The BBA is now integrated into UK Finance. Please go to www.ukfinance.org.uk for new content and updates from UK Finance.
Material published by BBA prior to 1st July 2017 is still available on this website.
From 1 July 2017, the finance and banking industry operating in the UK will be represented by a new trade association, UK Finance. It will represent around 300 firms in the UK providing credit, banking, markets and payment-related services. The new organisation will take on most of the activities previously carried out by the Asset Based Finance Association, the British Bankers’ Association, the Council of Mortgage Lenders, Financial Fraud Action UK, Payments UK and the UK Cards Association.x
Crucial Brussels summit draws to a close
There is widespread coverage of the European Council summit as it comes to a close today. City AM (p1) reports that Downing Street warned yesterday that EU leaders had made “no real progress” agreeing the UK’s new settlement as talks continued overnight. The Prime Minister said: “If we can get a good deal, I’ll take that deal. But I won’t take a deal that doesn’t meet what we need.” The Times (£, p1) states that Belgium and France are pushing for the inclusion of a ‘last chance’ clause, which would effectively mean the UK could not renegotiate better terms in future. The Telegraph (p1) reports that more than 80 FTSE 100 businesses will come out in favour of staying in the EU ahead of the referendum.
Mortgage lending climbs to eight year January high
Mortgage lending had its strongest start to the year for eight years, according to figures released by the Council of Mortgage Lenders yesterday (City AM, p7). BBC News reports that homebuyers borrowed £17.9bn in January as buy-to-let landlords rushed to pre-empt forthcoming tax changes. That represents a 21 per cent rise on the same month last year. CML Economist Mohammad Jamei said: “We still only see limited upside potential going forwards, as the number of properties for sale on the market remains low and affordability pressures weigh on activity.”
Latest from the BBA
Register now for the BBA forthcoming webinar on ‘Top Risks for 2016’ which will take place on Thursday 25th February. Click here to register your free place.
On 15th March, the BBA is running its popular one day workshop on ‘Enhancing Your Sanctions Compliance Programme’. Fully updated to incorporate the recent lifting of sanctions on Iran, this workshop will provide you and your team with a solid knowledge and understanding of sanctions. Click here to register.
Latest from our sponsor Jaywing
The IFRS 9 deadline is closer than you think… Read a blog by Jaywing’s Risk Practice Director, Ben O’Brien’s, on how the IFRS 9 deadline is drawing closer, what is holding firms back and how can organisations succeed.
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European Council summit closes
Stat of the day
£17.9bn – the amount that homebuyers borrowed in January (Source: Council of Mortgage Lenders).
Bloomberg looks at digital payments technology from the likes of Apple and Google, examining whether it poses a serious challenge to the banking industry.
The FT (£, p4) looks at how peer-to-peer lending is becoming increasingly mainstream as banks collaborate with the digital lending platforms.
Sir Jon Cunliffe, the Deputy Governor of the Bank of England, has said market expectations that UK interest rates will remain on hold until 2019 are not justified (Telegraph, p5).
HSBC is launching voice recognition and touch security services in the UK to up to 15 million banking customers (BBC News).
Productivity in Britain’s financial services sector has fallen significantly since 2009, official figures have revealed (City AM, p2).
Matteo Renzi, Italian Prime Minister, has warned that he is ready to block proposals from Germany that would limit banks’ holdings of government debt as part of the creation of a common deposit insurance scheme for the Eurozone (FT, £, p10).
The OECD has called for its richer members to relax their austerity plans and spend more on infrastructure projects to boost growth (Guardian, p25).
Iran’s Bank Mellat will seek damages against the UK Government after the European Court of Justice ruled that its assets should not have been frozen from 2010 (Reuters).
China’s central bank is boosting liquidity in the banking system amid unprecedented capital outflow (FT, £, p6).
What the commentators say
Alex Brummer writes about the OECD’s February economic outlook report, highlighting how it demonstrates the need for structural reform in the EU (Daily Mail, p75).