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Second emergency loan for Barclays

Barclays has taken out its second emergency loan from the Bank of England in the last two weeks.

The bank has confirmed that it borrowed £1.6bn from the BoE last Wednesday due to a “technical breakdown” in the UK clearing system.

Barclays received a £314m emergency loan two weeks ago through the BoE’s standing lending facility, which allows banks to borrow sums at a penalty rate of 6.75 per cent.

Barclays claims in a statement that it is flushed with liquidity, despite concerns that it is facing a cash crisis. It says: “At the end of the day, there was excess liquidity in the money-markets where bank reserves were larger than bank borrowings. There are no liquidity issues in the UK markets. Barclays itself is flush with liquidity.

“Had there not been a technical breakdown, this situation would not have occurred. In these challenging times, the dramatisation of such situations is of no help to markets, their members or customers.”


Bearing up in volatile markets

Volatility in global markets has caused some concern this summer but losses in open-ended funds have been somewhat subdued compared with those in the down years of 2000-03. The average unit trust or Oeic has fallen by 0.1 per cent over one month and by some 4 per cent over three months to August 31, […]

Figure out a formula for discounts

Paul Kennedy, director of trusts & tax planning solutions at FundsNetwork, sets out the calculations that need to be made on discounted gift trusts

Royal Liver to launch multi-manager range

Royal Liver has announced it will launch a range of multi-manager investment funds in early 2008 as part of its modernisation strategy.The mutual will out-source the funds to external managers but will actively oversee their performance.Royal Liver’s first half results, which it released today, are the strongest for five years.While it is not required to […]

Great expectations

Amber Homeloans’ “china dolls” are setting off on a march across sections of the Great Wall. The team, from left, are Laura Tudgey, Carla Weatherall, Sarah Brewer and Gail Lloyd. They are braving the walk at an average altitude of 738 metres and have already raised more than £13,000 for their chosen charities.

Spring has sprung

Well, it’s been lovely to see a little bit of sunshine, even if it was only a brief appearance. I live in Scotland so, believe me, it was very brief.  Of course, with even the tiniest hint of spring, thoughts turn to the inevitable clearout that must take place.  And that got me to thinking […]


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