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A&L complies with Basel II

Alliance & Leicester says it has become the first UK bank to comply with Basel II regulations.

Basel II, which imposes regulatory capital requirements to lending risks, will be imposed upon most lenders next year but smaller banks and building societies are looking to comply now.

Only Norwich & Peterbrough and A&L have so far been given the go-ahead by the Financial Service Authority, which has to grant a waiver from Basel II’s standard requirements now, before banks can enjoy it’s full benefits next year.

David Bennett, group finance director at A&L, says: “The approval from the FSA is good news.

“We continue to expect to be a beneficiary under the new Basel II rules, reflecting our high-quality balance sheet and responsible lending policies.”


Lenders urged to take responsibility for design flaws

The Association of Mortgage Intermediaries has called for lenders to take responsibility for any initial flaws in product design. The call follows the Financial Service Authority’s discussion paper 06/4, which looks to the responsibilities of lenders and distributors for the fair treatment of customers.AMI’s response to the discussion paper stems from its belief that lenders […]

Immigration to fuel 2007 BTL market

Paragon has predicted that the buy-to-let market will continue to boom in 2007 thanks to the influx of more migrant workers.According to the HM Treasury estimates, new immigration will continue at an annual rate of between 185,000 and 190,000 over the next three years, higher than previously expected.Paragon believes prospects for further growth in the […]

Warning on payment shock

Mortgage comparison website warns that more than 315,000 home owners who took out fixed rate mortgages at the end of 2003 and the start of 2004 could be heading for a shock when their special deals run out.

Tories look at extending Community Land Trusts

The Conservative Party has set up a task force to investigate how the extension of Community Land Trusts could help more first-time buyers get on the property ladder.

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