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A&L approved to issue covered bonds

Alliance & Leicester has been approved to issue up to around £8bn in covered bonds.

The bank has never had a covered bond programme before but has for years expressed interest in developing one as an investment tool.

A spokesman from A&L says: “We’ve always felt the covered bonds market could provide flexibility and now have a programme in place to take advantage of it.”


Nick Baxter

Reducing numbers of products an opportunity A recent open letter to intermediaries from a few distributors requested them to lay off lenders for making product adjustments at short notice. Although some intermediaries will not have welcomed the public lecture, particularly from those who might have been their business partners, no one can fault the sentiment. […]

Going green in UAE

The world’s first zero-carbon city is being built near Abu Dhabi in the United Arab Emirates.Masdar City has a development budget of US$22bn and is expected to be completed in 2016.It is a project of the World Wild-life Fund’s One Planet Living programme, aimed at proving it is possible to build in a green way […]

FSA sets up team to fix NR failings

The Financial Services Authority has appointed a nine-strong team to implement the recommendations made by a damning report into the Northern Rock crisis.The internal report revealed several failings in the regulator’s dealings with NR including a failure to adequately monitor the lender.The team will be headed by Mandy Spink, head of supervision for small firms […]

Cutting fees would be short-sighted

It would be unwise for lenders to cut brokers’ proc fees because they would find alternative ways of drumming up business considerably more expensive, says Mark Harris


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