Young Index (Q1 2009) Buy-to-Let Investors Look to Increase Their Portfolios

Latest Young Index results from Young Group show the beginnings of a rising trend; buy-to-let investors appear to be readying themselves for a return to the market as they believe property prices will stabilise and rise during the next 12 months.

Results from the Q1 2009 survey of investor market sentiment show that increasing numbers of residential property investors are considering purchasing additional UK properties within the next 12 months.

London remains the preferred location for investors; 40% are considering buying additional property in the capital – up from 33% in the previous quarter. The trend is not only confined to London, with 24% of investors considering adding UK assets outside of the capital to their portfolios – more than double that of the previous quarter.

The outlook for property prices shows a similar trend, with investors becoming increasingly positive; increasing numbers predict that prices will stabilise and/or rise over the next twelve months. Continue reading


Bradford & Bingley International (BBI) have launched two new competitive savings accounts. Easy Saver and Global Saver were launched on 28th February and replace a number of existing savings accounts to form the foundations of the BBI savings account range.

Easy Saver is an access savings account requiring no notice for withdrawals and paying an attractive rate of interest for balances of £5,000 and above. Savers can opt to have their interest paid annually, monthly or deferred (on account closure), to suit their individual requirements. Easy Saver is currently paying 2.50% for annual and deferred interest and 2.45% (AER 2.48%) for monthly interest.

For savers looking for a higher interest rate savings account, Global Saver offers a premium interest rate in return for 60 days notice for withdrawals. Immediate access is still an option, should savers require it, in return for 60 days loss of interest on the amount withdrawn. Again, savers can opt to receive their interest annually, monthly or deferred. Global Saver is currently paying 2.75% for annual and deferred interest and 2.70% (AER 2.73%) for monthly interest.

BBI’s Managing Director John Pearson commented: “The two new savings accounts help to make our range a much clearer proposition to savers. As well as complimenting each other, they work extremely well alongside our longer term savings accounts such as out Fixed Rate Bonds.”

BBI is now part of Abbey and the Santander Group. Savers can be confident in Santander’s AA rating from Standard & Poor’s and that deposits with BBI are covered by the full guarantee of Abbey.

More information on Easy Saver and Global Saver can be found on BBI’s website, or alternatively call +44 (0)1624 695000.


Note to editors: For further information, please contact BBI on +44 (0)1624 695000 or visit

Photograph attached is of John Pearson, Bradford & Bingley International’s Managing Director.

EU Savings Directive rules apply to EU resident depositors.

AER stands for the Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid to the account once a year.

Under Isle of Man legislation, deposits made with an Isle of Man office of Bradford & Bingley International Limited are covered by the Isle of Man Depositors Compensation Scheme.

Bradford & Bingley International Limited is registered in the Isle of Man No. 052221C. Registered Office: 30 Ridgeway Street, Douglas, Isle of Man, IM1 1TA, British Isles. Licensed by the Isle of Man Financial Supervision Commission to take deposits.

SOURCE: Bradford & Bingley International

Glitnir U.S. Geothermal Energy Market Report

It is our pleasure to present our second annual U.S. Geothermal Energy Market Report. The overall development of geothermal energy is very positive in the US. The installed geothermal power generation capacity has increased by 4% to 2,958 MW. The overall number of projects has increased and projects currently underway would expand installed capacity in the U.S. by a 100-130% in the years to come.

Compared to last year the industry is better positioned and availability of drilling rigs has improved. The joint efforts of the Bureau of Land Management (BLM) and the U.S. Forestry Service to speed up the process for leasing geothermal resources on lands they manage will also have a significant impact on the industry.

Recent lease auctions by the BLM have shown the increasing interest in geothermal development and in developers’ confidence in the sector. On August 5, 2008 the BLM auctioned 35 parcels over leases on 105,312 acres for a total sales price of USD 28 million which is up from last year’s record of USD 12 million for 122,850 acres. This should increase the geothermal project pipeline in the U.S. even further.

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The government of Iceland acquires 75 percent share in Glitnir Bank

Capital ratio and liquidity increased substantially

* The government of Iceland pays 600 million euros for a 75% share in Glitnir Bank.
* New equity will be issued.
* Customers, bond holders and employees will not be affected.
* The measure strengthens Glitnir’s capital ratio and liquidity.
* Lárus Welding has been asked to continue in his role as CEO and has agreed to do so.
* The funding position of the bank deteriorated in a few days.
* The Board of Directors and the Bank’s largest shareholders have accepted the government‘s offer.

The government of Iceland has announced that it will acquire a 75% stake in Glitnir Bank at the price of 600 million euros. This new equity will be issued today. The Board of Directors and largest shareholders of Glitnir have accepted the offer subject to the approval of a shareholders’ meeting. Glitnir’s funding has been successful this year despite very challenging market conditions. Nonetheless, the events unfolding in international financial markets in the past two weeks have had unforeseen consequences drastically changing the conditions of Glitnir’s short-term funding. In light of this, the Board of Directors of Glitnir Bank had meetings with the Central Bank of Iceland to discuss possible solutions to the challenge that the Bank was facing. These discussions led to the government of Iceland posing an offer to buy a 75% stake for 600 million euros. The government has asked Lárus Welding to remain in his role as CEO which he has agreed to. The offer was posed late last night and a Board meeting was called in Glitnir this morning. At that meeting it was decided to accept the offer, thus securing a very strong owner and principal shareholder for the bank.

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Negotiations between Glitnir and Byr Savings Bank in Iceland

The Nordic bank Glitnir has announced details of a possible merger with the Byr Savings Bank in Icleand.

Glitnir Bank and Byr Savings Bank announced today that they have initiated discussions on the possible merger of the two companies. This entails that the boards of both companies will not enter any dialogue with other parties while negotiations take place. The results of the negotiations will be made official as soon as they have been concluded.

Glitnir is a Nordic bank, with its head office in Iceland and operations in ten countries. Its home markets are Iceland and Norway where it offers a broad range of financial services; including corporate banking, investment banking, capital markets, investment management and retail banking. For more information, visit

For further information on the merger deal currently under negotiation between Glitnir and Byr, press and industry professionals are requested to contact:

Bjorn Richard Johansen, Managing Director of Corporate Communication, Glitnir.Mobile +47-47 800 100, e-mail:

Sigrun Hjartardottir, Head of Investor Relations, Glitnir.
Mobile + 354 844 4748, e-mail

New offshore savings account range for Isle of Man based savings bank

BBI - offshore savings bankIsle of Man based offshore savings specialists, Bradford & Bingley International (BBI), have recently undertaken a comprehensive review of both their savings account range and their branding.

BBI’s new range of offshore savings accounts has been designed to offer the ideal solution for customer’s individual savings requirements and has been developed following conversations with customers, surveys and research.

With immediate access, short term, longer term, fixed term and currency accounts in the range, customers can choose the account, or accounts, that best suit their requirements. The accounts also carry varying interest options including annual, monthly and deferred for tax planning.

Anyday Saver is BBI’s easy access savings account for every day and spontaneous access requirements. Many customers hold some funds in this type of account purely for the convenience of unrestricted access should they need it. The remainder of their savings they may place into a short or longer term savings account.

Future Planning Tracker is BBI’s short term savings account and is an ideal account for growing savings, whilst still allowing access to deposits without notice should it be needed. The account helps customers save by offering a 0.50% premium where no more than 4 withdrawals are made in an anniversary year and pays up to 6.25% p.a.

For longer term savings, BBI’s Reward Saver offers a higher rate of interest of up to 6.40% in return for 90 days notice on withdrawals. Should customers need to withdraw funds and cannot wait 90 days, they can do so in lieu of 90 days interest on the amount withdrawn.

The range also includes currency savings accounts in US Dollars and Euros, available with annual and deferred interest.

BBI’s International eSavings internet saving accounts remain unchanged, providing the convenience of 24 hour account management. eSaver is currently offering up to 6.40% on balances of £1,000 or more making the account extremely accessible and convenient, particularly for British expats who may have difficulty operating traditional accounts across time zones.

Visit for more information on Bradford & Bingley International’s offshore savings accounts.

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Glitnir Bank first quarter results for 2008

glitnir-banner.jpgThe Nordic bank, Glitnir presents first quarter results for 2008, showing ISK 7.7 billion (EUR 76m) profit before tax and total recognised income in equity ISK 28.4bn (EUR 280m). The Bank also points to a strong liquidity position of EUR 8.7.

Financial Highlights
• Profit before tax was ISK 7.7bn up 102% from Q4 07
• Net operatin g income highest ever, ISK 25.6bn up 29% from Q4 07
• Net interest income ISK 13.8bn, up 16% from Q4 07
• Fees and commissions were strong, ISK 10.6bn a slight increase from Q4 07
• Positive development in expenses, down 12% from Q4 07 to ISK 13.8bn
• The real growth of the loan portfolio was 4% in Q1 08
• Liquidity position strengthened to EUR 8.7bn
• CAD ratio strong at 11.0%, and Tier 1 ratio at 7.7%

Operational Highlights
• Core earnings continue growth phase, growing 12.6% on average (CQGR) from Q1 07
• Core profit before tax, growing 46% QoQ and 21% YoY
• Cost income ratio down to 54% from 79% in Q4 07
• Strong performance by Capital Markets, Corporate Banking and Investment Banking units in Q1 08
• A healthy pipeline of deals in the Niches and ECM, niches with 60% of advisory fees in Q1 08
• Capital Markets in Iceland capitalising on the volatility from FX and securities
• Glitnir the 2nd largest broker in the Nordic region, gaining market share to an all time high of 7.37%

Lárus Welding, Chief Executive Officer says: “Glitnir performed well in the first quarter through a very challenging market conditions for all financials. In spite of these conditions, Glitnir has demonstrated its inherent strengths and these results confirm the Bank’s underlying resilience and flexibility.

It has been necessary for all financial institutions to focus on increasing internal efficiencies to provide consistent levels of profitability and to increase competitiveness. The second quarter will see a continuing focus on increasing income, preserving our liquidity position whilst managing our cost base.”

For further information please go to the Glitnir website.