The banking industry has attacked the Government's plan to pay out part of a depositor's savings within a week of a bank going bust, The Telegraph reports.
Banking sources said this and other aspects of the Government's plan to enhance safeguards on deposits were far too optimistic.
Chancellor Alistair Darling last week revealed that the Government was planning to increase its guarantee on depositors' savings to £50,000 from the existing £35,000 cap.
Banks have broadly supported the Government's plans, which would see taxpayers initially foot the bill for paying out deposits. But privately they say the proposal is seriously flawed.
BRADFORD & BINGLEY will update the City on its current trading when it issues a prospectus for a £400m fundraising late this week or early next week, amid fears of another profit warning from the stricken mortgage lender, according to The Guardian.
The prospectus will contain figures for underwriting fees as well as fees paid to Goldman Sachs, B&B's financial adviser. There was speculation at the weekend that on top of basic advisory fees, Goldman could be paid a separate fee once the funding package is completed, even though the deal was secured from existing shareholders and orchestrated by the Financial Services Authority after TPG, the US private equity firm, pulled its investment at the last minute.
Goldman declined to comment on fees, saying merely: "We are advisers to B&B."
THREE SEPARATE FUNDS are being created to exploit investment opportunities in the battered aviation, hotels and property sectors, The Times has learnt, in a sign that some investors are calling the bottom of the market.
Sir Richard Branson is well on the way to raising more than $1bn from outside investors to back start-up airlines and carriers in financial difficulties. Pension funds, hedge funds and sovereign wealth funds have been quietly approached to invest in a private-equity-style vehicle managed by Virgin Group executives, provisionally entitled Virgin Aviation Fund.
Today one of Britain's biggest hotel property investors will announce its intention to return to the acquisition trail after a gap of three years with plans to raise a €1.2bn (£950m) war chest to fund deals in the UK and the rest of Europe.IFAonline
Alzheimer’s is the most common cause of dementia
Total of 72 accredited firms
23% fall since Q1
Achievements, charity work and other happy snippets
Including advice firm Chadkirk WM