Saturday 24 February 2018

Banks reject reports of soft 'stress tests'

FINANCE SAVINGS BANKING OIL AVIATION BONDS

European banking regulators yesterday attempted to downplay reports that some of the new "stress tests" on banks due later this year would be less strict than those in 2010. 'The Financial Times' reported that the European Banking Authority would soften parts of the tests.

Building society's new flexible bond

LEEDS Building Society has launched a new market-leading five-year fixed-rate flexible bond paying 22.34pc gross or 4.05pc on an annualised basis. Savers can access up to 25pc of the initial amount invested without notice or penalty. The British building society has also launched fixed-rate flexible bonds paying 11.34pc.

Saturday opening a big success for bank

ULSTER Bank said Saturday opening has been a major success with almost 60,000 customers visiting the 45 Saturday branches last year. The opening hours helped attract 115,000 new current account holders to Ulster Bank in 2010.

Providence plan prompts upgrade

PROVIDENCE Resources has been upgraded by First Energy Capital in London on the back of the company's plans for an eight-well drilling programme and the Barryroe discovery off the British south coast. First Energy has upped its target price for Providence to £7 from £5.70.

Return to profit as airplane orders rise

European aerospace and defence giant EADS has reported a return to profit in 2010 as airplane orders picked up following the global downturn. Net profit at the group came in at €553m compared with a loss of €763m in 2009. Group revenues rose by 7pc.

Gross eliminates state-related debt

Bill Gross, who runs the world's biggest bond fund at Pimco, has eliminated government-related debt from his flagship fund. Pimco's $237bn (€170bn) Total Return Fund last held zero government-related debt in January 2009.

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