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Book Synopsis The creation and sale of Northern Rock plc by : Great Britain: National Audit Office
Download or read book The creation and sale of Northern Rock plc written by Great Britain: National Audit Office and published by The Stationery Office. This book was released on 2012-05-18 with total page 48 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Treasury's decision in early 2009 to support mortgage lending by splitting Northern Rock in two was reasonable but based on a business plan prepared by Northern Rock management which events quickly showed to have been optimistic. The Treasury went ahead with the split without further detailed analysis. The alternative of selling the deposits and closing down the business was, however, unlikely to have been significantly better. Although targets were not met, lending by Northern Rock plc was over 20% of all mortgage lending during 2010 and 2011. The financial performance of the business was worse than planned, principally owing to the continuation of low interest rates. In 2011, UK Financial Investments (UKFI), a body owned by the Treasury, reviewed a full range of options for the future of Northern Rock plc. The NAO considers that UKFI's recommendation for an early sale was the best way to minimise the losses. The sales process went well and UKFI improved the overall offer from Virgin Money. The NAO expects the taxpayer to lose £480 million of its original £1.4 billion investment in Northern Rock plc. If account is taken of the likely value of Northern Rock assets remaining in public ownership, UKFI expects that the taxpayer will recover all of the cash provided. However there could be a net present cost for the taxpayer of some £2 billion by the time the assets are fully wound down. This net present cost should, however, be seen as part of the overall cost of securing the benefits of financial stability during the financial crisis.
Book Synopsis Geographic, Geologic, and Hydrologic Summaries of Intermontane Basins of the Northern Rocky Mountains, Montana by : Eloise Kendy
Download or read book Geographic, Geologic, and Hydrologic Summaries of Intermontane Basins of the Northern Rocky Mountains, Montana written by Eloise Kendy and published by . This book was released on 1996 with total page 260 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Northern Rock Art Tradition in Central Norway by : Kalle Sognnes
Download or read book The Northern Rock Art Tradition in Central Norway written by Kalle Sognnes and published by British Archaeological Reports Oxford Limited. This book was released on 2017 with total page 197 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book examines the Northern (Stone Age) rock art of centralNorway, which is dominated by images of marine and terrestrial motifs. Itfocuses on how these images were drawn and are classified, on the topographicallocation of the sites, on their dating and cultural context, and on the relationship between rock art andmaterial culture, and offers possible interpretations.
Book Synopsis Harvesting and Utilization Opportunities for Forest Residues in the Northern Rocky Mountains by :
Download or read book Harvesting and Utilization Opportunities for Forest Residues in the Northern Rocky Mountains written by and published by . This book was released on 1980 with total page 804 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author :Great Britain: Parliament: House of Commons: Treasury Committee Publisher :The Stationery Office ISBN 13 :9780215038388 Total Pages :188 pages Book Rating :4.0/5 (383 download)
Book Synopsis The run on the Rock by : Great Britain: Parliament: House of Commons: Treasury Committee
Download or read book The run on the Rock written by Great Britain: Parliament: House of Commons: Treasury Committee and published by The Stationery Office. This book was released on 2008-01-26 with total page 188 pages. Available in PDF, EPUB and Kindle. Book excerpt: This Treasury Committee report examines the first run on the retail deposits of a United Kingdom bank since Victorian Times and analyses the causes and the consequences of the run on Northern Rock and what lessons can be learned. The Committee states the following: that the directors of Northern Rock were the principal authors of the difficulties that the company faced since August 2007; that the directors had pursued a reckless business model which was excessively reliant on wholesale funding; that the Financial Services Authority systematically failed in its regulatory duty; that the Chancellor of the Exchequer was right to view Northern Rock as posing a systemic risk to the financial system and to authorise the Bank of England's support. The Committee sets out 83 conclusions and recommendations, including: a series of measures for handling failing banks in an orderly manner to insulate taxpayers and small depositors; that a relevant authority be given power to acquire information relating to individual financial institutions and take action in specified circumstances; also that a special resolution regime should be established for failing banks to enable smooth administration of the bank and that this is combined with arrangements ensuring insured deposits are safe and accessible; that a Deposit Protection Fund be set up, that will ensure easy release of funds under any scheme; that a new post of Deputy Governor of the Bank of England and Head of Financial Stability should be created, with responsibility for handling failing banks and the proposed Deposit Protection Fund.
Book Synopsis Exploring the Northern Rocky Mountains by : Colin Arthur Shaw
Download or read book Exploring the Northern Rocky Mountains written by Colin Arthur Shaw and published by Geological Society of America. This book was released on 2014-05-01 with total page 214 pages. Available in PDF, EPUB and Kindle. Book excerpt: "The field trips in this guidebook are associated with the GSA Rocky Mountain-Cordilleran Joint Section Meeting, which will take place in Bozeman, Montana, in May 2014"--
Book Synopsis Pre-budget Report 2008 by : Great Britain. Treasury
Download or read book Pre-budget Report 2008 written by Great Britain. Treasury and published by The Stationery Office. This book was released on 2008 with total page 244 pages. Available in PDF, EPUB and Kindle. Book excerpt: The 2008 Pre-Budget Report presents updated assessments and forecasts of the economy and public finances, and reports on how in the face of major global economic shocks the Government intends to support the economy, businesses and households through these uncertain times while delivering its long-term goals. Measures announced include: temporarily reducing the Value Added Tax (VAT) rate to 15 per cent from1 December 2008 to 31 December 2009; bringing forward £3 billion of capital spending from 2010-11 including introducing a green stimulus supporting low carbon growth and jobs; introducing a new additional higher rate of income tax of 45 per cent for those with incomes above £150,000 from April 2011; increasing national insurance contributions by 0.5 per cent from April 2011; increasing alcohol and tobacco duties; a two pence per litre increase in fuel duty from 1 December). Immediate action to help those individuals and businesses most affected by the economic downturn include: increases in the income tax personal allowance; bringing forward the increase in Child Benefit; increases of the Child Tax Credit and a payment of £60 to all pensioners; help through mortgage rescue and Support for Mortgage Interest schemes for eligible homeowners in difficulty and a commitment from major mortgage lenders not to initiate repossession action within at least three months of an owner-occupier going into arrears; an additional £1.3 billion to support for the unemployed to find a new job; measures to help small and medium-sized enterprises facing credit constraints; a new HMRC Business Payment Support Service to allow businesses in temporary financial difficulty to pay their HMRC tax bills on a timetable they can afford; and more generous tax relief for businesses now making losses and the modification of a number of planned tax reforms, including vehicle excise duty, air passenger duty, and the deferral of the increase in the small companies' rate of corporation tax.
Author :Great Britain. Parliament. House of Commons. Treasury Committee Publisher :The Stationery Office ISBN 13 :9780215529909 Total Pages :136 pages Book Rating :4.5/5 (299 download)
Book Synopsis Banking Crisis by : Great Britain. Parliament. House of Commons. Treasury Committee
Download or read book Banking Crisis written by Great Britain. Parliament. House of Commons. Treasury Committee and published by The Stationery Office. This book was released on 2009 with total page 136 pages. Available in PDF, EPUB and Kindle. Book excerpt: This report examines the failure of the UK banks. The Committee begins by examining how the present position came about. After looking at the economic situation the report addresses the fate of those banks now partly or wholly owned by the Government, comparing their experiences with those of the building societies. This analysis identifies several key factors as triggering this crisis. First, the growth of risk and complexity, with a concomitant growth in profit, meant that too few people (including many of those in charge) had a clear idea of what was on the banks' books. Second, the banking sector became over-reliant on wholesale funding and discounted any possibility that the wholesale market would dry up; third, rapid growth in the sector was facilitated by increased leverage. The Committee praises the response of the Financial Services Compensation Scheme which had to cope with a dramatic surge in its workload to help compensate those savers in failing institutions. The package of measures the Government has taken to address the problems in the banking sector is then examined and the Committee offers its initial view on these measures. The Government's multi-billion pound stake in the banking sector is being managed by UK Financial Investments Limited (UKFI) and the next section looks at its early work. Finally the report looks at the future of the banking sector, to see if structurally steps can be taken to limit the possibility of another banking crisis.
Book Synopsis Financial Crisis of 2008 in Fixed Income Markets by : Gerald P. Dwyer
Download or read book Financial Crisis of 2008 in Fixed Income Markets written by Gerald P. Dwyer and published by DIANE Publishing. This book was released on 2010-08 with total page 52 pages. Available in PDF, EPUB and Kindle. Book excerpt: Explores how a relatively small amount of heterogeneous securities created turmoil in financial markets in much of the world in 2007 and 2008. The drivers of the financial turmoil and the financial crisis of 2008 were heterogeneous securities that were hard to value. These securities created concerns about counterparty risk and ultimately created substantial uncertainty. The problems spread in ways that were hard to see in advance. The run on prime money market funds in September 2008 and the effects on commercial paper were an important aspect of the crisis itself and are discussed in some detail. Charts and tables.
Book Synopsis The Global Financial Crisis by : Tony Ciro
Download or read book The Global Financial Crisis written by Tony Ciro and published by Routledge. This book was released on 2016-03-16 with total page 267 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book offers commentary and analysis on the catastrophic events which have recently confronted the international economy in the modern era and contrasts the current situation with other financial crises. It includes case studies on Lehman Brothers in the US, Babcock & Brown in Australia, and Northern Rock in the UK. Asking many pertinent questions about the causes of the crisis and its effects, the book explores fundamental themes such as: asset bubbles and speculation in the financial and non-financial markets, systemic risks and the role of regulation, and regulators. It also reviews the response of international institutions such as the IMF, the World Bank, the US Federal Reserve, the EU Central Bank and the G20. The book assesses the triggers of the crisis and evaluates rescue packages and policy responses as well as suggesting reform of regulatory and supervisory frameworks to maintain banking and modern financial systems in the future.
Book Synopsis Competition Law in Crisis by : Bruce Wardhaugh
Download or read book Competition Law in Crisis written by Bruce Wardhaugh and published by Cambridge University Press. This book was released on 2022-08-18 with total page 293 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book examines the application of EU competition law to past, present, and future economic crises.
Book Synopsis Framing the Global Economic Downturn by : Paul 't Hart
Download or read book Framing the Global Economic Downturn written by Paul 't Hart and published by ANU E Press. This book was released on 2009-09-01 with total page 362 pages. Available in PDF, EPUB and Kindle. Book excerpt: The global economic downturn that followed the collapse of major US financial institutions is no doubt the most significant crisis of our times. Its effects on corporate and governmental balance sheets have been devastating, as have been its impacts on the employment and well being of tens of millions of citizens. It continues to pose major challenges to national policymakers and institutions around the world. Managing public uncertainty and anxiety is vital in coping with financial crises. This requires not just prompt action but, most of all, persuasive communication by government leaders. At the same time, the very occurrence of such crises raises acute questions about the effectiveness and robustness of current government policies and institutions. With the stakes being so high, defining and interpreting what is going on, how and why it happened, and what ought to be done now become key questions in the political and policy struggles that crises invariably unleash. In this volume, we study how heads of government, finance ministers and national bank governors in eight countries as well as the EU engage in such 'framing contests', and how their attempts to interpret the cascading events of the economic downturn were publicly received. Using systematic content analysis of speeches and media coverage, this volume offers a unique comparative assessment of public leadership in times of crisis.
Book Synopsis The Gods that Failed by : Larry Eliott
Download or read book The Gods that Failed written by Larry Eliott and published by Bold Type Books. This book was released on 2009-02-03 with total page 298 pages. Available in PDF, EPUB and Kindle. Book excerpt: Over the past three decades, governments have ceded economic control to a new elite of free-market operatives and their colleagues in national and international institutions like the IMF, the World Bank, and the World Trade Organization. They promised economic stability but have delivered chaos. Their speculation has left the global economy more vulnerable to a financial collapse than any time since 1929. Two leading financial journalists dissect this financial elite, tracing their origins to a secretive gathering of free-market economists in 1947, and propose a series of far-reaching reforms that can save us from a new depression.
Book Synopsis Blogs from the Blackstuff by : David Bailey
Download or read book Blogs from the Blackstuff written by David Bailey and published by Lulu.com. This book was released on 2010-03-23 with total page 367 pages. Available in PDF, EPUB and Kindle. Book excerpt: The online blogs of Professor David Bailey of Coventry University Business School and John Clancy, Visiting Lecturer at the University of Birmingham Business School, have been provocative and lively part of the Birmingham Post website for some time. Here is the first volume of their blogs from 2008-2010.
Book Synopsis Macroeconomics and the Financial System by : N. Gregory Mankiw
Download or read book Macroeconomics and the Financial System written by N. Gregory Mankiw and published by Macmillan. This book was released on 2011 with total page 642 pages. Available in PDF, EPUB and Kindle. Book excerpt: Watch this video interview with Greg Mankiw and Larry Ball discussing the future of the intermediate macroeconomics course and their new text. Check out preview content for Macroeconomics and the Financial System here. The financial crisis and subsequent economic downturn of 2008 and 2009 was a dramatic reminder of what economists have long understood: developments in the overall economy and developments in the financial system are inextricably intertwined. Derived and updated from two widely acclaimed textbooks (Greg Mankiw’s Macroeconomics, Seventh Edition and Larry Ball’s Money, Banking, and the Financial System), this groundbreaking text is the first and only intermediate macroeconomics text that provides substantial coverage of the financial system.
Download or read book Fishery Bulletin written by and published by . This book was released on 2001 with total page 176 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Economics for Investment Decision Makers by : Christopher D. Piros
Download or read book Economics for Investment Decision Makers written by Christopher D. Piros and published by John Wiley & Sons. This book was released on 2013-03-07 with total page 803 pages. Available in PDF, EPUB and Kindle. Book excerpt: The economics background investors need to interpret global economic news distilled to the essential elements: A tool of choice for investment decision-makers. Written by a distinguished academics and practitioners selected and guided by CFA Institute, the world’s largest association of finance professionals, Economics for Investment Decision Makers is unique in presenting microeconomics and macroeconomics with relevance to investors and investment analysts constantly in mind. The selection of fundamental topics is comprehensive, while coverage of topics such as international trade, foreign exchange markets, and currency exchange rate forecasting reflects global perspectives of pressing investor importance. Concise, plain-English introduction useful to investors and investment analysts Relevant to security analysis, industry analysis, country analysis, portfolio management, and capital market strategy Understand economic news and what it means All concepts defined and simply explained, no prior background in economics assumed Abundant examples and illustrations Global markets perspective
