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...People close to the selection process said that Shah also had the backing of Oliver Dowden, who was culture secretary when Shah served as chair of London’s Museum of the Home....
...But Elliott insiders note that the address in question — 1209 North Orange Street in the US state of Delaware — is home to the Corporation Trust Center, where more than 250,000 companies are registered....
...“Depositors are going to continue to want to get paid, but what banks can make on loans and investments is slowing down.”...
...risk before its failure this year, the Federal Deposit Insurance Corporation said on Friday....
...One of the world’s largest investment groups has complained to the Federal Deposit Insurance Corporation over the way it handled the auction of $33.2bn in loans the US bank regulator absorbed from Signature...
...These “modified mortgages” entailed you buying the home, borrowing the money and paying 1 per cent on the mortgage for three years....
...These vehicles are called business development corporations, or BDCs....
...The big banks are lending as much as they can, with the four largest US banks having $4tn of loans and leases outstanding, according to FDIC data....
..., rely on their regional Federal Home Loan Bank and hasty reforms could produce many unintended consequences for the country’s financial system....
...First Republic and SVB were not small banks but there was a reason why some entrepreneur-led tech businesses were banking with them....
...Worries have persisted as banks disclose exposure to losses on commercial real estate loans as work from home leaves offices underused....
...You see it in third-world countries — banana republics.”...
...But Silicon Valley didn’t fail because they had loans that were bad. In fact, they didn’t lend a heck of a lot....
...In the stead of deposits were $80bn of short-term borrowings from the US Federal Reserve and Federal Home Loan Bank, drawn in the chaos of mid-March. Those funds cost in excess of 4 per cent....
...But none of that saved SVB, Signature or later First Republic. They relied heavily on big depositors, those with accounts too large to be protected by the Federal Deposit Insurance Corporation....
...Into the FHLBiverse The regional Federal Home Loan Banks are part of the Federal Home Loan Bank system — an ür-government sponsored enterprise, predating better-known cousins like Fannie Mae and Freddie...
...The last significant US bank to fail was First Republic, which was closed by the Federal Deposit Insurance Corporation in early May....
...It’s April and another regional bank, First Republic, is in some hot water. News clip The end appears nigh for First Republic Bank....
...inflation versus food-away-from-home getting back to its historical dynamic, which means some of those consumers are just choosing to eat at home more often . . ....
...Still, buying the First Republic loans cheap is a good trade. The $150bn portfolio contains assets priced mark-to-market at $172bn before the acquisition....
...Unlike US home loans, commercial mortgages are almost entirely interest- only....
...Finally, First Republic’s huge California single family jumbo loan portfolio might be too much to handle given the size of a similar loan portfolio acquired by US Bank in the Union Bank deal....
...Rising interest rates have boosted bank profits as they benefit from the difference between the rates they pay out to depositors and the interest they make on loans....
...The leverage First Republic would offer individual partners committing to their newest fund was unmatched and its interest-only mortgages were the favoured financing option for chunky home purchases....
...The probe centred on suspected payment of bribes to secure mining contracts in the Democratic Republic of Congo, home to some of the world’s richest stocks of copper and cobalt....
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