The Royal Bank of Scotland has started discussions with the Bank of England over a special share buyback in a bid to speed up the privatisation process. Speaking at a conference in New York RBS deputy chief financial officer Katie Murray confirmed that the bank is in talks with the Prudential Regulation Authority (PRA) over the details of buying back its own shares. Read more: RBS boss 'withheld information' from parliament Murray, who will become interim chief financial officer at the beginning of next month, told investors: "Now, we've spoken very publicly about our desire to do some directed buybacks. "A directed buyback is not as common a transaction in the UK as it is, I understand, over here in the States. "And so, we are in the process of working through, with the PRA, how we might do that, what's the timing of that." The bank will call an extraordinary general meeting to get permission from investors to do directed buybacks at an unspecified date. However, no action will be … [Read more...] about RBS in talks with the Bank of England over share buyback plans
The bank of england
By: John Stepek 20/09/2018 This article is taken from our FREE daily investment email Money Morning. Every day, MoneyWeek's executive editor John Stepek and guest contributors explain how current economic and political developments are affecting the markets and your wealth, and give you pointers on how you can profit.Sign up free here. In this week's issue of MoneyWeek magazine ● Our progress since 2008? Ten years older, and deeper in debt ● “Norway for now”: how we can avoid a botched Brexit ● Be careful with your pensions freedom ● Where to find value in Africa ● Property crowdfunding: should you become a virtual landlord? ● Share tips of the week Not a subscriber? Sign up here There are only really two ways to deal with burdensome debts, if you’re an individual. You can repay them. Or you can refuse to repay them (default). But if you happen to be a sovereign country, there’s a third … [Read more...] about When will the Bank of England raise interest rates again?
No one can tell them quite like Mark Carney, the governor of the Bank of England. He appears to have briefed the cabinet last week that house prices could fall by 35 per cent in the event of a no-deal Brexit. To be fair, the Bank did try to qualify this figure by saying that it was just the worst of several scenarios which analysts had produced in order to stress test the balance sheets of the commercial banks. Read more: Mark Carney warns house prices could fall by a third in a no-deal Brexit But the 35 per cent house price drop has now become embedded in the public narrative about Brexit. Just how likely is such a massive drop to take place? We do not know exactly how the Bank did its stress tests. But, typically, the worst-case scenario in such tests is either one which is judged to have a one in 20 chance of happening, or, if you are setting really demanding standards for the test, just a one in 100 chance. When trying to assess these odds, an important input is what has happened … [Read more...] about The Bank of England’s own data negates Carney’s overhyped house price warning
Mark Carney is set to stay at the Bank of England to steer the economy through Britain’s exit from the EU, telling MPs he is “willing to do whatever I can to promote a smooth Brexit”. The Governor of the Bank has already extended his five-year term once and is due to leave next summer. But speculation has been growing that he could stay at the helm for longer, and Mr Carney confirmed he has held talks with Philip Hammond, the Chancellor, on staying put. “I fully recognise that during this critical period it is important everyone does everything they can to help with the transition to exiting the EU. That is everyone from businesspeople, to parliamentarians, to public servants including central... Register for free to read this article, or log in to your Telegraph account Register Log in … [Read more...] about Mark Carney offers to extend his term at the Bank of England
Mark Carney is still on track to leave the Bank of England in 2019 according to the Prime Minister's spokesperson, in spite of reports he may be considering an extension to his time as governor in Threadneedle Street. Carney is currently set to lead the Bank until the end of June 2019, three months after the UK leaves the EU, but 10 Downing Street today appeared to overrule the Treasury after reports it was considering offering a longer term in office. "The governor said he intends to step down in June 2019," the Prime Minister's spokesperson said, adding that Carney's successor will be announced by the Treasury "in due course". Carney will be scrutinised tomorrow on his plans by MPs on the Treasury Select Committee. The Financial Times reported that people close to the governor say he would be willing to extend his term. Meanwhile, the BBC said the Treasury was concerned about the difficulty of recruiting a suitable candidate at a time when there is uncertainty over the future … [Read more...] about Downing Street says Mark Carney still set to leave the Bank of England in 2019