Archives for Banking News

Contactless card limit to rise to £45 from £30 next week after limits on cash shopping to help stop coronavirus

THE limit for in-store contactless payments is rising to £45, from £30, next week. This is to try and help people to limit physical contact to fight … Contactless card limit to rise to £45 from £30 next week after limits on cash shopping to help stop coronavirus
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More details on the Coronavirus Business Interruption Loan Scheme (CBILS)…

Further details have emerged for the Coronavirus Business Interruption Loan Scheme (CBILS) which is designed to assist qualifying businesses during these unprecedented times. The Scheme aims to support long-term viable businesses who may need to respond to cash-flow pressures by seeking additional finance.  The loan will be provided by the British Business Bank through participating providers during the Covid-19 outbreak. Full details of the CBILS scheme can be found here – but the main criteria are: Loan facilities of up to £5m 80% of the lenders risk is covered Repayment terms up to 6 years for term loans and asset finance, but
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European Business News / EuropeanBiz – Will European Banks be able to cope with this Global Pandemic – Interesting FT Article…

More than a decade on from the financial crisis, Europe’s banks are facing the first major test of their resilience. This week growing fears about the coronavirus pandemic and an oil price war prompted a widespread market sell-off. Companies have spent a decade gorging on cheap debt in an ultra-low interest rate environment. A wave of defaults is now likely, and rising loan impairments will hit banks’ already anaemic earnings. Since their recent peak almost a month ago, European banks indices have plunged 40 per cent in an indiscriminate sell off of financial stocks. This outpaces the 25 per cent
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British Business News – Bank of England is considering Electronic Bank Notes -BBC

The Bank of England is considering the introduction of electronic banknotes for use by consumers and businesses. Governor Mark Carney said: “We are in the middle of a revolution in payments,” saying the Bank must look into how electronic money could work. He said this would complement, not replace, paper banknotes while people still wanted physical cash. But it could open the door to programmable money to integrate with home appliances or the tax system. Carney calls for crackdown on crypto-currency ‘mania’ Budget 2020: Pledges on the future of cash Banknotes have been the only way for households to make
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