The European Securities and Markets Authority’s (ESMA) reviewed how credit ratings agencies come to their ratings decisions and have raised concerns regarding how Moody’s, Fitch and Standard and Poor’s make their decisions, specifically problematic is the apparent lack of transparency. The ESMA suggested that a single document be compiled to create a standard across the board for ratings agencies.
In an attempt to reduce branch overlap following its merger of Alliance & Leicester and the Bradford & Bingley, Santander are planning to close 56 branches. Currently the group currently has 1,200 branches and 107 locations where there are three branded units.
Colin Fogwill discusses With Profits Bonds in the latest copy of Profile magazine, see the article here: http://edition.pagesuite-professional.co.uk/launch.aspx?referral=other&refresh=p19G07CwMy20&PBID=98bb29ac-e2ac-4726-839c-13f74dea745f&skip
The Office of Budget Responsibility (OBR) has increased its 2012 growth forecast from 0.7% to 0.8% and says that Government borrowing will fall quicker than expected. Independent data published at the same time predicts that the economy will grown by 0.8% in 2012 and 2% in 2012, also predicting that the economy will grown by 2.7% in 2014 and 3% in 2015.
The Government has confirmed that they are looking at issuing perpetual gifts and bonds with more than 50 years maturity. George Osborne said today “The debt management office is looking at bonds with over 50 years maturity and perpetual gifts, which Britain last did six decades ago.”