Read Books Online and Download eBooks, EPub, PDF, Mobi, Kindle, Text Full Free.
The Creation And Sale Of Northern Rock Plc
Download The Creation And Sale Of Northern Rock Plc full books in PDF, epub, and Kindle. Read online The Creation And Sale Of Northern Rock Plc ebook anywhere anytime directly on your device. Fast Download speed and no annoying ads. We cannot guarantee that every ebooks is available!
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.
Author :Great Britain: Parliament: House of Commons: Committee of Public Accounts Publisher :The Stationery Office ISBN 13 :9780215055323 Total Pages :58 pages Book Rating :4.0/5 (553 download)
Book Synopsis Department of Health by : Great Britain: Parliament: House of Commons: Committee of Public Accounts
Download or read book Department of Health written by Great Britain: Parliament: House of Commons: Committee of Public Accounts and published by The Stationery Office. This book was released on 2013-03-22 with total page 58 pages. Available in PDF, EPUB and Kindle. Book excerpt: The NHS has achieved its financial savings target, but this has in large part come from freezing wages and there is concern that other savings are being achieved by rationing patients' access to certain treatments. These include cataract surgery and hip and knee replacements. These procedures are described as being 'of low clinical value' but they can make a real difference to a patient's quality of life. Furthermore, the finances of some trusts are fragile, and there is a risk they may resort to simple cost-cutting rather than finding genuine efficiency savings. The NHS must fundamentally change the way that healthcare is provided to secure the level of savings needed in the future, for example by moving services out of hospitals and into the community. The Committee is not satisfied that the Department and the NHS Commissioning Board is doing enough to help the NHS transform services. Local people are understandably resistant when proposals are made to close their local hospital or reduce the range of services it provides. It is down to the Department to make a clear case for change from the patient's point of view, demonstrating the benefits in terms of the quality and safety of care as well as cost savings. Although the Department reported that the NHS made savings in 2011-12 of £5.8 billion, virtually all of that year's forecast of £5.9 billion, that data is not fully reliable. Only 60% of the savings it claimed to have made during 2011-12 could be substantiated using national data
Author :Great Britain: Parliament: House of Commons: Committee of Public Accounts Publisher :The Stationery Office ISBN 13 :9780215054531 Total Pages :40 pages Book Rating :4.0/5 (545 download)
Book Synopsis Restructuring of the National Offender Management Service by : Great Britain: Parliament: House of Commons: Committee of Public Accounts
Download or read book Restructuring of the National Offender Management Service written by Great Britain: Parliament: House of Commons: Committee of Public Accounts and published by The Stationery Office. This book was released on 2013-03-05 with total page 40 pages. Available in PDF, EPUB and Kindle. Book excerpt: The National Offender Management Service directly manages 117 public prisons, manages the contracts of 14 private prisons, and is responsible for a prisoner population of around 86,000. It commissions and funds services from 35 probation trusts, which oversee approximately 165,000 offenders serving community sentences. For 2012-13, the Agency's budget is £3,401 million. The Agency achieved its savings targets of £230 million in 2011-12 and maintained its overall performance, despite an increase in the prison population. However, the Agency's savings targets of £246 million in 2012-13, £262 million in 2013-14 and £145 million in 2014-15 are challenging. The Agency believes it has scope to make the prison estate more efficient by closing older, more expensive prisons and investing in new ones. These plans, however, assume the prison population will stay at its current level. Furthermore, the Agency has not yet secured the up-front funding for the voluntary redundancies needed to bring down prison staffing costs. Unless overcrowding is addressed and staff continue to carry out offender management work it is increasingly likely that rehabilitation work needed to reduce the risk of prisoners reoffending will not be provided. The Agency has not done enough to address the risks to safety, decency and standards in prisons and in community services arising from staffing cuts implemented to meet financial targets. The Agency plans to increase the role of private firms and the third sector in probation but the probation trusts don't appear to have the infrastructure and skills they need to commission probation services from these providers effectively
Author :Great Britain: Parliament: House of Commons: Committee of Public Accounts Publisher :The Stationery Office ISBN 13 :9780215053237 Total Pages :46 pages Book Rating :4.0/5 (532 download)
Book Synopsis Nuclear Decommissioning Authority by : Great Britain: Parliament: House of Commons: Committee of Public Accounts
Download or read book Nuclear Decommissioning Authority written by Great Britain: Parliament: House of Commons: Committee of Public Accounts and published by The Stationery Office. This book was released on 2013-02-04 with total page 46 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Nuclear Decommissioning Authority (the Authority) was set up in 2005 with the specific remit to tackle the UK's nuclear legacy. Sellafield is run for the Authority by Sellafield Limited. In November 2008, the Authority contracted with an international consortium-Nuclear Management Partners Limited-to improve Sellafield Limited's management of the site, including the development of an improved lifetime plan. Over several decades, successive governments have been guilty of failing to tackle issues on the site. Deadlines for cleaning up Sellafield have been missed, while total lifetime costs for decommissioning the site continue to rise each year and now stand at £67.5 billion. The Authority believes it now has a credible plan for decommissioning Sellafield and expects Sellafield Limited to start retrieving hazardous waste currently held in legacy facilities in 2015. Nonetheless, given the track record on the site and given that only 2 of the 14 major projects were being delivered on or ahead of schedule in 2011-12, the Committee is not yet convinced that this date will be met or that sufficient progress is being made. Basic project management failings continue to cause delays and increase costs, while doubts remain over the robustness of the plan, in particular whether the Authority is progressing the development of the geological disposal facility as quickly as possible. Nor is the Committee convinced that taxpayers are getting a good deal from the Authority's arrangement with Nuclear Management Partners. And taxpayers currently bear the financial risks of delays and cost increases.
Author :Great Britain: Parliament: House of Commons: Committee of Public Accounts Publisher :The Stationery Office ISBN 13 :9780215056818 Total Pages :56 pages Book Rating :4.0/5 (568 download)
Book Synopsis The London 2012 Olympic Games and Paralympic Games by : Great Britain: Parliament: House of Commons: Committee of Public Accounts
Download or read book The London 2012 Olympic Games and Paralympic Games written by Great Britain: Parliament: House of Commons: Committee of Public Accounts and published by The Stationery Office. This book was released on 2013-04-19 with total page 56 pages. Available in PDF, EPUB and Kindle. Book excerpt: The success of the London 2012 Games demonstrates that it is possible for government departments to work together and with other bodies effectively to deliver complex programmes. The £9.298 billion Public Sector Funding Package for the Games is set to be underspent. The Department is also committed to reflect on what more it can do to present costs in a way that goes further and brings out those costs associated with the Games and the legacy that are not covered by the Funding Package. The notable blemish on planning for the Games was venue security. Also, during the Games a large number of accredited seats went unused at events for which the public demand for tickets could not be met. International sports bodies and media organisations wield a lot of power but demands should be challenged. It is now up to the London Legacy Development Corporation to attract investment in the Olympic Park and generate the promised returns to funders. There is concern that the lottery good causes do not have any clear influence over decisions about future sales, despite these decisions directly affecting how much will be available to them and when. On the wider legacy, we look to the Cabinet Office to provide strong leadership to ensure delivery of the longer term benefits. The Government also needs to do all it can to learn and disseminate lessons and to encourage volunteering opportunities both within sport and beyond
Author :Great Britain: Parliament: House of Commons: Committee of Public Accounts Publisher :The Stationery Office ISBN 13 :9780215055231 Total Pages :36 pages Book Rating :4.0/5 (552 download)
Book Synopsis HMRC by : Great Britain: Parliament: House of Commons: Committee of Public Accounts
Download or read book HMRC written by Great Britain: Parliament: House of Commons: Committee of Public Accounts and published by The Stationery Office. This book was released on 2013-03-18 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt: In 2011-12, 20 million phone calls to HMRC were not answered. It cost the callers £136 million while they waited to speak to an adviser. And, against its target of responding to 80% of letters within 15 days, the department managed to reply to just 66%. Officials are beginning to realize that good customer service lies at the heart of any strategy to maximize revenues while cutting costs. Callers will no longer be forced to use the more expensive 0845 numbers. Other planned changes include the resolution of more queries first time and a call-back service where this is not possible. However, HMRC's new target of answering 80% of calls within five minutes is still woefully short of the industry standard of answering 80% of calls within 20 seconds. Just how the department is going to improve standards of customer service, given the prospect of its having fewer staff and receiving a higher volume of calls, is open to question. HMRC plans to cut the number of customer-facing staff by a third by 2015. At the same time, the stresses associated with introducing the Real Time Information System, Universal Credit and changes to child benefit are likely to drive up the number of phone calls to the department. HMRC is also to close all of its 281 enquiry centres which give face-to-face advice to customers. HMRC considers that it will be able to improve service standards by using its staff more flexibly. It may need to put in additional resources, though, to avoid the kind of plummeting performance we have seen in the past
Author :Great Britain: Parliament: House of Commons: Committee of Public Accounts Publisher :The Stationery Office ISBN 13 :9780215053435 Total Pages :42 pages Book Rating :4.0/5 (534 download)
Book Synopsis The Department for International Development by : Great Britain: Parliament: House of Commons: Committee of Public Accounts
Download or read book The Department for International Development written by Great Britain: Parliament: House of Commons: Committee of Public Accounts and published by The Stationery Office. This book was released on 2013-02-11 with total page 42 pages. Available in PDF, EPUB and Kindle. Book excerpt: Multilateral organisations can play a very valuable role in development; they often work in politically sensitive areas, can offer economies of scale, broker international agreements and set international standards. The Department for International Development (the Department) funds a range of these organisations to deliver its objectives. It spends almost half of its total aid budget on core funding for multilateral organisations, amounting to £3.6 billion in 2011-12. The Department published a Multilateral Aid Review (the Review) in March 2011, which assessed the value for money of 43 multilateral organisations in achieving departmental objectives. Refinements to the Review process will allow the Department to build on its successes and improve the effectiveness of future Reviews. These include pressing multilateral organisations for better data on costs and results, better assessment of gaps and duplication in their activities, and strengthening the link between a multilateral organisation's performance and the Department's funding. Collaborating with other countries on reform programmes and sharing assessments will help the Department to maximise the impact of the Review process and minimise the administrative burdens on multilateral organisations. The Department's overall budget for international aid will increase by 27% in real terms between 2010-11 and 2014-15. Public confidence in the value of UK aid depends on the Department demonstrating that the funds are well spent. Better comparisons between the cost-effectiveness of bilateral aid and multilateral aid will allow the Department to determine which approach is best placed to deliver its outcomes.
Author :Great Britain: Parliament: House of Commons: Committee of Public Accounts Publisher :The Stationery Office ISBN 13 :9780215055385 Total Pages :48 pages Book Rating :4.0/5 (553 download)
Book Synopsis Department for Work and Pensions by : Great Britain: Parliament: House of Commons: Committee of Public Accounts
Download or read book Department for Work and Pensions written by Great Britain: Parliament: House of Commons: Committee of Public Accounts and published by The Stationery Office. This book was released on 2013-03-26 with total page 48 pages. Available in PDF, EPUB and Kindle. Book excerpt: Housing Benefit helps those on a low income in social or private housing to pay all or part of their rent, and supported some five million households in Great Britain in 2011-12 at a cost of £23.4 billion. Reforms aim to reduce annual expenditure by £6.2 billion by the end of 2014-15. The changes are being introduced without comprehensive modelling of the likely outcome on individuals or on housing supply and with limited understanding of the costs local authorities will incur. Those individuals who receive Housing Benefit are by definition on low incomes and even small reductions in entitlement can have a significant impact on their finances. The reforms are expected cut benefits for two million households. The impact of these reforms on claimants' finances may be compounded by other changes to the welfare system. The Department cannot model the impacts of the reforms as they depend on the actions claimants take in response to changes in their individual circumstances. Instead the Department plans to adopt a reactive approach, changing rules as problems arise. Claimants need to understand now how their benefit payments will change and what options they have to minimise the impact on their finances, for example, by taking in a lodger. Strong efforts must be made by the Department, local authorities and Social Housing organisations to inform claimants about the reforms; however, to date the evidence suggests that they have not been effective. Aldo, the Department has failed to take into account the administrative costs of implementing the reforms.
Author :Great Britain: Parliament: House of Commons: Committee of Public Accounts Publisher :The Stationery Office ISBN 13 :9780215055620 Total Pages :44 pages Book Rating :4.0/5 (556 download)
Book Synopsis HM Treasury by : Great Britain: Parliament: House of Commons: Committee of Public Accounts
Download or read book HM Treasury written by Great Britain: Parliament: House of Commons: Committee of Public Accounts and published by The Stationery Office. This book was released on 2013-04-11 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Whole of Government Accounts (WGA) provides the most complete picture available of government's total finances. This is the second WGA and the first to have comparative data from the previous year.The WGA shows that the annual deficit was £94.4 billion in 2010-11, a reduction of £68.3 billion from the £162.7 billion deficit in 2009-10. However, the 2010-11 accounts include a gain of £126 billion from an assumed reduction in the public sector pension liability as a result of the Government's decision to change the measure of inflation used to uprate payments to pensioners from the Retail Price Index to the Consumer Price Index with effect from 1 April 2011. Without this change, the deficit for 2010-11 would have been £220.4 billion.The WGA has potential to help the Treasury to manage the public finances more effectively but that it does not have a clear plan to realise that potential or improve the quality and timeliness of the WGA to improve its usefulness.More needs to be done to make the accounts easier to understand. Also information sufficient for a detailed analysis by region or by category of spend would make the WGA more useful. The 2010-11 WGA includes the Bank of England for the first time, but it still does not include all bodies owned and controlled by government, leading to an accountability gap. The Treasury could not provide a convincing explanation for the on-going exclusion of organisations such as the Royal Bank of Scotland, Lloyds Banking Group and Network Rail from the WGA which, under normal accounting rules, should be included.
Author :Great Britain: Parliament: House of Commons: Committee of Public Accounts Publisher :The Stationery Office ISBN 13 :9780215056917 Total Pages :56 pages Book Rating :4.0/5 (569 download)
Book Synopsis Department for Education by : Great Britain: Parliament: House of Commons: Committee of Public Accounts
Download or read book Department for Education written by Great Britain: Parliament: House of Commons: Committee of Public Accounts and published by The Stationery Office. This book was released on 2013-04-23 with total page 56 pages. Available in PDF, EPUB and Kindle. Book excerpt: Academies are funded directly by central government, directly accountable to the Department for Education, and outside local authority control. They have greater financial freedoms than maintained schools. By September 2012 the number of open academies had increased tenfold, from 203 to 2,309. Academies are the Department's chosen vehicle for school reform, but increasing schools' autonomy and removing them from local authority control gives the Department responsibility for ensuring value for money. The Department has incurred significant costs from the complex and inefficient system it has used for funding the Academies Programme and its oversight of academies has had to play catch-up with the rapid growth in academy numbers. In the two years from April 2010 to March 2012, the Department spent £8.3 billion on Academies; £1 billion of this was an additional cost to the Department not originally budgeted for this purpose, some of which was not recovered from local authorities. The Department must improve the efficiency of its funding mechanisms and stop the growth in other costs. Furthermore, the Department has yet to establish effective school-level financial accountability for academies operating within chains. What will determine whether the Department ultimately achieves value for money is academies' impact on educational performance relative to the investment from the taxpayer. If the Department is to be held properly to account for its spending on academies, it must insist that every Academy Trust provides it with data showing school-level expenditure, including per-pupil costs, and with a level of detail comparable to that available for maintained schools.
Book Synopsis Financial Stability and Prudential Regulation by : Alison Lui
Download or read book Financial Stability and Prudential Regulation written by Alison Lui and published by Routledge. This book was released on 2016-10-04 with total page 222 pages. Available in PDF, EPUB and Kindle. Book excerpt: Financial stability is one of the key tenets of a central bank’s functions. Since the financial crisis of 2007-2009, an area of hot debate is the extent to which the central bank should be involved with prudential regulation. This book examines the macro and micro-prudential regulatory frameworks and systems of the United Kingdom, Australia, the United States, Canada and Germany. Drawing on the regulator frameworks of these regions, this book examines the central banks’ roles of crisis management, resolution and prudential regulation. Alison Lui compares the institutional structure of the new ‘twin-peaks’ model in the UK to the Australian model, and the multi-regulatory US model and the single regulatory Canadian model. The book also discusses the extent the central bank in these countries, as well as the ECB, are involved with financial stability, and argues that the institutional architecture and geographical closeness of the Bank of England and Financial Policy Committee give rise to the fear that the UK central bank may become another single super-regulator, which may provide the Bank of England with too much power. As a multi-regional, comparative study on the importance and effectiveness of prudential regulation, this book will be of great use and interest to students and researchers in finance and bank law, economics and banking.
Book Synopsis The Economic Constitution by : Tony Prosser
Download or read book The Economic Constitution written by Tony Prosser and published by OUP Oxford. This book was released on 2014-03-13 with total page 1187 pages. Available in PDF, EPUB and Kindle. Book excerpt: There has been little analysis of the constitutional framework for management of the UK economy, either in constitutional law or regulatory studies. This is in contrast to many other countries where the concept of an 'economic constitution' is well established, as it is in the law of the European Union. Given the extensive role of the state in attempting to resolve recent financial crises in the UK and elsewhere in Europe, it is particularly important to develop such an analysis. This book sets out different meanings of an economic constitution, and applies them to key areas of economic management, including taxation and public borrowing, the management of public spending, (including the Spending Review), monetary policy, financial services regulation, industrial policy (including state shareholdings) and government contracting. It analyses the key institutions involved such as the Treasury and the Bank of England, also including a number of less well-known bodies such as the Office for Budget Responsibility. There is also coverage of the international context in which these institutions operate especially the European Union and the World Trade Organisation. It thus provides an account of the public law applying to economic management in the UK. This book also adopts a critical approach, assessing the degree to which there is coherence in the arrangements for economic management, the degree to which economic policy-making is constrained by constitutional norms, and the degree to which economic management is subject to deliberation and accountability through Parliament, the courts and other institutions.
Book Synopsis Banking in Crisis by : John D. Turner
Download or read book Banking in Crisis written by John D. Turner and published by Cambridge University Press. This book was released on 2014-07-10 with total page 267 pages. Available in PDF, EPUB and Kindle. Book excerpt: A full account of the rise and fall of British banking stability which sheds new light on why banking systems crash.
Book Synopsis The Failure of Northern Rock by : Franco Bruni
Download or read book The Failure of Northern Rock written by Franco Bruni and published by . This book was released on 2009 with total page 217 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author :International Monetary Fund. Monetary and Capital Markets Department Publisher :International Monetary Fund ISBN 13 :1498303471 Total Pages :292 pages Book Rating :4.4/5 (983 download)
Book Synopsis United Kingdom by : International Monetary Fund. Monetary and Capital Markets Department
Download or read book United Kingdom written by International Monetary Fund. Monetary and Capital Markets Department and published by International Monetary Fund. This book was released on 2016-06-16 with total page 292 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper provides detailed assessment of observance on the Basel Core Principles for Effective Banking Supervision. The current assessment took place during a period of continuing development and transition. It is based on the assessors’ understanding of the current state of the supervisory approach, but also incorporates, where relevant, the available information about changes expected in the near future. Stress testing has become a critical supervisory tool that encourages firms and supervisors to adopt a more forward-looking view on the strength of their balance sheets and resilience to shocks. The emphasis on stress testing has encouraged firms to strengthen their internal analytical and risk-management capabilities.
Book Synopsis A new approach to financial regulation by : Great Britain. Treasury
Download or read book A new approach to financial regulation written by Great Britain. Treasury and published by The Stationery Office. This book was released on 2012-01-27 with total page 126 pages. Available in PDF, EPUB and Kindle. Book excerpt: This document accompanies the introduction into Parliament of the Financial Services Bill (HC Bill 278, session 2010-12, ISBN 9780215039545 and Explanatory notes Bill 278-EN, ISBN 9780215039132) and explains the Government's final proposals to reform the failed system of financial services regulation. These proposals follow on from extensive consultation, and a draft of the Bill was subject to pre-legislative scrutiny by a Joint Committee (report published as HL Paper 236/HC 1447, ISBN 9780108474064). This document details the main changes the Government is making to the Bill. Chapters cover: Bank of England and Financial Policy Committee; Prudential Regulation Authority; Financial Conduct Authority; regulatory processes and coordination; European and international regulation. Annexes include the Government's responses to the Joint Committee and to the Treasury Committee's inquiries into financial services regulation. The core proposals are: to establish a strong and expert macro-prudential authority, the Financial Policy Committee within the Bank of England to monitor and respond to systemic risks; to transfer responsibility for micro-prudential management of firms that manage complex risks on their balance sheets to a focused new regulator, the Prudential Regulatory Authority; and to provide for a focused new conduct of business regulator, the Financial Conduct Authority, to ensure that business across financial services and markets is conducted in a way that advances the interests of all users and participants. In any future crisis it will be clear that the Chancellor of the Exchequer is in charge. Regulation of consumer credit will be brought within the remit of the Financial Conduct Authority.
Book Synopsis Stewardship of the wholly owned banks by : Great Britain: National Audit Office
Download or read book Stewardship of the wholly owned banks written by Great Britain: National Audit Office and published by The Stationery Office. This book was released on 2011-03-18 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt: The buy-back by taxpayer-owned banks, Northern Rock (Asset Management) and Bradford & Bingley, of £2.4 billion of their subordinated debt over the course of 2010 saved the taxpayer an estimated £1.5 billion at present value. Subordinated debt is debt that ranks after other loans in terms of pay-out in the event of liquidation. These buy-backs have taken place against the background of the Treasury's approach of ensuring the banks are able to wind down in an orderly way. To achieve this, the Treasury has had to provide subsidized loans to the banks and various guarantees and assurances. This approach protects all the creditors of the banks including the holders of subordinated debt who in the event of insolvency might lose everything. It was originally assumed subordinated debt holders would absorb losses in times of difficulty, and they were paid a correspondingly high interest rate. In the event, taxpayers are actually paying to support the banks and are taking on the risk that should have fallen to investors. UK Financial Investments, the arm's-length body of the Treasury, helped to ensure the buy-backs were well-executed and the pricing, between 25 and 57 pence to the pound, maximized value for the taxpayer while encouraging the holders to sell. However, holders of £619 million did not accept the offer to buy back the debt and £825 million was not included in the offer. This debt remains expensive and the Treasury should continue to explore ways of eliminating this debt at minimal cost.
