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BoE pledges £15bn to short-term markets

The Bank of England has pledged £15bn to adress liquidity issues in the short-term money markets.

The injections will come at a rate of £5bn each week until April 9 and will be lent at a rate of 5.35% on three-day offer.

The BoE made £5bn of liquidity this Monday, to be repaid today, in and effort to stave off further market insecurity as a result of diminished confidence and hesitance of banks to lend among themselves.


CHL Mortgages may axe 50 staff

CHL Mortgages is likely to make 50 staff redundant as a result of its effort to scale down lending.The company confirms jobs will be lost as it shifts focus towards credit quality and margin. Bob Young, managing director of CHL, says: “This change of focus will have consequences for staff numbers. We believe it will […]

Rabbitt quits Nationwide

Nationwide’s head of corporate intermediary relations, Joe Rabbitt, has quit.He left on March 17 citing family reasons.A spokesperson for the mutual says that Ian Andrew, head of sales at Nationwide, will fill the role until a successor is found.

Rooftop silent on Bear Stearns sale

Rooftop Mortgages refuses to comment on the recent sale of parent company Bear Stearns.The sale followed a week of rumours about the firm’s liquidity that ended in a substantial loan being made by the US Federal Reserve and JP Morgan Chase.JP Morgan has since bought the bank, the US’ second-largest mortgage lender, for $2 a […]

AMI to clarify client responsibilities

The Association of Mortgage Intermediaries is in the process of launching a paper to help clarify consumers’ responsibility for their finances.Speaking at Network Data’s ann-ual conference, Richard Farr, director of AMI, warned that brokers will have to initiate more robust conversations with clients regarding their financial situations in a bid to en-courage them to live […]


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