Brian Bollen
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International institutional finance is my core focus but I have covered a vast range of subjects in my time, including football, athletics and skiing.
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Politics.
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Articles by Brian Bollen
Braverman must resign
Suella Braverman must resign. Simple as that. But then, she should have been sacked the moment the story came out in the press that she regards herself as being above the laws that she, as home secretary, is responsible for....
Asset-liability mismatching should have no place in banking
We have heard a good deal of uninformed guff recently about asset-liability mismatches in the coverage of runs on banks and the spectacular collapse of Silicon Valley Bank. I first became aware of asset-liability mismatches in banking around the spring of 1981 when I was doing a graduate trainee stint in the currency disposals department at the former Midland Bank International, and have been warning against them ever since.
Parents stretching the finances to finance private schooling
Plymouth (25/04/23) – As parents across the country find out which schools their children have been allocated for the 2023/24 school year, other parents are looking away from the state school system and ways to finance a private education for their children. Giving your children the best education can come at a high cost.
No need to be alarmed, says Bank of England; so why I suddenly alarmed?
The Bank of England has, I just read in The Times, in effect said in the wake of news that UBS will rescue Credit Suisse, that there is no need to be alarmed about the British banking system. Why does...
Blue Blood, Cazenove in the Age of Global Banking
Title: Blue Blood, Cazenove in the Age of Global Banking Author: Robert Pickering Publisher: Robert Pickering in partnership with whitefox publishing Pages: 369 Price: £24.99 Format: Paperback Published: February 23 2023 ISBN: 9781915036902; ebook 9781915036919 What do and Daniel Defoe's have in common? One, they both prominently cite Tokenhouse Yard as a location, in Blue Blood's case in the very first sentence of the very first chapter.
It was 30 years ago today
It was 30 years ago today. No, not that Sergeant Pepper taught the band to play, but 30 years since I left the Financial Times building for the last time as a full-time staffer and went freelance. It's been three...
If Gondolas Could Talk
Title: If Gondolas Could Talk Author: John Hemming-Clark Pages: 272 Publisher: Searchline Publishing 2022 Price: £10.99 ISBN 9781897864685 I do try to be honest in my opinion of books that I review, as my own reputation goes on the line every time. I am not entirely sure that I agree with the publicity material surrounding If Gondolas Could Talk; I dipped into it at random and found every one of the items I sampled pedestrian and unsatisfying.
A Private Spy - The Letters of John le Carré
Title: A Private Spy - The Letters of John le Carré 1945-2020 Author: Edited by Tim Cornwell * Publisher: Viking Pages: 713 including chronology, acknowledgements, sources and index Price: £30.00 Format: Hardback Published: October 13 2022 ISBN: 9780241550090 Anyone who has known John le Carré, either directly or indirectly, under his pen name or as David Cornwell, even David John Moore Cornwell, will find much of interest in this collection of his letters, faxes and emails, from the age of...
Colditz: Prisoners of the Castle
Title: Colditz: Prisoners of the Castle Author: Ben Macintyre Publisher: Viking Pages: 353 including aftermath, notes and index Price: £25.00 Format: Hardback Published: September 15 2022 ISBN: 9780241408520 I approached this latest “definitive” account of life in Colditz Castle during World War II with mixed emotions.
The issue of WHT reclamation: the view from Northern Trust
Helping out with a recent feature I wrote about withholding tax reclamation for Asset Servicing Times magazine, Howard Rapley, global product lead, securities services at Northern Trust, emailed his views on the topic right on deadline. Unfortunately they did not make it through to the published pages, but Northern Trust has agreed that I can use Howard's contribution here.
Sadness Boosts Sustainable Investment
The scholars tested two competing theories examining the role of mood and sustainable investment. The first is based on the idea that sustainable assets are generally less risky. Assets that are considered completely or mostly sustainable have been shown to outperform less sustainable assets in crises, as investors see them as more trustworthy and having fewer structural, legal and reputational risks. This theory is also based on the idea that a lower mood leads to more risk-averse behaviour.
US Heads to the Moon, but European Inflation Remains on a Rocket Trip
In this context, the outlook remains uncertain and the Fed will continue to be in a data-dependant mode. The path of inflation will be central in determining where and when US rates will peak and the Fed will be able to adopt a more neutral stance. Notwithstanding this, we think that US Treasury yields are now closer to fair value and we have taken the opportunity to take positive contributions on short US rates positions.
Fed Affirms Hard‑Line Approach to Taming Inflation
Chair Jerome Powell’s message in Friday morning’s speech was short, clear, and direct: Inflation remains too high, and the Fed will not back down from doing what it takes to bring inflation under control. Having learned from history, Fed officials warned that they would not be quick to declare victory on inflation. This means investors, businesses, and communities should expect higher interest rates for longer as policymakers commit to sustainably bringing inflation down.
Energy Crisis and Inflation Dampen Growth Prospects
Jens Magnusson, chief economist at SEB, says: “In Europe, the energy crisis is assuming more and more dramatic forms, and no end to the Ukraine war is in sight. A consumption-driven downturn is thus inevitable this autumn.
PIMCO: Fed Reaction
By Tiffany Wilding, North American Economist at PIMCO As widely expected the Federal Reserve raised their target interest rate by 75 basis points taking the midpoint of their target rate range to 2.35% - just below their estimate for a neutral policy stance in the longer run.
PIMCO: Fed Preview
By Tiffany Wilding, PIMCO North American Economist At a minimum, we expect the Fed to announce another 75 basis point rate hike this week, and hint that a third 75bp hike may be necessary in September. Although Fed Governor Waller downplayed the likelihood of a 100bp hike in recent comments, we think the chances are closer to 50/50.
Risks remain as China takes path to normalisation
Factory activity in June expanded for the first time since February, as manufacturing hubs emerged from lockdowns, production increased, and supply chains eased. The manufacturing purchasing managers’ index (PMI) crossed the 50 mark into expansionary territory, and industrial production rose 3.9% year-over-year (y/y). In particular, China's June exports rose at the fastest pace in five months, indicating resilience in the country’s manufacturing supply chain.
The US economy is teetering on the brink of recession
The US economy is teetering on the brink of recession, World Economics has stated this morning. Business activity indicators all remain close to the 50 "no growth" line. Business confidence is actually sitting right on the 50 no-growth fence. Both sales and market growth indices fell in July, the former just below and the latter just above 50.
PIMCO: Corporate Credit - Capitalising on Potential Disruption
To date, we’ve had an enormous supply of capital serving loans to well-performing middle market companies. This has served to exponentially fuel the private credit market, but few of these managers offer flexible capital to borrowers such as second liens (also called junior debt), junior capital, and even preferred equity. These are often part of the solutions PIMCO provides to borrowers.
Healthcare: After Les Fossoyeurs
Do they care, or do they not care? The ‘they’ in this context is financial investors in care-related property. The question has been addressed most recently by two publications, both of which paint a bleak picture of 21st century capitalism.
The case for an EU consolidated tape
Liquidity. Equality. Fragility. With apologies to the French Republic, these three words almost act as a lodestone in discussions about a consolidated tape (CT) for EU securities.
CSDR’s settlement penalties kick in
By Brian BollenMarch 2022 (Magazine) New regulations attempt to clarify and standardise securities settlement procedures This content is only available to IPE Members Already an IPE Member? Sign in here For unlimited access to IPE’s industry-leading market intelligence, comprising news, data and long-form content on European pensions and institutional investment.
Real estate debt: Banking on ESG
How active should institutional real estate lenders be in pushing the ESG agenda? Brian Bollen reports The next three to five years will pose several challenges in terms of sustainable real estate financing, especially for banks with large legacy loan books. That is clear from even the most cursory discussion on the topic with industry specialists.
Briefing - Private equity: the case for transparency
A recent paper published by US-based academic Ashby Monk and others arguably says it all in its title – *An Economic Case for Transparency in Private Equity*. Monk, and his co-authors Sheridan Porter and Rajiv Sharma find a lack of transparency in an industry built on trust. Despite this, the industry is increasingly noted for its misconduct, misrepresentation, and outsized economic rents – perpetrated by “rapacious” managers upon their “trusted relationships”.
One question I hope I would ask
There is one question I hope I would ask re events in Downing Street over the past 48 hours or so if I were an aspiring journalist trying to make a name. Is there any suggestion that one happy event might have been induced in order to distract attention from other not so happy events? If someone doesn't ask it, there is something rotten in the state of British journalism.
Boris Johnson must go
Boris Johnson must go. After the fiasco involving Christmas parties that his own shambles of a government decided the rest of us must not have, he must resign, not least because before long he will run out of others who can resign to protect him. Talk about one law for them, and one for us? I seem to remember that the last incumbent of senior office who tried to run Britain in such a cavalier dictatorial fashion sparked off a civil war, and eventually lost his head. Boris Johnson MUST resign.
Airdrie and the International Monetary Fund
Well, I never thought I would see Airdrie (my home town in central Scotland) and the International Monetary Fund in the same sentence, but it's there for all to see on the IMF website: https://blogs.imf.org/2021/10/31/not-yet-on-track-for-net-zero-climate-threats-demands-more-ambitious-global-action/
Doctor Why?
I've said it before, but last night's episode of Doctor Who on BBC1 was the worst ever, and I have been watching the programme since the first episode was broadcast on November 23 1963. Words fail me, they really do.
Pitching a BBC programme idea
I've been giving some thought to the utter lack of originality being displayed by the BBC in commissioning 'new' programmes, which are in effect endless derivatives of its own existing line-up, and I thought, if I can't beat them, why not join them?
The Churchill Girls: The Story of Winston's Daughters
Title: The Churchill Girls Author: Rachel Trethewey Pages: 320 including index Publisher: The History Press Price: £20 ISBN: 978-0-7509-9324-1 To be perfectly honest, I never even knew until relatively recently that Winston Churchill, arguably the greatest leader that the UK has ever had, even had daughters, let alone four. If prompted, I might recall a couple of scenes in The Crown, but they scarcely registered.
Hats Off To Wilfried Zaha
Hats off to Wilfried Zaha for refusing to participate in the ludicrous virtue-signalling 'taking a knee' before a sports event: https://www.bbc.co.uk/sport/av/football/56389709
Cressida Dick MUST resign
Cressida Dick MUST resign. I am no fan of public demonstrations, and am usually agnostic about aggressive containment thereof. But even I thought that the London police might show SOME sensitivity in policing the demonstration by, mostly, it seems, women, prompted by the abduction and murder of a woman in respect of which a member of that force has been accused.
Cressida Dick MUST resign: Part Two
Read the BBC report on the women's demonstration yesterday evening, and ask yourself if, should this be a wholly accurate version of events, the police action is remotely appropriate and proportionate: https://www.bbc.co.uk/news/uk-56389824 In order to prevent a risk of spreading Covid-19, they had to handcuff and arrest people, who were protesting about the abduction and murder of a woman by a practising member of that force. Policing by consent? Don't make me laugh.
Bradley Walsh: Why?
Would someone please explain to me why Bradley Walsh is everywhere on telly? From sub-standard game shows to sub-standard travel shows to sub-standard Doctor Who. Now, I learn, he is to be Pop Larkin in what I fully expect to...
Non-fungible token technology
Just when I thought I had seen every variety of snake-oil imaginable, along comes another. I had never heard of non-fungible token technology until this week and have just looked it up, discovering that it is in effect cryptocurrency without...
Löw to quit as Germany football national coach
After 15 years as the national coach of the German national soccer team, Joachim Löw will leave his post after the postponed 2020 Euro Championships take place. https://www.faz.net/aktuell/sport/fussball-em/joachim-loew-tritt-nach-der-fussball-em-als-bundestrainer-zurueck-17235022.html
Cowries to Crypto The History of Money, Currency and Wealth
Title: Cowries to Crypto The History of Money, Currency and Wealth Author: Jame Di Biasio Illustrator: Harry Harrison Publisher: OANDA ISBN: 978-1-7342286-0-1 I can safely say that this is the most attractive book about the history of money that I've ever seen.
What a waste of time The Dig is
Watched The Dig last night. What a waste of time. There was a vaguely interesting plot that might have made a 60-minute film but they dragged it out and parachuted in a triangular relationship sub-plot that was meaningless, but some might have thought edgy and provocative. It totally distracted attention from the plot itself to no good effect, that I could make out. You hardly see any archaelogy and virtually none of the Sutton Hoo treasure, or even replicas thereof.
Memo to the producers of Countdown: It is not a conundrum!
Short memo to the producers of Countdown. What you insist on calling a conundrum is NOT a conundrum, it is an anagram...
The Moth and The Mountain: bonkers, but a must-read bonkers
Book review Title: The Moth and The Mountain Author: Ed Caesar Pp: 259, including epilogue, acknowledgments, notes and image credits Publisher: Viking (an imprint of Penguin Books) Price: £18.99 ISBN: 978-0-241-26231-3 This book is about flying and mountaineering. I have no interest in flying, other than as a once reasonably regular traveller between Luton Airport and one or other of Switzerland’s big three airports in pre-Covid times.
RIP Captain Tom Moore
https://www.reuters.com/article/us-health-coronavirus-britain-captaintom/uks-record-breaking-fundraiser-captain-tom-moore-dies-aged-100-idUSKBN2A216E RIP, Captain, Sir Tom. RIP.
RIP Captain Tom Moore
https://www.reuters.com/article/us-health-coronavirus-britain-captaintom/uks-record-breaking-fundraiser-captain-tom-moore-dies-aged-100-idUSKBN2A216E RIP, Captain, Sir Tom. RIP.
I thought vaccine was going to be a 'get out of jail free' card
Almost since the start of the Covid-19 hysteria, we have been told that vaccine is THE ANSWER. But I have been reading articles this weekend that suggest that even if 80% to 85% of people are vaccinated, we must still carry on with the ridiculous 'anti-social distancing' measure that forces people to converse while standing the best part of eight feet (in old money, you younger readers) away from one another.
Investor confidence decreased in January: State Street
State Street Global Markets has today released the results of the State Street Investor Confidence Index (ICI) for January 2021.
Boris Johnson clearly hasn't been paying attention
If Boris Johnson, the current prime minister of the UK and Northern Ireland, thinks that a visit to Scotland by him will calm down tension being created by the Edinburgh parish council (copyright former prime minister Blair), then he clearly has not been paying attention.
Green energy sources now create more electricity than fossil fuels
I just saw this headline in The Times this morning: Green energy sources now create more electricity than fossil fuels Might that explain why we had two micro power cuts yesterday?
A quick explanation of bitcoin
What is bitcoin? I often ask myself that question. I am not an economist, but I have spent my entire adult life in and around the international financial industry and I will unhesitatingly label bitcoin and other so-called cryptocurrencies a crock of shit. If you are ever tempted to 'buy' bitcoin, because everyone else seems to be doing so, then go and lie down in a dark room till the urge wears off.
Doesn't Nicola Sturgeon look exhausted?
Watching Scotland's 'first minister' Nicola Sturgeon on the news yesterday evening, one thought sprang immediately to mind: does she not look exhausted? Absolutely exhausted?
Brian Bollen's Blog
And am I really the only person who finds it odd that scientists who are telling us we must not leave our homes, or everyone will die, have in fact left their homes in order to appear at a press conference telling us not to leave our homes? As I keep saying, I despair, I utterly despair.
Brian Bollen's Blog
Welcome to the 21st century, where people in Britain are being fined for organising a funeral. Pelion upon Ossa springs to mind...
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