DLA Piper releases Banking and Finance Litigation Update issue 64
The Bank of England and the Treasury are considering an extension to the Funding for Lending Scheme, whereby banks can get cheap loans as long as the money is passed on to customers in the form of loans to small business and low rate mortgages.
From 2 April, the new system of financial regulation in the UK will place the Bank of England at its centre. Its new subsidiary, the Prudential Regulation Authority, will replace the Financial Services Authority and will work alongside its own Financial Policy Committee and the newly formed Financial Conduct Authority in “resetting the system of financial regulation” in the UK.
The Bank of England’s financial policy committee has identified £25 billion worth of hidden bank losses, a shortfall it says banks will need to fill by the end of the year. Vince Cable, the business secretary, has warned that if banks are forced to increase their capital it could have a negative impact on lending during the recession…
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