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UK banks borrowed more than £640bn from Fed – papers

by: IFAonline
  • 02/12/2010
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UK banks borrowed more than £640bn from Fed – papers
British banks borrowed more than $1trn (£640bn) from the Federal Reserve during the financial crisis, led by Barclays following its swoop on the US business of Lehman Brothers.

The disclosures came because the Dodd-Frank Wall Street Reform Act forced the Fed to reveal which banks and companies it lent money to in an effort to shore up the financial system from the end of December 2007 onwards, writes the Telegraph.

It released the details of more than 21,000 individual transactions on its website, which showed British banks represented more than a third – about $1.5trn – of the $3,300bn lent by the US authorities to prop up the financial sector.

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New Lloyds boss pledges to aid small firms

The new chief executive of Lloyds Banking Group is understood to be planning a radical overhaul of its small business lending operations, amid criticism that the bailed-out group is failing to provide firms with sufficient credit.

Antonio Horta-Osorio is considering the creation of a new division to oversee loans to small and medium-sized firms when he takes the helm in March, city sources said, writes the Daily Mail.

And in a move that could potentially hasten the departure of retail boss Helen Weir, Horta-Osorio is looking at a reform of its under-fire customer services wing.

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Manufacturing index soars to a 16-year high

Britain’s manufacturing outlook leapt to its highest level in 16 years last month, boosted by rising exports and unprecedented levels of recruitment.

The closely-watched purchasing managers’ index rose to 58 last month from 55.4 in October, the Chartered Institute of Purchasing and Supply (CIPS) said yesterday, writes the Independent.

The upbeat poll results will be welcomed by the coalition government, which has much riding on a “re-balancing” of the economy and the private sector filling gaps left by savage cuts to state spending.

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Spain and Ireland turn to privatisation

Spain and Ireland are set to launch large-scale privatisation programmes as they fight to preserve market faith in their turnaround plans.

The Spanish government is looking at auctioning stakes in its national lottery operator and airports, while Ireland will look at privatisations in its electricity and gas sectors as part of a joint European Union and IMF bail-out package agreed on Sunday, writes the Telegraph.

News of the privatisation plans came as it emerged the eurozone bail-out fund will next month begin issuing debt on behalf of embattled member states. Any bonds sold would be the first issued in the name of all currency pact members.

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