PRESS DIGEST - Financial Times - April 10

Financial Times

CONCERNS GROW AS BANKS SEEK MORE FACILITIES FOR BORROWING

British banks took steps on Wednesday to increase their borrowing facilities with the central bank to protect themselves from further lending chaos. This move has caused the Bank of England to fear the credit crisis has now entered a new and more serious phase. With growing concerns that the instability of the banking system could suddenly leave banks desperate for cash, British banks sought to increase the reserves they hold on deposit at the Bank this month.

NINTENDO DEAL PUTS IPLAYER ON THE BOX

The BBC's [BBC.UL] iPlayer, the catch-up TV service, is coming to regular sets for the first time. The deal with Nintendo (7974.OS: Quote, Profile, Research, Stock Buzz) highlights the industry's determination to bring online viewing to the living room. The BBC's group controller for future media and technology, Erik Hughers, said: "It is important for us to get the iPlayer into the living room." As well as being the latest platform for the iPlayer, the partnership proves the potential of Internet-enabled games consoles to bring online TV out of the bedroom and back into the heart of family life.

MORTGAGE BROKERS SET TO FEEL THE PINCH

Mortgage brokers are facing a reduction in businesses and commissions as the housing market falls and mortgage approvals decline. Many of those falling victim to the credit squeeze are small firms that are thinly capitalised and employ just a handful of staff. This is because they continue to face high overheads for employees and office space, even if commission levels plummet.

CLEARING BANKS WEATHER STORM

The winners and losers of the British mortgage market have become clear as the credit card squeeze intensified over the past few months. The biggest losers are likely to be the 21 new entrants which moved into the mortgage market just two years ago. The executive director of the Intermediary Mortgage Lenders' Association, Peter Williams, said: "Specialist lenders targeted certain markets such as the self-certified mortgage or subprime markets and often used the wholesale markets. This is very difficult now."