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US auction over subscribed by $41bn

Yesterday’s US Federal Reserve short-term auction received over $91bn worth of bids by 76 institutions.

The central bank offered up $50bn to the market place as part of its ongoing effort to stave of further economic downturn by injecting liquidity into the market.

The awarded loans, settled on April 10, will mature May 8 and are subject to a rate of 2.82%.

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NR processors may face axe

Northern Rock staff processing further advances and remortgages could become victims of the bank’s redundancy programme, the bank’s former finance director claims.NR, which was nationalised in February, plans to reduce its 6,000-strong workforce by around 2,000 by 2011.Although an NR spokesman says it has not yet been decided which departments will be affected, Bob Bennett, […]

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Health Shield announces strong results

Health Shield, a corporate health cash plan provider, has announced that it has increased gross annual premium income to more than £25m in another year of strong organic growth.

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