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11/03/2009
RBS Provides £1.7bn Scottish Mortgage Funding
A mortgage lending package of £1.7bn from the Royal Bank of Scotland is to be made available to the Scottish housing market over the course of the coming year.
This includes £500m released through the Treasury's Asset Protection Scheme, which is aimed at bringing financial stability to British banks during the global downturn.
The bank are set to continue to offer loans of up to 90% to help first-time buyers on to the property ladder.
Paul Geddes, chief executive of consumer banking at RBS Group, said: "Our message to customers in Scotland is very clear, we are now more than over open for mortgage business.
"We hope the latest commitment goes some way to refuelling the Scottish economy and provides borrowers with the financial means to get back on track and realise their plans for the future."
Scottish Secretary Jim Murphy welcomed the bank's action to help reinvigorate Scotland's property market.
"When the UK Government moved decisively to underpin our banks it was to save the lifeline services they provide for individuals and businesses and to allow us to keep moving economically," he added.
RBS also said it is committed to releasing further funds to help the housing market if customer demand dictates.
(GK/JM)
This includes £500m released through the Treasury's Asset Protection Scheme, which is aimed at bringing financial stability to British banks during the global downturn.
The bank are set to continue to offer loans of up to 90% to help first-time buyers on to the property ladder.
Paul Geddes, chief executive of consumer banking at RBS Group, said: "Our message to customers in Scotland is very clear, we are now more than over open for mortgage business.
"We hope the latest commitment goes some way to refuelling the Scottish economy and provides borrowers with the financial means to get back on track and realise their plans for the future."
Scottish Secretary Jim Murphy welcomed the bank's action to help reinvigorate Scotland's property market.
"When the UK Government moved decisively to underpin our banks it was to save the lifeline services they provide for individuals and businesses and to allow us to keep moving economically," he added.
RBS also said it is committed to releasing further funds to help the housing market if customer demand dictates.
(GK/JM)
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The Bank of England’s Monetary Policy Committee today voted to maintain the official Bank Rate paid on commercial bank reserves at 0.5%. The Committee also voted to maintain the stock of asset purchases financed by the issuance of central bank reserves at £200 billion. The previous change in Bank Rate was a reduction of 0.5 percentage points to 0.
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Scotland Promises Humanitarian Aid For East Africa
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Emergency funding of £500,000 has been made available to help deliver humanitarian relief to drought-stricken East Africa. The money, from the Scottish Government's International Development Fund, is available to organisations in Scotland who are working on the relief efforts in Ethiopia, Kenya, Somalia and South Sudan.
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Snow Troops 'Draughted' In
As the streets of the Scottish capital suffered the heaviest snowfalls in nearly 50 years, Army troops have been drafted in to help remove the snow and ice and held to ease the freezing 'draught of winter' for Edinburgh. It is experiencing up to 30cm of snow leaving some of its most vulnerable residents snowed indoors.
Snow Troops 'Draughted' In
As the streets of the Scottish capital suffered the heaviest snowfalls in nearly 50 years, Army troops have been drafted in to help remove the snow and ice and held to ease the freezing 'draught of winter' for Edinburgh. It is experiencing up to 30cm of snow leaving some of its most vulnerable residents snowed indoors.
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Northern Ireland WeatherToday:A chilly start with a widespread frost and some freezing fog, any freezing fog slow to clear. Otherwise bright with sunny spells and coastal showers. Light winds. Maximum temperature 6 °C.Tonight:Coastal showers dying out with a widespread frost developing along with freezing fog, which could become extensive. Winds remaining light. Minimum temperature -3 °C.
