February 26, 2009
National Savings and Investments to reduce rates
Story link: National Savings and Investments to reduce rates
Savers will be hit hard, again, by the latest news from National Savings and Investments (NS&I), who have announced that they will be chopping a full 1.35 percent from the current savings rates.
There now seems like little or no point for savers to be storing their cash in banks, with little or no return on their investment!
National Savings and Investments to reduce rates
National Savings and Investments (NS&I) has announced that it will reduce the rates of interest it offers on its fixed-rate savings accounts by up to 1.35 per cent.
The savings account provider blamed the reductions on the fall in value of gilt-edged government bonds, which are known as gilts for short.
February 17, 2009
Northern rock hit by repossessions
Story link: Northern rock hit by repossessions
While property values may have increased in January and the general interest around property is increasing slowly, it’s the masses that count and at the moment, the masses, or majority are defaulting on mortgage repayments.
Northern rock hit by repossessions
The data, from its Granite securitisation vehicle which was set up by the bank to raise money from investors, showed that the government owned bank suffered losses of £8.65m in December as a result of repossessing homes from those who had defaulted on their mortgages.
This compares with losses of £6.82m the month before.
Save East Europe, Save the World!
Story link: Save East Europe, Save the World!
The size and position of the Western European banks makes them an asset to keep world wide finances afloat. The collapse of these banks could be catastrophic for financial institutions not just in Europe, but World Wide as well.
Save East Europe, Save the World!c
If mishandled by the world policy establishment, this debacle is big enough to shatter the fragile banking systems of Western Europe and set off round two of our financial Götterdämmerung.
Austria’s finance minister Josef Pröll made frantic efforts last week to put together a €150bn rescue for the ex-Soviet bloc. Well he might. His banks have lent €230bn to the region, equal to 70pc of Austria’s GDP.