Use Brexit freedoms to cover UK deposits

Logo Daily MailDaily Mail
2023-03-25 21:50:26  • 4 mins

The Government must take advantage of Brexit freedoms by giving companies more deposit protection as turmoil in the banking sector deepens, MPs and businesses have demanded.

Efforts to stem a crisis of confidence in the financial system have failed to calm nerves, with bank shares falling sharply again on Friday, led by German giant Deutsche Bank.

The turmoil was sparked a fortnight ago when Silicon Valley Bank (SVB), a mid-sized lender in the US, collapsed after a sudden run on the bank.

Its UK subsidiary also saw depositors rush to withdraw cash and the Bank of England last week revealed that nearly 3 billion was pulled from SVB UK on March 10 alone, leaving it with 6.7 billion before HSBC rode to the rescue and bought it for the token price of 1.

Crucially, thousands of SVB UK customers many of them tech start-ups had uninsured deposits, meaning until HSBC stepped in, they risked losing everything above the 85,000 that is safeguarded under the Financial Services Compensation Scheme (FSCS).

Continue read on

Key Points The U.K.'s biggest bank temporarily withdrew mortgage deals via brokerservices on Thursday, CNBC understands. A large number of fixed-rate...
2023-06-09 12:56:52  • 1 min
Online banking is changing the way we do business and have fun. It's not just coming, it's here, and it's everywhere. This huge change in the financial...
Logo NasdaqNasdaq
2023-06-09 14:16:44  • 1 min
Smaller banks face challenges in providing their business customers with modernized tools to streamline payments, but the newest breed of embedded banking...
Stock markets are organic and companies come and go all the time. Firms heading to the UK include WE Soda, payments fintech group CAB and AI specialist...
Logo Daily MailDaily Mail
2023-06-09 20:50:06  • 1 min
KBRA affirms the senior unsecured debt rating of BBB+, the subordinated debt rating of BBB, and the short-term debt rating of K2 for Norwich, NY-based NBT...
Logo BenzingaBenzinga
2023-06-09 14:34:00  • 3 mins
By now, we all know that the U.S. economy went through a crisis triggered by its regional banking sector in the March-April period. The collapse of three...
Logo NasdaqNasdaq
2023-06-08 12:30:00  • 1 min
KBRA affirms the senior unsecured debt rating of BBB, the subordinated debt rating of BBB-, and the short-term debt rating of K3 for Michigan City, IN-based...
Logo BenzingaBenzinga
2023-06-09 14:09:00  • 2 mins
TWO months after the collapse of Silvergate Capital and Signature Bank, a new banking landscape for crypto companies is taking shape amid an expanding...
Best News Website or Mobile Service WAN-IFRA Digital Media Awards Worldwide Best News Website or Mobile Service Digital Media Awards Worldwide ZURICH: UBS is...
Logo Channel NewsAsiaChannel NewsAsia
2023-06-10 07:26:56  • 1 min
Key Points HSBC UK wants to preserve Silicon Valley Bank UK's focus on startups and innovative businesses, CEO Ian Stuart told CNBC. "We are going to keep it...
2023-06-07 05:09:04  • 1 min
Five Star Bancorp expands into San Francisco, American Express to integrate with data aggregators Plaid and Yodlee, Bank of America reworks leadership in its...
Logo American BankerAmerican Banker
2023-06-09 20:27:14  • 1 min
LONDON Gone are days when British consumers could brighten their mood by indulging in a bit of retail therapy. These days, as soaring prices for many...
Logo U.S. News & World ReportU.S. News & World Report
2023-06-09 18:39:50  • 1 min
THE Bank of England is drawing up plans to recapitalise failing banks through the industrys deposit protection programme under reforms designed to address...
Logo The Business TimesThe Business Times
2023-06-05 13:34:54  • 1 min
A merger of TD Bank and First Horizon would have further consolidated a banking sector that is already too concentrated, writes Shahid Naeem, a policy...
Logo American BankerAmerican Banker
2023-06-09 14:00:00  • 2 mins
Money20/20 afternoon sessions began with a fireside chat between HSBC UK CEO Ian Stuart and Arjun Kharpal, senior technology reporter at CNBC. They discussed...
Logo FinextraFinextra
2023-06-06 14:31:00  • 1 min
Company leads with values-driven culture, innovative approach and solution-driven products Cross River Bank ("Cross River"), a technology infrastructure...
Logo BenzingaBenzinga
2023-06-09 16:26:00  • 1 min
The Binance logo on a smartphone arranged in the Brooklyn borough of New York, US, on Tuesday, Feb. 14, 2023. The New York State Department of Financial...
Logo American BankerAmerican Banker
2023-06-09 15:09:39  • 1 min
Key Points At Money 20/20 in Amsterdam this week, business-facing fintechs like Airwallex, Payoneer, and ClearBank were all the rage, while consumer apps...
2023-06-10 11:58:30  • 1 min
Deposits, lending tick up for third straight week: Fed
2023-06-09 20:26:41  • 0 mins
Financial stocks were little changed Friday afternoon, with the NYSE Financial Index fractionally lower and the Financial Select Sector SPDR Fund (XLF) flat....
Logo NasdaqNasdaq
2023-06-09 17:49:36  • 1 min