Posts tagged 'Nationwide'

Vince Cable and the Taliban

From the FT on Wednesday:

Vince Cable, business secretary, has lifted the lid on tensions between the government and the Bank of England criticising its “capital Taliban” whom he accuses of holding back the recovery by imposing excessive financial burdens on the banks.

He’s angry that the Bank (well, the “jihadist” element, at least) are holding “back small business lending by demanding banks hold onerous levels of capital as a cushion against further shocks.”

We may have to take this blog into list format… Read more

Nationwide considers loans for SMEs

Nationwide, the UK’s largest building society, is considering offering loans to small and medium-sized businesses to broaden its traditional customer base and fill a void left by the country’s biggest banks. The plans are at an early stage and it is unlikely that Nationwide will be in a position to offer SME loans until at least next year.  Graham Beale, chief executive of Nationwide, told the FT: “We have identified that SME lending would be a good strategic fit to our existing business, given our strong franchise, broad distribution network and current exposure to personal current accounts and commercial lending activities. We are developing plans to enter the market, but this will not be for at least 18 months or longer.”

Snap news

Breaking pre-market news on Tuesday,

– La Tribune says S&P will put France on negative outlook in 10 days – report (in French). Read more

Snap news

Breaking pre-market news on Thursday,

– Melrose increases its offer for Charter International to 850p per share — statement and statementRead more

Lloyds has largest exposure to risky mortgages

Lloyds Banking Group’s exposure to the riskiest kind of mortgages is more than double that of any of its top five rivals in what is potentially a ticking time bomb for Britain’s largest high-street lender, according to data published by the Bank of England. The FT reports the data showed that loans representing more than a quarter of Lloyds’ mortgage book are worth at least 90 per cent of the property value they are secured against. Royal Bank of Scotland and Santander have up to 12 per cent of loans with a similarly high loan to value, while Nationwide, Barclays and HSBC have smaller proportions again.

  Read more

Snap news

Breaking pre-market news on Wednesday,

– Nationwide says underlying annual profits up 30 per cent, helped by lower bad debt charges — statementRead more

UK house prices fell 0.3 per cent in November – Nationwide

UK house prices fell again last month, a survey showed on Wednesday, suggesting that the downturn in Britain’s property market is increasingly entrenched. Mortgage lender Nationwide said the average property price fell 0.3 per cent in November, slightly above the 0.2 per cent fall forecast by analysts, reports Reuters. The annual rate of growth dropped to 0.4 per cent, its weakest since September 2009. However, the news agency also reports that Nationwide chief economist Martin Gahbauer said supply pressures were beginning to relent. “There are early signs that the flow of new property onto the market may be slowing down again as potential sellers observe the recent weakness in prices and decide against marketing their properties at the current juncture,” he said.

Snap news

Breaking pre-market news on Tuesday,

– Nationwide says provision to remain at current levels until economic recovery begins; reports half year results — statementRead more

Anyone for a double-dip in UK house prices?

And the UK housing market pain continues…

Following Monday’s news that UK mortgage approvals fell to an 18-month low in September, comes Thursday’s Nationwide house price index, showing that prices fell 0.7 per cent in October. The October fall means the three-month rate of decline has accelerated to -1.5 per cent — the largest decrease over three months since April last yearRead more

England team seeks new sponsor

Marketing departments will have to weigh the benefits of being associated with the England football team now that Nationwide is set to end its sponsorship deal after 11 years, according to the FT. The country’s largest building society is unlikely to renew its £20m, four-year contract with the Football Association after the two parties were unable to agree a price.

Snap news

Breaking pre-market news on Wednesday,

– Standard Chartered to invest $500m in Agbank IPO — statementRead more

England sponsor confident England will lose

Not really (probably).

However, England-squad sponsor Nationwide are offering four-year ‘football bonds’ with a bonus, should the team win the 2010 World Cup: Read more

Snap news

Breaking pre-market news on Wednesday,

– BP outlines ‘top kill’ plan for Gulf of Mexico oil response – statementRead more

Annual UK house price rise hits 10.5%

UK house prices climbed 1 per cent in April, according to a closely watched index, and year-on-year, showed the first double-digit rise since prices peaked in October 2007, reports the FT. According to the Nationwide house price index, prices rose by 1 per cent in April from March and recorded a rise of 10.5 per cent from April 2009. See also FT Alphaville for some analyst comment.

Double digit house price inflation is back

Rejoice UK homeowners.

From the latest Nationwide House Price Index, published on Thursday morning: Read more

Snap news

Breaking pre-market news on Thursday,

– Nationwide says house price inflation reaches double digits – reportRead more

Falling UK house prices – the next big thing?

A surprise drop in UK house prices in February – the first decline in 10 months – has left us asking a familiar question.

Was it just the bad weather or is this the start of a new trend? Read more

Snap news

Breaking pre-market news on Friday,

– Lloyds reports annual loss of £6.3bn – statementRead more

Nine in a row

After showing some signs of fatigue towards the end of 2009, UK house prices perked up in the first month of the new year, according to the latest survey from Nationwide published on Friday.

In fact, they increased 1.2 per cent month-on-month in January, which was the largest increase since August and the ninth rise in a row. (To put those figures in a little bit more context, the month-on-month move in the final four months of 2009 was 0.5 to 0.6 per cent). Read more

Snap news

Breaking pre-market news on Friday,

– Nationwide says UK house prices rose by 1.2 per cent in January – statementRead more

Snap news

Breaking pre-market news on Friday,

– Gartmore announces intention to list on the LSE – statementRead more

Fitch slashes UK building societies

Oh dear, oh dear.

Nationwide may have reported the  first annual gain in UK house prices since March 2008, but that won’t offer much respite to  UK building societies, seven of which on Friday had their lower tier 2 subordinated notes (LT2) and permanent interest bearing shares (PIBS) downgraded between one and two notches by ratings agency Fitch. Read more

Securitisation datapoint du jour, Nationwide edition

You have to love this headline from the Guardian on Sunday, even if you disagree with the premise: “Nationwide revives bond market that caused crunch”.

Beyond specious headlines, the Guardian reported that UK mortgage lender Nationwide intends to issue a £3.3bn prime residential mortgage backed security – Silverstone 2009-1 –  in what would be only the second such deal this year. HBOS reopened the European RMBS market with its  £4bn Permanent 2009-1 deal  in September. Read more

The sting in Nationwide’s house price survey

The September house price survey from the Nationwide Building Society has no doubt caused jubilation for Daily Mail readers around the UK, on Friday.
According to the report, not only did house prices rise for the fifth month in a row, they are now at the same level they were at a year ago.

Joy! Read more

Snap news

Breaking pre-market news on Friday,

– UK house prices back to September 2008 level — NationwideRead more

Land of the distressed buyer

Nationwide figures showed a 1.6 per cent rise in UK house prices in August. The market consensus was for a rise of 0.5 per cent – so that makes for a significant positive surprise.

As  Julian Callow at Barcap remarked, the out-turn is nothing short of remarkable (our emphasis): Read more

Snap news

Breaking pre-market news on Thursday,

– Nationwide says July house prices rise 1.3 per cent in July — statementRead more

Nationwide offers 125% mortgage

Negative equity mortgages are being offered to customers of Nationwide that will allow homeowners once again to borrow more than the value of their intended house purchase, the FT reported. Nationwide has begun offering its customers suffering from negative equity a mortgage that provides up to 125 per cent of a property’s value, should they want to move. The building society is not actively promoting the offer, and does not expect a huge take-up, the FT added.

Snap news

Breaking pre-market news on Tuesday,

– Nationwide says house prices rose by 0.9 per cent in June — statementRead more

Variable vibrations at Nationwide

“Profitability has been adversely affected by the low interest rate environment and increased provisions as a result of the current recession. Our reported profit is 53% lower than it would otherwise have been because there is an exceptional charge of £241 million relating to the levies payable to the FSCS.

That’s Nationwide chief executive Graham Beale explaining why the UK Building Society has seen such a sharp drop in its full-year profits. Read more