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Northern Rock repaying BoE loan already

New Star chief economist Simon Ward says the Bank of England’s “other assets” on its balance sheet are now £4.8bn below a peak reached in late January.

Ward suggests that this indicates Northern Rock is repaying its loan from the BoE as it enjoys a cash inflow from redeeming mortgages and saves attracted by its competitive rates and the unlimited government guarantee.

He says if this is correct, it would support analysis suggesting Northern Rock may pay back its loan much earlier than the three to four year horizon indicated in its business plan released at the beginning of this week.


Cause for complaint

There seems to be a swelling tide of resentment among some professionals in the financial services industry, including IFAs, about the way in which the Financial Ombudsman Service deals with disputes between customers and firms.

Lib Dems call on immediate action to stave off recession

Liberal Democrats leader Nick Clegg says the Bank of England and Treasury must act decisively to head off a recession.He says a combination of stricter lending and rising mortgage rates poses a serious risk of a house price collapse and the City of London is seeing not only speculation about the viability of some financial […]

Royal London cuts 25-year bonuses

Royal London has increased the regular-premium final bonus rates on its 10-year with-profits policies from 11.1 per cent to 25 per cent. Regular-premium final bonus rates for 25-year policies have been cut from 140.1 per cent to 126.4 per cent.

Neptune launches Japan Institutional Fund

By Chris Taylor, Investment Director, Head of Research Neptune is excited to announce the launch of the Japan Institutional Fund on 22 June, having disclosed to the market in March its intention to offer the product. The Fund will be managed by the highly-regarded Chris Taylor, Head of Research and manager of the long-running Japan Opportunities Fund. It will invest in the same underlying stocks as the Japan […]


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