Banking News

The UK Chancellor, in an answer to a Parliamentary question, yesterday hinted that the Financial Services Authority is to undergo major change as the government intends to "put the Bank of England clearly in charge." But this may not be a good thing, argues Nigel Morris-Cotterill

Capital G Bank Limited (Capital G) and First Bermuda Group Ltd. (FBG) have announced the takeover, effective 4 January, 2011, of FBG by Capital G Holding Company Ltd.

The BANKshares, Inc. and BankFIRST (collectively "BankFIRST") today announced the signing of a definitive agreement to acquire all of the outstanding common stock of The Commercial Bancorp, Inc.

When were reported here on the rapidly growing trend for marketing consumer loans and credit cards by unsolicited e-mail, apparently distributed by the same e-mail company, there was surprisingly little reaction to it. In fact, only one company responded and it did not confirm or deny that the spamming campaign was authorised. Now, with one shopping day to Christmas, Capital One, known for its products targeting those with less than stellar credit ratings is the focus of a last minute customer grab by the same marketing outfit.

The UK has published its "final legislation on the bank levy." The rates proposed in the consultation documents has increased from those previously indicated. That's a weird result from an industry consultation. And that's not all.... Are you packing, yet?

There are few people who consider unsolicited commercial e-mail anything other than an evil, even if it does meet the weasel legislation designed to allow the sending of spam to masquerade as genuine commercial information. Amongst the biggest users of this despicable practice in the UK are the banks or "independent marketing companies" who act as introducers.

The UK's Chancellor of the Exchequer George Osborne said yesterday: "A year ago, the previous Government announced that it would require banks to sign up to the Code of Practice on Taxation. At the start of October this year only four out of the top fifteen had done so. I said that this was unacceptable and I gave them a deadline of end of November 2010 to sign up."

As the terms of the EU (et al) bailout of Ireland was confirmed, attention was again focussed on the banks. Anglo-Irish is doomed. No news there, then. But if all is so terrible, why did Bank of Ireland and Irish Life and Permanent see 16% and - incredibly - almost 40% increases in their share prices?

UK internet bank Egg, which has from time to time been a victim of phishing campaigns, is being used by internet spammers to hit e-mail boxes at breakfast time in the UK.

Cut it any way you like: the draft legislation published today by HM Revenue and Customs means on thing and one thing only - there's going to be a tax on UK banking operations. The only questions are how it will be assessed, who will pay it and what it will cost.