Uk Banks Face Higher Capital Demands Under New Tests

UK Tracks Of The Week: Paigey Cakey, Mike GLC, DVS

Artists include Paigey Cakey, Mike GLC, and DVS. Paigey Cakey “Same Way” Now settled into the seasoned nest of Alwayz Recordings (Chip), Paigey Cakey has the support to really fly. The pint-sized MC will release her new EP, The Next Paige, in November, with the first track being something all the haters can swivel on, “Same Way.” Mike GLC “Flying High” Mike GLC has had possibly the worst year of his life, after being unfairly set up by The Sun, but the rapper hasn’t let any of the drama distract him from his music grind (slackers, take note). The title of his new track, “Flying High,” would probably suggest that he ain’t worried about nothin’, but his lyrical content digs deeper than youd expect. DVS Feat. Syikes “Versace” (Freestyle) Just when you thought you heard all of the “Versace” freestyles possible, DVS comes through with a hood version of the Migos club banger. As expected, the Brixton-bred rapper spits flossy rhymes whilst rocking flossy Versace threads in the video (standard!) The track also features fellow Brixtonite, Syikes. DVS’ London Boy, American Dreaming mixtape drops next month. Blacks & Footsie Feat. Little Dee “Lunatic” Despite the poor visuals, Blacks, Footsie, and Little Dees new grime number, “Lunatic,” is a good’un. Bars for days!

The Bank of England is seen in the City of London August 7, 2013. REUTERS/Toby Melville

It will start an annual test for the top eight UK lenders like Barclays, RBS and HSBC in 2014. The test will be broadened out over five years to include big UK subsidiaries of major international banks, the BoE said. Medium-sized British banks are likely to face a cut-down version of the test, and clearing houses could face their own health checks later on, the central bank said. “Stress-testing can provide a quantum leap in transparency and accountability,” BoE Deputy Governor Paul Tucker said. The test will be mainly used to form supervisory approaches rather than just to identify any capital holes to plug. “These new proposals should reinforce confidence in the financial system by letting regulators make judgments that balance systemic risk with the need to support growth,” the British Bankers’ Association said. Mike Trippitt, director of banks’ research at Numis Securities in London, said banks were already starting to see strong enough profits to build up capital buffers that would meet even a pessimistic stress test scenario. At any rate, shares in Britain’s biggest banks were unperturbed by the BoE’s announcement, with most outperforming a rise in the broader market on Tuesday. “The capital position of banks is pretty strong and without looking at the detail of the stress tests, what the market is saying is that these banks should be able to fare well,” Trippitt said. Analysts at Citi said uncertainty over details of the test will constrain dividends for 2013 and its lack of harmonisation with European tests may dent credibility. But having a clear framework could in the long run reduce the “risk premium” on Britain’s banks due to “ongoing concerns over regulatory creep”, Citi said. Britain, which had to rescue several banks in the financial crisis, has already required its lenders to do more to bolster their capital reserves than required under global rules and that approach looks set to continue under the new framework.

UK’s Cameron: Conservatives party of opportunity

2, 2013. Cameron says Britain is on the road to financial recovery, and his Conservative Party will unleash economic energy to make it “a land of opportunity for all.” Photo: Jon Super British Prime Minister David Cameron delivers his speech on the… Britain’s Prime Minister, David Cameron and his wife Samantha wave, after delivering his keynote speech on the final day of the Conservative Party Conference, in Manchester, England, Wednesday, Oct. 2, 2013. Photo: Jon Super Britain’s Prime Minister, David Cameron and his wife Samantha wave,… British Prime Minister David Cameron waves as he stands alongside his wife Samantha wave after delivering his keynote speech on the final day of the Conservative Party Conference, Manchester, England, Wednesday, Oct. 2, 2013. Photo: Jon Super British Prime Minister David Cameron waves as he stands alongside… British Prime Minister David Cameron arrives on stage to deliver his speech on the final day of the Conservative Party Conference, Manchester, England, Wednesday, Oct. 2, 2013. Cameron says Britain is on the road to financial recovery, and his Conservative Party will unleash economic energy to make it “a land of opportunity for all.” Photo: Jon Super British Prime Minister David Cameron arrives on stage to deliver… British Prime Minister David Cameron delivers his keynote speech on the final day of the Conservative Party Conference, Manchester, England, Wednesday, Oct.

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