Bank of England warns lenders over UK consumer debt
The Bank of England is worried about rising consumer debt
London - AFP
Britain's banks need to set aside another £10 billion ($13.5 billion, 11.3 billion euros) to cushion against potential consumer credit losses, the Bank of England warned Monday.
The central bank's Financial Policy Committee watchdog said the sector was "underestimating" the risks of mounting household debt, but added that climbing debt levels did not pose an immediate risk to the economy.
"Within a benign overall domestic credit environment, there is a pocket of risk in the rapid growth of consumer credit," the FPC said in statement after meeting on September 20.
"This is not a material risk to economic growth, as consumer credit represents only 11 percent of overall household debt.
"It is a risk to banks' ability to withstand severe economic downturns."
In a severe stress test scenario, the FPC estimated that banks would incur consumer credit losses or about £30 billion, or 20 percent of UK consumer credit loans, during the first three years of a very deep recession.
That is £10 billion more than the watchdog had previously outlined.
source: AFP
GMT 16:17 2017 Thursday ,23 November
Britain to re-launch privatisation of rescued RBS bankGMT 10:44 2017 Wednesday ,06 September
Gangs may be laundering billions via EU banksGMT 13:35 2017 Saturday ,25 March
Deutsche Bank plans to build new HQ in LondonGMT 20:36 2017 Saturday ,04 March
Lloyds swings to fourth-quarter profit as it boosts dividendGMT 09:31 2016 Friday ,05 August
Royal Bank of Scotland slumps into second-quarter loss
In The Swiss Alps
Five things to know about Davos
Davos - Muslimchronicle
With the World Economic Forum kicking off in earnest on Tuesday, AFP presents a guide to the week-long event in the Swiss Alps. - WHAT IS ‘DAVOS‘? - Davos is shorthand forfighting hate speech
Instagram, Google+ join EU group
Brussels - Muslimchronicle
Facebook's Instagram and the Google+ social network have agreed to join an EU-sponsored group of US internet giants to combat online extremism, EU officials said Friday. EU officials added that
At Sports Court
Russians challenge doping ban
Geneva - Muslimchronicle
Dozens of Russian athletes banned by the International Olympic Committee for life over doping began an appeal against their suspension on Monday at the world's top sports court. The week-long hearing at the Court of Arbitration for Sport (CAS) includesIn New Aid For War-Torn Yemen
Saudi-led coalition announces $1.5bn
Sanaa - Muslimchronicle
The Saudi-led coalition fighting in Yemen has pledged $1.5bn (£1.1bn) in new humanitarian aid for the country. It will also increase the capacities of Yemeni ports to receive aid and cargo shipments, and set up 17 "safe-passage corridors" for humanitarian groups. ThreeParis show pays homage
To 'eternal style' of late Alaia
Paris - Muslimchronicle
Two months after legendary designer Azzedine Alaia's sudden death plunged the fashion world into mourning, an exhibition in homage to the "King of Cling" opened Monday in his studios in Paris. The Tunisian-born designer, renowned for the way his clothes hugged the body, died suddenly in November aged 82, reportedly of heart failure after falling down the stairs at his home. The diminutive maverick, who ignored fashion week convention by showing when and where he wanted, in July produced his first couture collection in six years to rapturous reviews. Now some of his most iconic dresses are going on display in the glass-roofed gallery next to his studio and home in the Marais district where he used to show his creations. It includes the dress worn by supermodel Naomi Campbell, his longtime friend and muse, when she led hisGMT 09:40 2011 Thursday ,01 September
Tasmanian tiger\'s jaws were too weak to kill sheep
GMT 10:11 2017 Saturday ,29 July
Deal sidelines bid to block sale of Toshiba chip unit
GMT 10:49 2018 Saturday ,20 January
Confident Nadal demolishes Dzumhur
GMT 08:44 2017 Friday ,28 July
Vettel joins Formula One rivals in supporting 'halo'
GMT 21:20 2017 Friday ,13 October
UK, Germany, France 'stand committed' to Iran deal
GMT 06:06 2013 Friday ,14 June
The Sudanese autumn
GMT 08:06 2017 Friday ,30 June
US travel ban on six mainly Muslim countries takes effect
GMT 17:58 2016 Thursday ,18 February
Parliament Speaker takes part in the Union for the Mediterranean Parliamentary Assembly
GMT 10:41 2017 Wednesday ,01 March
Wales star Halfpenny admits pivotal penalty mistake
GMT 20:00 2016 Saturday ,10 September
Pilgrims Flock from Makkah to Mina to Spend Al-Tarwayyah Day
GMT 15:22 2017 Friday ,03 November
More MPs face disqualification after Australian Senate president
GMT 02:49 2013 Monday ,23 September
ADCCI to organise closing ceremony of Sheikh Khalifa excellence award on TuesdayGMT 01:40 2011 Tuesday ,06 December
Shalimar Perfume Initial
GMT 09:48 2017 Friday ,01 September
Pilgrims returned to Mina to complete their Hajj rituals
GMT 16:12 2017 Thursday ,31 August
Al Mansouri heads UAE delegation in Arab Economic and Social Council meetings
GMT 14:14 2016 Friday ,09 September
Marwan Al Sarkal named Middle East’s Best CEO
GMT 12:38 2017 Thursday ,13 July
Football: Messi vows to do 'best'
GMT 05:05 2017 Wednesday ,22 February
Government excellence imperative for quality services
GMT 10:33 2016 Friday ,15 April
Fly-half selection headache for Toulon in Pau tripGMT 14:27 2011 Thursday ,04 August
Kingdom Tower cheaper to build than Burj Khalifa
GMT 12:55 2013 Monday ,14 October
Globetrotting Yau retains Panama dream
GMT 11:56 2017 Tuesday ,04 April
Real Madrid 'poised to snatch Atletico's Theo Hernandez
GMT 13:16 2017 Sunday ,03 September
Haitham Zaki confident of “The Treasure” success
GMT 12:37 2017 Wednesday ,15 March
Antarctic penguin numbers double previous estimates
GMT 06:13 2017 Thursday ,31 August
UNWTO launches ‘Travel.Enjoy.Respect’ campaign
GMT 12:57 2017 Thursday ,12 October
Myanmar army chief says Rohingya Muslims not native, refugee numbers exaggerated
GMT 10:18 2016 Wednesday ,23 March
cartoon eight
GMT 10:24 2017 Saturday ,15 July
Kiev raids properties in $800 mln ministerial graft probe
Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2025 ©
Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2025 ©
