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Alliance & Leicester ‘open’ over US sub-prime exposure

Alliance & Leicester has made an update on the London Stock Exchange in a bid to calm investors’ fears over its exposure to the US sub-prime crisis.

This comes just a week after A&L head of specialist mortgages Jeremy Claridge told Money Marketing that lenders must be more open about their exposure to the US sub-prime crisis and that the market is spooked because lenders have not been open enough.

A&L says it has invested about £390 m in a variety of structured investment vehicles although it says that only a small proportion was exposed to potential losses.

The bank also said it was operating a conduit facility totalling about £770m, invested in a variety of structured credit assets, including collateralised debt obligations and collateralised loan obligations.

A&L says its exposure to highly structured credit products containing US sub-prime mortgages was £175 million. A&L added: “Current conditions in the funding and liquidity markets have had no material impact on either profits or franchise growth.”


Bank of England moves to ease UK liquidity crunch

The Bank of England has made its first move to help ease the liquidity crunch hitting the UK financial markets.It has increased the amount of funds banks can deposit with it by 6 per cent to £17.6bn, and says it will increase this by a further 25 per cent if needed.According to reports, the move […]

Out of context

“I look like Chewbacca from the neck up and knees down and Princess Leia in between.”JP Morgan press officer Ben Larter comments on the disproportionate amount of hair on his body “We own quite a few retail buildings. In fact, we own Ann Summers in Ipswich.”Merchant Investors head of sales & marketing Richard Ellis “If […]

Don’t leave it to trust

I have just become a partner in a law firm and in my new role I have been asked to review a number of trusts that the firm acts for. In a number of these cases, one of our senior partners is a trustee and the trust monies are managed by a local stockbroker, with whom the partner has had a good personal relationship over many years. These trusts do not appear to be actively reviewed and I am concerned that we may not be complying with the requirements of the Trustee Act 2000. What can I do to prevent this becoming a problem?

Tax relief could boost consumers’ savings by £5.5bn

Around three quarters of potential UK investors are not taking advantage of tax relief from a personal pension and they are losing out on £5.5bn per year as a result.Research from Scottish Widows shows that 18m investors are not putting their savings into a personal pension and therefore are not getting tax relief on their investments.Scottish […]

Partied out and penniless

December has left me destitute. My piggy bank lies broken and empty, my lunchtime meal deal feels like an extravagant expense and I’m down to the Bountys in my box of Celebrations. But I won’t mourn my dearly departed pennies. Between buying gifts for loved ones (then deciding to keep them for myself) to treating […]


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