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MTRO Metro Bank Holdings Plc

32.25
0.15 (0.47%)
28 Mar 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Metro Bank Holdings Plc LSE:MTRO London Ordinary Share GB00BMX3W479 ORD 0.0001P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.15 0.47% 32.25 31.85 32.65 33.00 30.85 30.85 926,296 16:35:09
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
0 0 N/A 0

Bank of England Urges Leniency on Mortgage Holidays --Financial News

22/05/2020 11:24am

Dow Jones News


Metro Bank (LSE:MTRO)
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From Mar 2019 to Mar 2024

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By Berengere Sim

Of Financial News

 

The Bank of England wants U.K. lenders to be lenient when assessing whether borrowers who opted for a mortgage payment holiday continue to face hardship due to the pandemic.

The BoE's Prudential Regulation Authority said Friday that lenders must make "well-balanced and consistent decisions" that take into account the potential impact of the coronavirus.

More than 1.8 million mortgage payment holidays have been approved by lenders across the U.K., after it was first announced in March as part of the government's broader fiscal support package to provide support to households and businesses during the Covid-19 crisis, according to figures released by the U.K. Treasury Friday.

The call comes as the Financial Conduct Authority proposes to extend the mortgage payment holiday for borrowers until Oct. 31. The extension would be available to borrowers experiencing financial difficulty at a later date.

The ban on repossessions of homes will also be delayed until the end of October.

The payment holidays provided shouldn't have a negative impact on credit files, the regulators said.

"Everyone's circumstances will be different, so when homeowners can pay some or all of their mortgage, they should work with their lender on a plan; but if they are still struggling, I want them to know that help is there," said John Glen, the economic secretary to the Treasury, in a statement.

Interim chief executive of the FCA, Christopher Woolard, said that anyone who continues to need help should get help from their lender. "We expect firms to work with customers on the best options available for them, paying particular attention to the needs of their vulnerable customers, and to provide information on where to access help and advice."

The FCA said it will take comments on the proposals made until May 26 and, following that, will issue final guidance.

 

Website: www.fnlondon.com

 

(END) Dow Jones Newswires

May 22, 2020 06:09 ET (10:09 GMT)

Copyright (c) 2020 Dow Jones & Company, Inc.

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