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BBA: Resistance to Basel rules disappointing, says MP

It is disappointing to hear mutterings of discontent on the implementation of Basel rules, says Mark Hoban MP, financial secretary to the Treasury.

Speaking at the British Bankers’ Association today, he says the economy may still be struggling but that is no reason to shy away from reform.

Hoban says: “Basel will help secure better stability for the financial system. Banks need to be better capitalised both in terms of quality and quantity in order to better absorb any losses in the future.”
       
       

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FirstBuy launches to help first-time buyers

Housing minister Grant Shapps launched the government’s FirstBuy scheme last week. Under the initiative, the government and house builders offer first-time buyers a 20% equity loan with a 5% deposit needed from the borrower. Halifax, Nationwide, Barclays and Melton Mowbray Building Society have agreed to provide the remaining 75% LTV mortgage.

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