Ivobank to close

The dedicated bank to the online gambling sector is to close down after its backers, the wealthy Sampoerna family, declined a request by the Financial Services Authority, the City regulator, to inject more funds to keep it solvent, according to eGaming Review, the magazine, as reported in The Times.

Since gaining its banking licence, Ivobank Limited has never made a profit, turning in losses of £5.2million for the year to 30th June 2006, £12.3million to 30th June 2007 and £17.5million to 30th June 2008 putting it one off the bottom of the Return on Capital league table and bottom of the Return on Assets league table.

74.75% interest rate

Vanquis Bank Ltd (Chairman: Mr Crook) is offering credit cards with an interest rate of 59.9% and cash transactions with an annual rate of 74.75%.

Is this a record for a UK regulated bank?

Spinning the Loss

MBNA Europe Bank Ltd made a pre-tax loss in the year to 31st December 2008 of £43,594,000. Not that the Director's report spells this out. Whilst it is usual to mention the pre-tax figure, this year MBNA has chosen to refer to the profit after tax, which amounts to a relatively modest £1,200,000, due to a large tax credit.

Provision for bad and doubtful debts for 2008 amounts to an eye-watering £1,061,635,000.

Is this a record?

Colleagues

HBoS publishes its latest report and accounts and it no longer has employees - they are now colleagues. Why?