British Banks Given More Flexibility on Reserves to Help Ease Credit Situation
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The Bank of England eased restrictions on how much cash banks can borrow to manage daily cash flow, allowing greater flexibility as the banks grapple with the credit crisis.
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The Bank of England has lent banks Â£10bn, a move that should ease the impact of the global credit crunch.
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There are signs that consumers are beginning to be more cautious as a result of the turmoil in the credit markets.
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The Bank of England announced Wednesday that it would inject 10 billion pounds into longer-term money markets next week amid the ongoing global credit squeeze.
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Britain's financial watchdog is to be given new powers to intervene in failing banks to avoid a repeat of the Northern Rock crisis, Chancellor of the Exchequer Alistair Darling said in an interview out Friday.
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Banks will be now able to borrow additional funds from the Bank of England in a move aimed at reducing the "credit squeeze".
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Business & money: Watchdog warns banks that balance sheets will be under extra scrutiny and so they should not try to hide the worst effects of the credit crunch
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Bank regulators tightened standards for mortgage lending on Friday in a bid to curtail risky practices that have been blamed for a record level of foreclosures.
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The move is a reversal of fortune that could open the door for other banks to recoup losses.
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[Business India]: Mumbai, Oct 26 : Reserve Bank of India today said it will clamp risk containment norms and raise risk weightage for housing and consumer credit to avoid &quot;asset bubble&quot; like condition and ensure sustainable growth in credit to these
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The Bank of England said Friday it had approved emergency funding for British bank Northern Rock PLC to help the company overcome a liquidity crisis
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Bank of England committee unanimously backed cheaper borrowing costs earlier this month
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Goldman Sachs , the U.S. investment bank advising the British government on the future of Northern Rock , is seeking to widen the range of options open to the government in its bid to rescue the stricken bank.
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South KoreaÂs central bank ordered lenders to raise reserves held against foreign currency deposits, the second time in two weeks it has tried to curb borrowing. The reserve requirement ratio on short-term foreign currency deposits rose to 7 percent from 5 percent, the Bank of Korea said. The move brings the ratio into line with that for local currency demand deposits and reduces the incentive for banks to lend foreign currencies to home buyers. ÂThis is targeted at the property market,Â said Go You-sun, an economist at Daewoo Securities in Seoul. ÂItÂs a supplementary measure to the reserve requirement ratio increase they announced earlier. The results will take time to show, but this effectively reduces the amount of loans a bank can give.Â.
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More participants will join a credit rescue plan that three lead banks are setting up to help stabilize the asset-backed commercial paper market, but it will be temporary, a senior U.S. Treasury official said on Saturday.
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Britain's finance minister said on Wednesday he was working on a set of measures which will allow the government to launch emergency rescues if other banks run into trouble similar to that experienced by Northern Rock.
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Business groups have broadly welcomed the Bank of England&#39;s decision to keep interest rates on hold this month. The Monetary Policy Committee (MPC) announced at lunchtime on Thursday that they would be maintaining the base rate at 4.75 per cent.