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....Despite concerns about Brexit and the economy, house prices have continued to increase, though at a slower pace than in recent years. The market has been supported by a lack of supply and ultra-low interest rates, though the Bank of England has warned lenders about loose mortgage lending. ... [Read full article on Guardian ]
Monday 21st of August 2017 05:01:02 AM
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Latest Finance News related to Low Interest Rate

House prices: Northants leads Midlands 'mini-boom', says Rightmove image
Source : Guardian [Read Article] Monday 21st of August 2017 05:01:02 AM
....Despite concerns about Brexit and the economy, house prices have continued to increase, though at a slower pace than in recent years. The market has been supported by a lack of supply and ultra-low interest rates, though the Bank of England has warned lenders about loose mortgage lending. ...
How Trump v Kim can wreck the world economy without a shot being fired | Larry Elliott image
....For a start, the world has never really recovered from the last crisis. Growth rates have been weak and have only been possible because years of low interest rates and quantitative easing have encouraged consumers and businesses to rack up large amounts of debt. ...
How the crash discredited the Anglo-US democratic model | Will Hutton image
Source : Guardian [Read Article] Saturday 12th of August 2017 11:05:01 PM
.... The de facto bankruptcy of two banks – RBS and HBOS – and the impact on the rest of the system was to begin a credit crunch that triggered the longest and deepest recession since the 1930s. The recovery has been the shallowest, notwithstanding record low interest rates. ...
Have we gone too far in vilifying landlords? | Patrick Collinson image
Source : Guardian [Read Article] Saturday 12th of August 2017 06:00:37 AM
....Around the same time, banks were loosening their lending criteria, offering multiple jumbo-sized loans, sometimes with little verification of the borrowers, and interest-only deals to keep repayments cheap. Add to the mix a reduction in social housing, low levels of private home construction, a loss of confidence in personal pensions, low interest rates and the huge increase in net inward migration after 1997, and you get near-perfect conditions for an explosion in the private rented sector. ...
Living costs rising twice as fast as inflation, new figures reveal image
Source : Daily Express [Read Article] Wednesday 9th of August 2017 10:50:00 AM
....6 per cent in the year to June. Rising house prices are forcing people to take larger mortgages and pushing up costs despite low interest rates, while rents are also rising. ...
We let the 2007 financial crisis go to waste | Torsten Bell image
Source : Guardian [Read Article] Wednesday 9th of August 2017 05:00:01 AM
....In contrast, not a single Whitehall meeting I recall remotely anticipated the colossal pay squeeze that would see real earnings fall by over 10%. We should have spotted earlier the changed dynamic of a flexible labour market, very low interest rates and a big depreciation of the exchange rate, which fed quickly through into the higher inflation and lower living standards still evident today. ...
Mortgage rates will rise – so 
are you ready 
to take a hit? image
Source : Guardian [Read Article] Tuesday 8th of August 2017 04:52:17 PM
....25% rate is the lowest in the bank’s 323-year history and changes upwards could lead to homeowners, who have borrowed at the reduced levels, to face increases in their bills in the near future. “Just a slight rise to the Bank of England base rate could really hit consumer finances hard, and it’s not something they would see coming, considering the low interest rate environment today,” says Rachel Springall, of the financial data website Moneyfacts. ...
Interest rates: Winners and losers revealed following a year of record low interest rates image
....DEEP IN DEBT . The Bank of England’s low interest rate policy is forcing savers to take unwarranted risks on the stock market and is also fuelling a consumer credit bubble, with debts topping £200 billion for the first time since the credit crunch. ...
Only a big-spending budget can save us from years of low interest rates image
Source : Guardian [Read Article] Saturday 5th of August 2017 04:00:16 PM
....More than that. Chadha says the Bank is manufacturing its own vicious circle when it argues that weak growth must lead to low interest rates for longer. ...
SHOCK WARNING: Interest rates could soon RISE, Bank of England deputy says image
Source : Daily Express [Read Article] Friday 4th of August 2017 04:00:00 PM
...."Meanwhile the FCA is warning that 2. 2 million borrowers are in financial distress, despite ultra-low interest rates, which means the Bank of England is going to have to remove the sticking plaster of loose monetary policy very slowly indeed. ...
Credit crunch, 10 years on: fate of RBS shows global crisis is not over image
.... But it also raises another issue: has enough been done to prevent a repeat of the horrors of a decade ago, which began in August 2007?. Given concern that the record low interest rates and electronic money printing that central banks resorted to in the face of the biggest recession since the 1930s are storing up problems for the future, the question is simple: has anything really changed?. ...
How Britain fell out of love with the free market image
Source : Guardian [Read Article] Friday 4th of August 2017 05:00:34 AM
....That crisis and what followed – recession, prolonged weak growth, ballooning public and private debt, and seemingly endless austerity – has already destroyed or severely damaged the governments of Gordon Brown, David Cameron and Theresa May. It has necessitated contortions that suggest an economic system on life support: bank bailouts, unprecedentedly low interest rates, and quantitative easing – ie the Bank of England simply printing money and pumping it into the economy. ...
The Bank keeps hinting at a rate rise. Markets will only listen for so long image
....The stock market has also been driven higher by corporations buying back their own shares. Put simply, companies have been able to borrow money because of the Federal Reserve’s post-financial crisis decision to make credit cheap and readily available through ultra-low interest rates and quantitative easing. ...
Eurozone economy grows twice as fast as UK's, figures show image
Source : Guardian [Read Article] Tuesday 1st of August 2017 12:07:04 PM
.... But growth has slowed markedly since the turn of the year as a weaker pound has raised the cost of imports, pushed up inflation and squeezed consumers. In the eurozone, growth has quickened and unemployment has fallen against the backdrop of ultra-low interest rates and other measures by the European Central Bank (ECB) to boost activity. ...
Lenders must stop stoking demand for loans: or there’ll be another firestorm image
.... The belt-tightening would be even more pronounced were it not for the willingness to load up on credit. Banks and other lenders have responded to a prolonged period of low interest rates and modest growth by making the terms for borrowers more attractive. ...
Greed is no longer good – bond boom comes to an end image
Source : Guardian [Read Article] Saturday 22nd of July 2017 07:00:32 AM
....Much of the reason for their optimism was a change of stance at the Federal Reserve. The US central bank signalled in late 2015 that the post-crash era of low inflation and low interest rates was coming to an end. ...
What Brexit slowdown? UK housing market shrugs off concerns as property prices creep up image
....Miles Shipside, Rightmove director and housing market analyst, said: “A year on from the shock referendum result and subsequent dent in activity levels, the fundamentals remain strong. “Low unemployment, low interest rates, strong demand and historic undersupply of homes are mitigating any wobbles in confidence and as a result nearly half the properties on the market, over 45 per cent, have sold signs slapped across them. ...
UK housing market shrugs off concerns of Brexit slowdown image
Source : Guardian [Read Article] Sunday 16th of July 2017 11:01:34 PM
....Miles Shipside, Rightmove director and housing market analyst, said: “A year on from the shock referendum result and subsequent dent in activity levels, the fundamentals remain strong. “Low unemployment, low interest rates, strong demand and historic undersupply of homes are mitigating any wobbles in confidence and as a result nearly half the properties on the market, over 45%, have sold signs slapped across them. ...
Top 1% of households in UK fully recovered from financial crisis image
Source : Guardian [Read Article] Friday 14th of July 2017 11:01:36 PM
.... The incomes of pensioners – a group that overwhelmingly voted Conservative last month – have grown by 30% in real terms over the same period. Britain has had ultra-low interest rates since 2009, but the report said the benefits had gone to those who owned property, not renters. ...
Energy networks' £7.5bn windfall 'should be returned to consumers' image
Source : Guardian [Read Article] Tuesday 11th of July 2017 11:01:08 PM
....The consumer group said Ofgem, which regulates the networks and sets limits on how much profit they can make, had allowed the firms to overinflate their projected costs of building pipes and wires. The energy regulator had also overestimated the business risks faced by the companies, and did not foresee an unprecedented period of low interest rates and bond returns, the charity said in a report published on Wednesday. ...
Switching your current account – Five minute guide with all you need to know image
....co. uk finance expert Rachel Springall says the cutbacks have been driven by low interest rates and regulations that demand banks retain more capital: “Rewards have been decreasing since the start of 2017 or even disappearing altogether. ...
Decade in the doldrums for hard-hit savers as low interest rates remain the same image
....Rock-bottom interest rates have destroyed the incentive to set money aside, with the UK savings ratio tumbling to a record low, while tempting Britons to load up on cheap debt. Khalaf said this makes it hard for the Bank of England to rescue savers by increasing rates, despite more hawkish talk in recent weeks: “Even when the Bank of England does finally decide to wean the UK off low interest rates, it will be a slow process. ...
Savers left in the red after a decade of low interest rates image
Source : Guardian [Read Article] Wednesday 5th of July 2017 06:34:13 AM
....It has been a difficult decade for savers. For 10 years they have suffered falling or ultra-low interest rates, leaving them in the red on their deposit accounts when they might reasonably have expected a modest gain. ...
UK workers 'frustrated by flatlining pay', says key economist image
Source : BBC [Read Article] Thursday 29th of June 2017 09:10:00 PM
....Andy Haldane told BBC Newsnight that businesses had not invested enough to give the productivity improvements necessary to push up pay. Low pay had contributed to low interest rates, which will remain relatively low for "a pretty long time", he added. ...
Are you about to go bust? Credit crash fears as household borrowing surges by £1.7BN image
.... The figures come after the Bank of England raised the alarm over the rising level of borrowing among British families. There are concerns that low interest rates and cheap money have encouraged people to take on debts, which could become a problem further down the line. ...
Co-op Bank abandons sale talks as it edges towards rescue deal image
Source : Guardian [Read Article] Monday 26th of June 2017 05:25:23 PM
....The Co-operative Bank has abandoned talks over a sale after edging closer to clinching a deal with hedge funds to stump up millions of pounds to bolster its financial position. The extra financing from hedge funds comes four months after the bank had put itself up for sale, weakened by low interest rates and its costly turnaround programme. ...
One year on from Brexit vote: business's winners and losers image
Source : Guardian [Read Article] Thursday 22nd of June 2017 11:01:08 PM
.... Hargreaves Lansdown said that while the FTSE 100 was up 18% over the past year, UK focused retailers Dixons Carphone and Next had suffered big falls, with shares down 29% and 27% respectively. Cash savers were also cited in the report as losers from the Brexit vote, because of a combination of low interest rates and higher inflation. ...
Greek debt: IMF and EU's quick fix isn't enough | Mohamed El-Erian image
Source : Guardian [Read Article] Thursday 22nd of June 2017 08:29:31 AM
....Europe and the IMF have been unable to reconcile two views of Greece’s debt sustainability, with the two sides’ differences spilling over into the public domain. Guided mainly by a cash-flow analysis, European authorities argue that low interest rates and long maturities have made the nation’s debt sustainable. ...
Why is productivity so low since the crisis – particularly in the UK? | Howard Davies image
....Some contributing factors are generally acknowledged. During the crisis and its immediate aftermath, when banks’ efforts to rebuild capital constrained new lending, ultra-low interest rates kept some firms’ heads above water, and their managers retained employees, despite making a relatively low return. ...
House sales have fallen by nearly a third in some parts of UK, says Lloyds image
....“The recovery in the housing market has stumbled during the past year with sales declining in all regions,” said Andy Mason of Lloyds Bank. “Despite record low interest rates and government schemes, such as Help to Buy, sales remain significantly below the levels seen at the height of the last housing boom. ...
Record low interest rates send house prices SOARING for homeowners image
Source : Daily Express [Read Article] Wednesday 21st of June 2017 12:01:00 AM
....The South East has fared particularly well, with seven of the 10 biggest property price rises since March 2009. Across London, average house price growth has been particularly strong during this unprecedented time of record low interest rates, with prices rising on average 90. ...
UK economy falls to bottom of EU growth league image
Source : Guardian [Read Article] Thursday 8th of June 2017 05:33:45 PM
....That suggested policymakers would be in no hurry to withdraw the stimulus they have been providing to the eurozone after the global financial crash of 2008-9 and the eurozone debt crisis of 2012. That broad package of measures, includes printing electronic money to buy bonds and record low interest rates. ...
Take a bow Mario Draghi – has the ECB chief saved the eurozone? image
Source : Guardian [Read Article] Thursday 8th of June 2017 02:21:01 PM
.... The fact that they weren’t was due to Draghi’s insistence in July 2012 that the ECB would do “whatever it takes” to defend the euro. It is clear, however, that ultra-low interest rates and QE are generating the same sort of labour market recovery as in the US and the UK: 5 million jobs have been created in the past three and a half years in the eurozone, but as Draghi admitted on Thursday many of them are low quality, part-time or temporary posts. ...
Cash savers losing interest over low returns image
Source : Daily Express [Read Article] Wednesday 7th of June 2017 09:17:00 AM
....5 per cent, has subsequently earned just £40 interest on average. That shows the dire impact that low interest rates have had on everyday savers, many of whom are elderly, ruining their retirement plans. ...
Car insurance costs to rocket as tax hike comes into force tomorrow image
Source : Daily Express [Read Article] Wednesday 31st of May 2017 08:46:00 AM
.... Another controversial Government decision in March also drove up premiums, with a change in the compensation rates for injured motorists, adding another £75 to the yearly cost. McCulloch says low interest rates and natural swings have also played a part: "But the hyperinflation caused by these governmental changes has pushed up the cost of driving disproportionately. ...
BT considering closing defined-benefit pensions scheme for existing staff image
.... BT’s £50bn pensions scheme was found to have aa deficit of about £7bn at the last formal review in 2014. However, very low interest rates and an ageing membership means that deficit may have risen to as much as £14bn. ...
What's the best way of paying off my interest-only mortgage? image
Source : Guardian [Read Article] Thursday 25th of May 2017 06:00:21 AM
....49%). I regularly save 20%-28% of our monthly income in a savings account offering a low interest rate. ...
Nation of savers: Brits have £1.5 billion in piggy banks or coin jars image
Source : Daily Express [Read Article] Wednesday 24th of May 2017 12:45:00 PM
....When asked why they collect money in a piggy bank or penny jar, 58 per cent said it was a good way to save, over half (53 per cent) did so because they do not like carrying loose change, while just under a quarter (24 per cent) use the savings for treats. One in seven people use coin jars to save for something special and 12 per cent said putting money into a savings account was a waste of time due to low interest rates. ...
The economy is stagnant because people fear for the future | Robert Shiller image
.... People might be increasingly reluctant to spend today because they have vague fears about their long-term employability – fears that may not be uppermost in their minds when they answer consumer confidence surveys. If that is the case, they might increasingly need stimulus in the form of low interest rates to keep them spending. ...
Nationwide profits hit by low interest rates image
Source : BBC [Read Article] Tuesday 23rd of May 2017 07:20:53 AM
.... Nationwide said it kept rates unchanged on some savings accounts while passing on the rate cut to its mortgage customers. Mr Rennison said: "We chose to protect savers from the full effects of last summer's interest rate cut, knowing that this would reduce our full year profitability in the continuing low interest rate environment, but considering this to be in our members' best interests. ...
LEASEHOLDER heavily penalised after honest payment slip    image
Source : Daily Express [Read Article] Monday 22nd of May 2017 07:54:00 PM
....The devil is always in the detail, but John was unsure whether interest could be charged on the unpaid service fee, and how the £133 for that was arrived at. We agreed, especially given how low interest rates are at the moment, and asked Rendall and Rittner to explain its actions and calculations. ...
Forget Brexit, the real challenge is creating enough wealth for an ageing population image
.... The slower the economy grows the tougher these choices become. Getting the big picture right is part of the story, and the mix of ultra-low interest rates and austerity used since 2010 has not worked. ...
British shoppers go on spring spree – but the outlook may be chillier | Larry Elliott image
....This, though, does not square with what happened in the first few months of 2017, when consumers did seem to be tightening their belts after spending freely in the second half of 2016. Despite record levels of employment and ultra-low interest rates, there was a marked slowdown in retail activity. ...
Labour gambles on tax and spend – but will the public back it? | Larry Elliott image
.... That gamble is necessary because Labour’s tax increases only cover day-to-day spending and not investment in public infrastructure of £25bn a year. Labour believes that the failure of the Conservatives to get the budget deficit down despite year after year of austerity has made it possible to make the case for a different approach under which McDonnell would take advantage of low interest rates to borrow to invest. ...
Global stock markets: what's driving the record rises – and will they continue? image
....In the UK, the Bank of England last week suggested rates may rise sooner than the market expected, but economists believe there will be no move until 2019. And with low interest rates and bond yields, investors searching for growth have little option but to continue buying equities. ...
FTSE 100 closes at another record high image
Source : BBC [Read Article] Monday 15th of May 2017 08:08:53 AM
....17 a barrel. Laith Khalaf, at Hargreaves Lansdown, said: "The UK stock market hasn't been fazed by the general election, and continues to perform strongly against a backdrop of low interest rates and an improving global economy. ...
Is Labour's manifesto living in fantasy land? Quite the opposite | Larry Elliott image
.... Labour plans to broaden stamp duty to a wider range of financial instruments, including derivatives, which will raise £5bn and help lessen volatility. There is a recognition that macro-economic policy since the crisis has been flawed, with far too much emphasis on ultra-low interest rates and quantitative easing and too little on tax and spending measures. ...
The German economy is unbalanced – but Trump has the wrong answer image
.... One answer is to get out of Trump’s sights. A better answer, offered by the International Monetary Fund, is that doing so would be good for a world economy in which investment is in short supply, as evidenced by record-low interest rates. ...
Drive carefully – I can see a credit car crash up ahead | Phillip Inman image
.... Cash purchases for the legion of souped-up shiny 4x4s, SUVs and estate cars that populate Britain’s streets are almost unknown. The boom in debt-financed car sales stems from the convergence of ultra-low interest rates and falling oil prices, which almost halved in 2014. ...
Shock chart reveals savers face 'dual onslaught' of misery wiping billions off cash pots image
....co. uk, said: "Savers and investors in the UK are facing a dual onslaught from low interest rates and high fees. ...
The Guardian view on the Bank of England: independence and accountability | Editorial image
.... As well as taking on this macro-prudential role, the Bank became more political. Theresa May used her party conference speech last year to note that ultra-low interest rates and QE have consequences for the distribution of income. ...
‘There is significant risk’ UK facing debt bubble as Britons borrow another £1.6BILLION image
....And the National Debtline said it has experienced its busiest first quarter in 2017 for years, as more people struggled to cope with financial matters. It is feared more people have been persuaded to take on debts after years of ultra low interest rates, which have led to record 0 per cent balance transfer and spending period credit cards. ...
UK car sales drop by a fifth after tax changes and price rises image
Source : Guardian [Read Article] Thursday 4th of May 2017 10:27:22 AM
....Sue Robinson, director of the National Franchised Dealers Association, said the slump was not a surprise. “April is always one of the weakest months for new retail but with record low interest rates and record high employment levels consumer demand remains high,” she said. ...
Britons earning below £30,000 lose out after making THIS savings mistake image
Source : Daily Express [Read Article] Wednesday 3rd of May 2017 02:23:00 PM
....Helen Morrissey, Personal Finance Specialist at Royal London, said: "Saving in cash clearly has a part to play for short-term emergencies and rainy day savings. "But a combination of low interest rates and rising inflation means that money in a cash ISA is losing spending power, year after year. ...
FTSE firms face pension 'difficulty' image
Source : BBC [Read Article] Monday 1st of May 2017 07:37:03 AM
....The deficit of all UK private sector pension schemes was unchanged at £182bn, JLT found. They "remain high due to quantitative easing and record low interest rates," Mr Cowling said. ...
Weak pound melts the British dream of a place in the sun image
Source : Guardian [Read Article] Friday 28th of April 2017 04:03:49 PM
.... “The pound-euro exchange rate has a bigger effect on people at the lower end of the market, in the €200,000-€400,000 price range,” says Chris Clover, head of Panorama Properties in Marbella, southern Spain. “Those with more money can take advantage of low interest rates to hedge against the weak pound. ...
Donald Trump 100 days: Is the president making it CHEAPER to buy US property? image
Source : Daily Express [Read Article] Friday 28th of April 2017 12:09:00 PM
.... . Despite being very vocal in his criticism of the Federal Reserve and its low interest rate policy during his campaign, the president recently indicated that he would prefer borrowing costs to stay lower. ...
Lloyds Bank's profits rise despite 'challenging' times image
Source : BBC [Read Article] Thursday 27th of April 2017 06:33:36 AM
....4% when it was bailed out by the taxpayer at the height of the financial crisis. Analysts said the firm was exposed to record low interest rates, which make it harder for banks to increase profits, and the health of the UK economy. ...
Stock markets surge to new highs ahead of Trump's tax reform plan image
Source : Guardian [Read Article] Tuesday 25th of April 2017 05:35:25 PM
....”. As well as the relief rally over the Macron result, the prospect of an end to the ECB’s bond-buying programme and low interest rate measures saw the euro hit a two-week high against the pound, up 0. ...
Bubble, bubble, toil and trouble: why ultra-low mortgage rates are dangerous | Jonn Elledge image
....That would obviously be very sad for those who are affected; for those shut out of home ownership, though, it may be no bad thing. That’s because nine years of record-low interest rates have probably contributed to the fact that house prices have soared out of reach; and higher prices have meant increasingly unattainable deposits. ...
Family matters image
Source : BBC [Read Article] Sunday 23rd of April 2017 12:51:12 AM
.... Mortgage interest costs for homeowners born in the early 1980s amounted to just 15% of income. Of course, the low interest rates that have benefitted homeowners are themselves likely to be one of the factors pushing up house prices. ...
IMF ratchets up UK economic growth forecast to 2% image
Source : Guardian [Read Article] Tuesday 18th of April 2017 01:00:29 PM
.... The adverse medium-term impact on growth would be lower if the two years of negotiations avoided putting up new economic barriers. The IMF said record low interest rates of 0. ...
Higher interest rates. Great idea. Here’s why it won’t happen image
Source : Guardian [Read Article] Saturday 15th of April 2017 04:00:06 PM
.... Who can argue against higher interest rates if they prevent the collapse of final salary pension schemes?. At the International Monetary Fund’s spring meeting this week, managing director Christine Lagarde is expected to highlight how another decade of ultra-low interest rates will depress growth and pose dangers for global financial stability. ...
Is business starting to get spooked about Donald Trump? | Larry Elliott image
Source : Guardian [Read Article] Thursday 13th of April 2017 12:36:22 PM
....The FPC’s concern is that too much unsecured lending is going on: too much credit card debt; too many payday loans; too many cars being bought on attractive-looking finance deals. It wants lenders to be more cautious because it knows that all the conditions are in place for a credit card crash: ultra-low interest rates, a strong labour market, lenders vying with each to offer the tastiest deals and inflation rising faster than wages. ...
Donald Trump: China 'not a currency manipulator' image
Source : BBC [Read Article] Wednesday 12th of April 2017 10:59:49 PM
....". Mr Trump has been highly critical of Ms Yellen in the past, saying that the Fed's low interest rate policy had hurt savers. ...
NS&I launches new market-leading investment bond with rate of 2.2 per cent image
Source : Daily Express [Read Article] Wednesday 12th of April 2017 12:01:00 AM
....“With its market-leading rate of 2. 2%, the investment bond will provide a valuable boost for savers who have been affected by low interest rates. ...
Student loan interest rate set to rise by a third after UK inflation surge image
....1%. The rise in inflation, driven by a decline in the value of the pound since June, means students will be charged substantially more interest on their loans, despite the fact that many other consumers are benefiting from record low interest rates. ...
'Scant reward for savers!': New Government NS&I bond blasted by critics image
Source : Daily Express [Read Article] Tuesday 11th of April 2017 03:54:00 PM
....“With its market-leading rate of 2. 2 per cent, the Investment Bond will provide a valuable boost for savers who have been affected by low interest rates. ...
Government launches ‘market-leading’ savings account image
Source : Guardian [Read Article] Tuesday 11th of April 2017 03:25:30 PM
....As this is online only, there will be no paper documents sent out, but people will be able to log in to view and manage their investment. The Treasury said the new product “will provide a valuable boost for savers who have been affected by low interest rates”, pointing out that the average three-year, fixed-rate bond pays 1. ...
WARNING: Free bank accounts to END, warns IMF in yet ANOTHER blow to hard-working Britons image
....If growth and rates continues to stay relatively low, banks are likely to change product fees, predicted the fund. In an investigation on a continued low interest rate global economy the IMF said: “Banking in advanced economies may evolve toward provision of fee-based and utility services. ...
Co-op Bank receives takeover 'proposals' image
Source : BBC [Read Article] Friday 7th of April 2017 08:03:17 AM
....The Co-op Bank put itself up for sale in February after it was unable to reach a strong enough footing to satisfy regulatory requirements. It blamed low interest rates and the higher-than-expected cost of its turnaround plan for its failure to meet the PRA's rules. ...

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