RANsquawk DAILY UK OPENING NEWS – 30/05/12
The BoE will today come under new pressure to take on powers to restrict mortgage lending during a housing boom, in spite of claims by central bankers that the issue is so sensitive it should be left to politicians. (FT-More) The Commons Treasury Committee is opening an inquiry into what tools should be given to the BoE to maintain stability in the economy, with a focus on why it is reluctant to block riskier mortgage lending.
In recent weeks, as a Greek exit has become a more realistic prospect, UK banks have shifted focus away from credit risks to the potential operational risks that could be triggered by sudden introduction of a new Greek currency. Under pressure from the City regulator, banks have run multiple drills on what a return to the drachma would mean for their business. (FT-More)
iBoxx UK Agg month end extension seen at +0.06yrs.
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