UK: RECORD LENDING TO PRIVATE SECTOR IN 1999

Article Abstract:

Lending to the private sector increased in to a record GB[pound] 13.62bn, according to the British Bankers' Association (BBA), while mortgage lending rose from GB[pound] 4.4bn to GB[pound] 4.68bn. A record GB[pound] 6.45bn was lent to individuals while mortgage lending for December 1999 alone increased by a best-ever GB[pound] 3.64bn. An annual rose in credit card spending of 15% to GB[pound] 899mn was recorded for the quarterly period, Experts saw the figures as an indication that the consumer boom could have peaked, noting that demand has been impacted by soaring mortgage rates.

Private Debt, British Bankers' Association

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UK: MORTGAGE BORROWING UP IN JUNE 2000

Article Abstract:

UK mortgage borrowing rose to GB[pound] 4bn in June 2000 from GB[pound] 3.5bn in May 2000, with the headline increase consumer credit down from GB[pound] 1.5bn to GB[pound] 967mn, leading to overall personal borrowing achieving annual growth of 9.8%. The number of new mortgages approved was virtually unchanged in comparison with the three months previously, at 102,000, despite indications of a slowing down in the housing market.

Commercial Banks, Mortgage Bankers and Brokers, Mortgage Bankers & Brokers, Mortgages, Mortgage and Nonmortgage Loan Brokers, Mortgage banks

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UK: ISA MIS-SELLING COULD PROMPT DISPOSAL

Article Abstract:

Around 4.5mn people have purchased an individual savings account (ISA) since they were launched in April 1999 but around 5% of them have two different ISA versions which is not permitted. The Inland Revenue plans to force these savers to shut their second account at the end of the tax year and they will be liable for repaying tax gained interest free from that second account. The FSA plans to monitor how customers are handled or compensated when the whole issue comes to light in April 2000.

Marketing procedures, Savings Account Services, Retained Earnings & Savings, Money Supply, Savings accounts

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