The Bank of England (the “Bank”) has fined Vocalink Limited (“Vocalink”) £11,900,000 in respect of a compliance failure under section 196 of the Banking Act 2009 (the “Act”). This is the first time the Bank has fined a financial market infrastructure firm.
Central bank officials warn some heavily indebted firms are ‘particularly exposed to global shocks’
President Trump has achieved much of his agenda, leaving the fate of the economy squarely in his hands.
Listing in Spain marks rare bright spot in IPO market and signals healthy return for private equity group
UK government-backed programme to help buyers with deposits as low as 5%
Greece’s Consumer Price Index (CPI) picked up further pace in June with a rise of 2.8 percent year-on-year (YoY), from 2.5 percent in the previous month, according to the data released on Wednesday by the Hellenic Statistical Authority (ELSTAT).
On the heels of a bruising week of battling revelations of organised fraud and corruption in the distribution of agricultural funds, the government is being accused of dropping the ball on migration, after an EU-led delegation including Migration Minister Thanos Plevris was turned back at the border of Libya where it had arrived for talks on managing Mediterranean boat crossings.
Our Financial Policy Committee (FPC) meets to identify risks to financial stability and agree policy actions aimed at safeguarding the resilience of the UK financial system.
How do violent conflicts shape cross-border lending? Using data on syndicated loans by 14,021 creditors to firms in 179 countries (1989–2020), we document a dual effect: foreign banks reduce overall lending relative to domestic banks but significantly increase financing to military and dual-use sectors during conflicts. This reallocation is stronger among lenders less specialized in the conflict country, more specialized in military lending, and domiciled in politically non-aligned nations. Effects are geographically contained and temporally limited, dissipating post-conflict.
We show theoretically how the anticipated cross-selling of loans incentivizes banks to offer lower deposit spreads to attract and retain depositors, more when policy rates are lower and future cross-selling is more valuable. Utilizing comprehensive data on every Norwegian bank household relationship, we then establish empirically how banks facing identical loan demand respond to policy rate cuts with greater deposit spread reductions for clients with higher cross-selling potential, thereby raising both deposit and loan growth.
