Business and City Summary

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The Independent Online
Banks to build new settlement system

Britain's banks have agreed to go ahead with building a system to settle large payments between banks throughout the day instead of once a day near the close of business. The system will reduce the domino risk to the financial system of a large bank defaulting at daily settlement time, when enormous debts have been built up between banks after a day's business.

The existing system routinely handles pounds 100bn a day. The new one will come into full operation late next year or early in 1996, the Association of Payment Clearing Services said.

Wanless collects

Derek Wanless, chief executive of NatWest, received a 16 per cent pay rise in the 12 months to 31 March, to pounds 350,000, the bank said ahead of its annual meeting tomorrow. Union members are expected to question the group at the meeting about its refusal to grant an across-the-board pay rise to staff. Other directors received similar percentage increases, apart from John Melbourn, whose pay rose faster after promotion to deputy chief executive.

Boost for managers

Managers' earnings rose 4.5 per cent in the year to January, down from 5.9 per cent in 1992/3, the Institute of Management said. The average manager is 44 and male, earns pounds 31,868 and drives a company car. Directors' pay rose 6.5 per cent, against 6.1 per cent the year before. The average director is 48, male and earning pounds 74,449.

Deutsche to pay up

Deutsche Bank will pay money owed to contractors by collapsed property group Jurgen Schneider involving Deutsche-funded projects, bank director Georg Krupp said on German television. Work would resume in a fortnight on three big Schneider property developments financed by the bank, he said. Schneider's creditor banks are owed DM5bn (pounds 2bn) of which Deutsche Bank's share is DM1.2bn.


Finals: Anagen, EIS, Farnell Electronics, How Group, Huntleigh Technology, Kleinwort Endowment Policy, Moss Bros, Ryan Hotels, and Sears.

Interims: Associated British Foods, James Dickie, Ferraris, Lowland Investment, McCarthy & Stone, McKechnie, and Pascoe's.


Finals: Barlows, William Bedford, Eadie, Edinburgh Investment Trust, EFG, Geared Income Investment Trust, Herring Baker Harris, Security Trust of Scotland, Tarmac, Venturi Investment Trust, and Wensum.

Interims: Air London International, Cosalt, Ivory & Sime Enterprise, Jupiter European Investment Trust, S Lyles, and Mercury Keystone Investment Trust.


Finals: Abtrust New Thai Investment Trust, Brixton Estate, El Oro Mining, Exploration Company, S Jerome, Mithras Investment, Regent, Rossmont, Shiloh, S&U, and Trinity.

Interims: Bett Bros, DFS Furniture, Gartmore European Investment Trust, Govett Strategic Investment Trust, Haemocell, Sage, Scottish National Trust, and VTR.


Economic: Energy Trends (Feb), New vehicle registrations (Mar), Electronics industry in Scotland.

Finals: Berry Birch & Noble, David Brown, CI, Folkes, Hi-Tec Sports, Hopkinsons, Kleinwort Emerging Markets, Laser-Scan, PCT, Radamec, Scottish Mortgage & Trust, Toye & Company.

Interims: Majedie Investments.


Economic: Economic trends (Apr), monthly digest of statistics (Apr).

Finals: Abtrust European Index Investment, Aran Energy, Daks Simpson, Grampian TV, Helene, Navan Resources, New Guernsey Securities Trust, Radiotrust, and Richards Group.

Interims: Abtrust Emerging Economies, Lendu, and Ramus.