 126 percent from a year ago - and 7.88 percent were behind on at least one monthly payment.
Pack lunch, avoid eating out, practice frugality, advises bankDecember 29th, 2008 TORONTO - As North America enters recession, a top Canadian bank has come out with a five-pronged blueprint for people to weather the economic meltdown, advising people to reduce spending, pay off debts and even avoid eating out every day. In a release here Monday, Scotiabank, which is Canada's second largest bank with operations in more than 50 countries, warned people against making emotional decisions about their financial future.
Bank of England says economic crisis was underestimatedDecember 22nd, 2008 LONDON - The Bank of England (BoE) failed to understand the seriousness of the looming economic crisis despite rocketing house prices and credit levels, its deputy chief has said. John Gieve said Monday that the bank had spotted 'some crazy borrowing' and unsustainable asset prices but 'didn't think it was going to be anything like as severe as it turned out to be'.
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