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ECB ups interest rates to 5%

The European Central Bank has voted to up the interest rates by 25 basis points to 5% with effect from June 13 2007.

The interest rate on the deposit facility will also be increased by 25 basis points to 3%, with effect from June 13 2007.

The governing body of the Central Bank also decided that the minimum bid rate on the main refinancing operations of the Eurosystem will be increased by 25 basis points to 4%.

This comes a day ahead of the Bank of England’s vote on interest rates.

It is anticipated that following the 25 basis rise in May, the Monetary Policy Committee will hold rates.


Mortgage demand moderating

April lending figures from the British Bankers’ Association show mortgage demand is moderating in the face of rising rates. April’s gross mortgage lending of £17.3bn was 12% up on April 2006, reflecting a 10% annual growth in house prices and strong remortgaging activity.

Crown Equity Release becomes regulated

Crown Equity Release has been regulated by the Financial Services Authority.Mark King, managing director of Crown Equity Release, says: We are delighted to meet the FSAs exacting standards for Home Reversions and are pleased to be able to formally commit to the authoritys guidelines. “We regard FSA regulation as a kitemark of our first-rate customer […] shuts up shop leaving 100 jobless

A hundred people have been left jobless after was forced to close its doors earlier this week.This follows the government’s U-turn on Home Information Packs and the decision to phase packs in from August 1. Connells Group and LSL Property Services have withdrawn funding for the company, which had been set up in March […]

Knights’ moves will change the game

It’s all change for the Knights at GMAC-RFC but it’s more likely to be a case of Simon building on the strong foundations Stephen has laid than a fresh start for the company, says Mark Harris


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