- Manufacturing output decline eases in three months to December – CBI Industrial Trends Survey Confederation of British Industry | CBI
- Decline in UK industrial orders eases slightly, CBI says Yahoo Finance UK
- UK industrial orders fall at slower pace in December, CBI says Investing.com UK
- Decline in UK industrial orders eases slightly, CBI says By Reuters Investing.com
Category: 3. Business
-
Manufacturing output decline eases in three months to December – CBI Industrial Trends Survey – Confederation of British Industry | CBI
-
2026 Reforms to the Anti-Money Laundering and Counter-Terrorism Financing Act 2006
Use this form to provide a submission for this consultation process. Attach your submission as a PDF using the form below.
The submission portal closes at
Wednesday, 21 January 2026 at 5 PM AEDT.Note: Unless you request otherwise, we will make all submissions public at the end of the consultation period.
If you need any help submitting this form, contact
economiccrime@homeaffairs.gov.au.
Continue Reading
-
Improving the quality of fraud and computer misuse statistics in England and Wales
2. Recommendations and actions
This section outlines our action plan in collaboration with the Home Office, the City of London Police (CoLP) and His Majesty’s Inspectorate of Constabulary and Fire & Rescue Services (HMICFRS) to address the Office for Statistics Regulation’s (OSR’s) recommendations. As we progress through this plan and publish our findings, we will continue to update and provide evidence to users.
Recommendation 1
Recommendation
To strengthen the quality assurance of Report Fraud (formerly Action Fraud) data, the City of London Police (CoLP) should, in conjunction with the Home Office, review its quality assurance arrangements and assure itself that these are consistent with its established practices for assuring police recorded crime data.
Response
The Home Office provides a set of recommended audits for Force Crime Registrars, which support quality assurance for police recorded crime (PRC) data. Fraud and cyber crime differ from other crime types in recording complexity; however, the fundamental quality assurance principles and audit approach remain broadly applicable.
The planned introduction of a new fraud and cyber crime reporting system, Report Fraud, will enable existing and additional Report Fraud Analysis Services staff within CoLP to undertake enhanced auditing and quality assurance. Report Fraud will include built-in automated audits, with an effective audit and risk calendar, which will evolve as the new system develops. CoLP will work together with the Home Office to compare Report Fraud quality assurance processes with Home Office recommended audits for PRC and identify gaps and areas of alignment.
Recommendation 2
Recommendation
The Office for National Statistics (ONS), the Home Office and the City of London Police (CoLP) should work together to review the impact of the new fraud and cyber crime reporting system, Report Fraud, on data quality and provide public updates on plans for the system.
Response
The new fraud and cyber crime reporting system, Report Fraud, was launched on 4 December 2025. The new system represents a major step forward in improving the quality, consistency and transparency of fraud and cyber crime data. A media campaign is scheduled for January 2026 to communicate publicly about the launch of the new service.
The service has a continuous improvement strategy, which will be communicated as part of a public communications plan, including reviews on data quality, victim journeys and an Independent Data Ethics Advisory Council (IDEAC) board.
Fraud and cyber crime partners will have the ability to review the impact of Report Fraud on their organisation and collaborate with CoLP to improve data quality through agreed metrics. Report Fraud will publish regular updates on system capabilities, benefits, and future developments. These improvements will aim to enhance user confidence, support robust statistical outputs, and align fraud and cyber crime recording with established standards for police recorded crime (PRC).
Recommendation 3
Recommendation
To inform the public about how well the City of London Police (CoLP) records fraud and computer misuse crimes, His Majesty’s Inspectorate of Constabulary and Fire & Rescue Services (HMICFRS) should consider inspecting the recording of these crime types.
Response
HMICFRS acknowledges the importance of ensuring transparency and public confidence in how fraud and computer misuse crimes are recorded. As stated in their report, How effectively do the police record crime?, for the public to have trust and confidence in policing, they need to know that when they report a crime, the police will record it accurately and without delay.
For the Police Effectiveness, Efficiency and Legitimacy (PEEL 2025–27) inspection cycle, HMICFRS will be carrying out a dip sample of incidents and other reports (such as referrals from social services) in each force and assessing whether crimes have been recorded. Forces will no longer receive a graded judgment for crime data integrity (CDI). The findings of the sample audit will contribute to the “characteristics of good” and judgements for other core PEEL questions. If they have concerns about a force’s performance in relation to crime recording, it may result in a full CDI audit.
However, because fraud and computer misuse are recorded through a different process to other crime types, they have not been subject to CDI audits previously.
Considering resource implications and alignment with other priorities, there are no plans to extend the crime types covered by crime recording assessment within current inspection activity. HMICFRS will continue to monitor data quality and recording standards through existing mechanisms and will keep under review extending these to cover fraud and computer misuse crimes in future inspection cycles.
Recommendation 4
Recommendation
To understand the scale of duplication across the Report Fraud, Cifas and UK Finance datasets, the City of London Police (CoLP) should work with Cifas and UK Finance to investigate overlap in fraud offences.
Response
The previous fraud and cyber crime reporting system did not de-duplicate Report Fraud crime records from Cifas and UK Finance reports. As businesses and organisations can be members of both Cifas and UK Finance, there may be some report duplication. Crimes experienced by these victims may also be reported to Report Fraud directly.
The new system, Report Fraud, will take the same data from Cifas and put them through a conversion process to be accepted as an allegation of crime and recorded in accordance with Home Office Counting Rules. To ensure that Cifas report codes can be transferred to official Home Office fraud or cyber crime codes, a mapping exercise has begun. Once this has been completed, a cross-referencing exercise will then be run automatically against Report Fraud crime records. Any identified duplicates will be investigated with a manual check and, if confirmed, the Cifas report will be cancelled. When this process has been tested and evaluated, it is anticipated that a similar exercise will be carried out with UK Finance data.
Over time, this process will be streamlined for full automation. Working with Cifas and UK Finance, CoLP will use these capabilities to assess overlap and improve fraud data quality. Progress will be shared with the Office for National Statistics (ONS) so that we can update crime statistics users through our quality and methods guides.
Recommendation 5
Recommendation
To enhance the quality of police recorded fraud statistics, the City of London Police (CoLP) should start sending the Home Office record-level Report Fraud data as soon as possible. In the meantime, to support the Home Office’s understanding of data quality, CoLP should send the Home Office quality indicators as part of its quarterly data submission.
Response
The new service has been built with an important principle of improving the quality of data that are being collected and reported back to stakeholders. CoLP has also recognised the need for self-service to improve the timeliness and quality of the data being made available. They have prioritised the creation of a search facility focused on management information around all elements of the end-to-end journey for allegations of fraud and cyber crime. The Home Office Insights and Analysis teams will have access to this functionality from launch.
CoLP also plans to provide quality indicators as part of its quarterly data submissions. Longer term, the new system will deliver dashboards for important metrics for both CoLP and the Home Office. CoLP will continue to collaborate with the Home Office to define the required data level (for example, report-level, volumes by force, or crime type) necessary for understanding and assessing quality methodology information.
Recommendation 6
Recommendation
To strengthen its oversight of fraud and computer misuse data quality, the Home Office should work with the City of London Police (CoLP) to gain a better understanding of the force’s quality assurance arrangements.
Response
CoLP have created a quality assurance team that will be checking all the processes and systems that have been included within the new Report Fraud service. It is anticipated this team will work with the Home Office to strengthen its understanding of CoLP’s comprehensive data and quality assurance processes. This includes training, systems, processes, ownership, roles, and responsibilities, ensuring robust governance and accountability. It forms part of a five-year plan designed to embed best practice and continuous improvement in fraud and computer misuse data quality. Through collaboration, CoLP will provide clarity on its quality assurance arrangements and demonstrate how these align with its end-to-end approach for maintaining data integrity and supporting reliable statistical outputs. In addition, the Home Office will be invited to board meetings for their input, to ensure engagement and awareness of CoLP data quality processes.
Recommendation 7
Recommendation
To communicate and assure users about all aspects of the quality of police recorded fraud and computer misuse data, the Office for National Statistics (ONS) should expand its published information on quality to cover:
-
the unreliability of the police recorded fraud and computer misuse statistics as a measure of trends in crime, given the low proportion that is referred to Report Fraud
-
the quality assurance arrangements of the City of London Police (CoLP), Cifas and UK Finance
-
the nature of the UK Finance statistics (they are estimates)
-
information on the review of the Counting Rules for Fraud and the rollout of Report Fraud, and their impact on the quality of the police recorded fraud and computer data and statistics
Response
We plan to fully review how we communicate and present all aspects of the quality of the recorded crime series for fraud and computer misuse in our published information. Many of the changes that we plan to implement before the end of 2026 will be reflected in our updates to our User guide to crime statistics for England and Wales in July 2026. This will include:
-
expanding the information we publish on the caveats users need to be aware of when using the recorded crime series for fraud and computer misuse statistics
-
administrative bodies quality assurance processes
-
information related to the Counting Rules for fraud and the roll out of Report Fraud
Recommendation 8
Recommendation
To enhance the coherence of fraud and computer misuse data, the Office for National Statistics (ONS), the Home Office and the City of London Police (CoLP) should work together to ensure that the Counting Rules for Fraud categories and Crime Survey for England and Wales (CSEW) categories are aligned as closely as possible.
Response
We have reviewed the information we provide in our publications on definitions and categories of CSEW fraud and computer misuse, as well as the descriptions of fraud and computer misuse offences in the recorded crime series. We have provided more detailed information on where categories across data sources align, and where they differ. This information is now presented in Appendix 3 of our User guide to crime statistics for England and Wales. We will ensure that this information is updated if any changes are made to definitions and categories of fraud and computer misuse in the future.
Work is ongoing between the Home Office and CoLP registrars to review and reduce the current volume of codes for classifying cyber crime. This process has paused while the new service is being delivered. However, the design and implementation of the new technology can accommodate any future changes.
Recommendation 9
Recommendation
To improve the communication and understanding of fraud statistics, the Office for National Statistics (ONS) should clarify the definition of “police recorded fraud”.
Response
To improve the communication and understanding of fraud statistics, we have worked closely with the Home Office and City of London Police (CoLP) to update and clarify the definition of “police recorded fraud” in our publications. As additional fraud data from industry bodies (Cifas and UK Finance) are not classified by the police, fraud offences referred to Report Fraud are now defined as the recorded crime series, rather than police recorded crime. This is reflected in our Crime in England and Wales bulletin, published on 23 October 2025.
Recommendation 10
Recommendation
To continue to add insight on the scale and nature of fraud and computer misuse, the Office for National Statistics (ONS) should add additional commentary to its bulletins on these crime types.
Response
Our Nature of fraud and computer misuse in England and Wales article provides additional commentary on the extent and nature of fraud and computer misuse. While accompanying datasets are released annually, this publication was last updated on 26 September 2022. We plan to release the next update on 26 March 2026.
Back to table of contents
Continue Reading
-
-
Get across North East Lincolnshire for just £1.50 this Christmas!
Get your Christmas shopping done and see the amazing sights of the borough for just £1.50 on the bus.
To help shoppers and everyone in between, the Council and Stagecoach are improving the £1.50 Leisure Scheme ticket over the Christmas period.
Starting from Saturday, 22 November, you’ll be able to get on the bus for less than the price of a sandwich after 6pm on a weekday and additionally all day on a weekend.
So why not make the most of it and get some Christmas shopping done without having to worry about the cost of transport.
Councillor Stewart Swinburn, Portfolio Holder for Housing, Transport and Infrastructure, said: “I’m thrilled to be able to offer a discounted ticket during the Christmas period.
“We want to help people out where we can and this gives them a way to get around the borough without having to worry about fuel or parking.
“This is the perfect opportunity for people so make sure not to miss out!”
Matt Cranwell, Managing Director of Stagecoach East Midlands, added: “At Stagecoach East Midlands, we’re delighted to once again be able to support the offering of the £1.50 off peak fare, available to all in the evenings and additionally all day at weekends.
“With so much going on in the area over the festive period, it makes sense to beat the traffic and parking charges, and hop on one of our services, so we hope this brings people that little bit of extra joy in being able to afford an extra mince pie or two, thanks to the discounted tickets!”
The discounted ticket will run until the end of December – in January, the £1.50 ticket will only be available after 6pm on weekdays and weekends.
For more information on when buses are running over the period and to plan your route, visit Live Bus Times & Timetables | Stagecoach
Continue Reading
-
Public consultation on draft budget 2026 to 2027
Peter, 72 – retired
At 72, I’m enjoying new ways to stay connected with my family. Thanks to the council’s free tech support sessions, I’ve learnt how to videocall my grandson. I also go along and watch my grandson play for his junior football team on Saturday mornings at Farley Wood. These pitches are looked after by the council with free parking and facilities on site.
Swimming has always been my favourite way to stay active. I enjoy the senior sessions at Bracknell Leisure Centre, which make it easy and fun to keep moving. I like living in an area that’s got lots of sporting and leisure facilities – it helps me to keep fit, healthy and connected.
Taylor, 19 – carer
My grandad, who brought me up, was diagnosed with dementia last year and has severe arthritis, so I spend lots of time caring for him.
The adult social care team helped us by installing a sensor-linked alarm at home. I’m grateful for Forestcare’s 24/7 telecare service, which monitors the alarm while I work night shifts. I’m also speaking to the council’s community mental health team about what support might be available for both me and my grandad, including short breaks and emotional and financial help.
Throughout the week, we attend dementia groups that are supported by the council. My grandad loves the knit and natter sessions and I appreciate the carers’ meetups. It makes such a difference having a community that understands my situation.
Martinez family
Our family moved to Bracknell Forest from London a few years ago. We needed help from the school admissions team to change our daughter Tia’s primary school. Nearly 3 years later, she’s now moving into Year 7! The council’s online school admissions system made applying for secondary schools simple, and their ‘guide to secondary education’ was a big help.
We moved from London to be closer to green space, but we didn’t want to give up being close to amenities. We’re so spoilt for trees and greenery compared to where we used to live but also have great shops and restaurants on our doorstep. We’re also pleased Tia can safely see her friends after school and can take part in lots of other activities like swimming and gymnastics.
Sofia, 35 – part-time teaching assistant
2025 has been a whirlwind of a year for my family. In March, I was made redundant, which was tough – I had no idea how to find a new job. Fortunately, my friend told me about a job club run by the council at the Open Learning Centre. They helped me improve my CV and interview technique. Thanks to their support, I got a part-time job as a teaching assistant. I love my job and have since enrolled on the council’s ‘working in schools’ course to improve my skills.
I needed some childcare for my little boy, Ethan, while I was at work. I used the council’s family information service to work out what childcare funding I was entitled to and find a pre-school, which Ethan loves! Ethan has special educational needs, so I also use the council’s additional needs info hub for information and advice.
Minah, 23 – trainee doctor
I’m studying to be an NHS doctor. Every day, I walk to Bracknell station and take the train to my placement at the Royal Berkshire Hospital. I’m glad the council keeps the streets clean and makes sure that the underpasses are brightly lit – it makes my walk more pleasant, especially at night.
My mum recently moved to Bracknell, and I’ve been showing her around. She particularly likes The Lexicon, Bracknell Library, the Open Learning Centre, and The Look Out. As English is her second language, she attends the ESOL programme (English for speakers of other languages) run by the adult and community learning service. These classes have boosted her confidence to the point that she now needs far less support from translators. She’s also attended some of the World Café events at the council’s Time Square office – this is all helping her become part of the local community, find friends and find work.
Adrian, 41 – delivery driver
I’ve lived in Bracknell Forest all my life – Sandhurst born and raised. I work as a delivery driver, so it’s good to see the council is spending money on maintaining roads. About 9 months ago, I was on a delivery route when I saw some blocked drains. I immediately reported the incident through the council’s website, which was easy to use.
My partner and I are currently having a single-storey extension built. We got planning permission but didn’t know we needed building regulation approval too. The council’s building control team made the process simple. They came out promptly and made sure everything was safe.
Alex, 20 – full time student living with housemates
As a full-time student I don’t have to pay council tax, which is one less bill to worry about while I study. I live in a shared house with 5 other people, so technically house of multiple occupation (HMO). As I live in an HMO, the council’s licensing team makes sure my home is safe and adequately managed by my landlord. This gives me peace of mind. The licensing team’s work also means I have a safe taxi to go home in once I’ve finished up at my favourite pubs – these are all monitored by the council’s licensing and trading standards teams.
When I’m not studying, I like to visit the gym at Bracknell Leisure Centre, it’s clean, tidy and well-equipped. When my dad comes to visit, we often play a round or two at Downshire Golf Complex – it’s reasonably priced, which is good considering limited student funds!
Chloe, 29 – single mum to Emily age 3
As a single parent on a low income, I qualify for a Council Tax reduction. This helps me stretch my budget further to cover essentials like food and bills. When I fell in to rent arrears last year, the housing team was able to provide expert advice and support so Emily and I could carry on living in our home.
I get 30 hours a week free childcare administered by the council, which means I can work part-time without having to pay huge childminder fees. Emily’s childminder regularly attends training by the council’s early years team – this gives me extra reassurance.
Patel family, Amit, 45, Priya, 43, Maya, 13 and Rohan 7
As a family, we use many council services without even thinking about it. For example, when our children started school, it was the council’s school admissions team that made sure it was a smooth process and we had all the information we needed. Likewise, as Maya rides her bike to school – it’s the council that provide and maintain the good network of cycle lanes to ensure she gets there safely.
Recently, we’ve been on a health kick, and it was the council’s smoke free services that helped Amit to quit. As a family, we’ve been taking part in the council’s walks for wellbeing to get our steps up and enjoy the scenery – so good for our mental and physical health. Rohan also enjoys the local parks and playgrounds, and we’ve spent many happy weekends at The Look Out, Coral Reef and South Hill Park – having fun and learning at the same time.
We also enjoy all the family friendly events in the town centre that the council provides for free – it helps keep the cost of entertaining the children down.
Reuben, 34 – single with a disability that impacts mobility
The council issued my blue badge, which allows me to park closer to shops, medical facilities, and other public places. They also support community transport services, which provide accessible transport for people with mobility issues.
I live in an accessible home, which was adapted with help from the council’s Disabled Facilities Grant (DFG). They helped fund my ramp, wider doorways, and a stairlift, making my home safer and easier to navigate.
Taking the bins out can be difficult, so I signed up for assisted bin collections. The council’s team collects my waste and recycling directly from my doorstep, making this everyday task much more manageable.
Many of Bracknell Forest’s parks, pathways, and public spaces are designed to be accessible. The council’s adult social care services provide carers and personal support for people with disabilities. They also run wellbeing programmes and disability support groups that help me stay connected with the community. Thanks to these council services, I can live independently, stay active, and remain part of the community.
Carly 44 and Sara 47
After 20 years of being together, Carly finally popped the question last year and we said I do in April! We knew there’d be lots to organise, and it would be a stressful (as well as happy) time, so we were grateful for the advice and guidance of the council’s registrars.
From giving our notice to marrying us at the registry office in South Hill Park, the whole thing was easy and professional. We’re expecting a little girl in March, so we’ll be using the team to register our daughter’s birth, and we are also thinking of planning a naming ceremony through them.
Lisa, 56, and Cameron, 58 – children have left home
We’ve benefitted a lot from council services over the years, especially when the children were at home – we used the education, library, early years, leisure and countryside services regularly.
Climate change is also important to us – we want to make sure our children have a better world to live their adult lives in. We make good use of the food waste and blue bin recycling schemes and regularly use the local electric vehicle charging points installed by the council. If we have any extra recycling or garden waste, we book a slot at the Longshot Lane waste and recycling centre – it’s simple and hassle free and there are always plenty of slots.
Margaret, 83 – retired
My older person’s bus pass is a lifeline, and it was so easy to apply for through the council’s website. I can use it to travel for free to the shops, doctors and to see friends.
As I live alone, I get a reduction in my Council Tax, easing the pressure of the cost of living. I love reading and the library service has been great at providing me with large print and audio books. I’ve also joined a scrabble group and craft group at my local library for free, which has helped keep my mind active as well as make new friends.
I’m not as steady as I used to be and so I needed a few adaptations to my home like grabrails – the council’s social care team sorted this out for me, so I can continue to live in my own home safely and independently.
Continue Reading
-
The request could not be satisfied
ERROR: The request could not be satisfied
The request could not be satisfied.
Request blocked.
We can’t connect to the server for this app or website at this time. There might be too much traffic or a configuration error. Try again later, or contact the app or website owner.
If you provide content to customers through CloudFront, you can find steps to troubleshoot and help prevent this error by reviewing the CloudFront documentation.
Generated by cloudfront (CloudFront) Request ID: 5Y0DHKZMd5p1jXUWX3TbvFMnv-y2rrTNcEn-b3vqsYPPgfgwfrxenw==
Continue Reading
-
Plymouth City Council: local authority assessment
How we assess local authorities
Assessment published: 17 December 2025
About Plymouth City Council
Demographics
Plymouth has a population of approximately 270,000 people and is one of the largest cities on the south coast. Economically, Plymouth has a mix of public sector employment, particularly in health and education, and maritime industries, including naval and defence-related jobs, which continue to shape its demographic and social landscape.
Between 2011 and 2021, there has been an increase of 17.2% in people aged 65 years and over, and a decrease of 0.2% in people aged 15 to 64 years. Plymouth’s 65 plus population is expected to increase by 31.6% between 2021 to 2043. In addition, 21.7% of Plymouth’s population are disabled under the Equality Act 2010. Life expectancy at birth is lower than England for both men and women. In terms of ethnicity, 93.97% of people in Plymouth are White British, 2.2% are Asian/Asian British, 1.8% are mixed/multiple ethnic groups, 1.1% are Black/Black British/Caribbean or African, and 1% Other.
The local authority has an Index of Multiple Deprivation score of 7. A local authority with a decile of 1 means it is in the least deprived group (lowest 10%), while a local authority with a decile of 10 means it is in the most deprived group (highest 10%). Deprivation in Plymouth remains higher than the England average with the city within the 40% most deprived local authorities in England.
The Integrated Care System for Devon is made up of Plymouth City Council, Torbay Council and Devon County Council along with NHS Devon Integrated Care Board, NHS trusts, general practice, community services, mental health services, and the voluntary and community sector. Plymouth City Council is a Labour led council.
The majority of Plymouth City Council’s Care Act assessment functions are carried out by a commissioned community interest company (referred to as ‘the commissioned partner’ in the report) and have been since 2015. This is one of the local authorities commissioning arrangements. The services which remain within the local authority are oversight of all social care and Director of Adult Social Services responsibilities, some safeguarding and Deprivation of Liberty (DoLS) functions, power to charge, reablement, commissioning, an outreach service and some learning disability and emergency respite services. For ease, both the local authority and community interest company staff, are all referred to as ‘staff’ in the report.
Financial facts
-
The local authority estimated that in 2023/24, its total budget would be £359,993,000.00. Its actual spend for that year was £400,100,000.00, which was £40,107,000.00 more than estimated.
-
The local authority estimated that it would spend £101,858,000.00 of its total budget on adult social care in 2023/24 It’s actual spend was £107,552,000.00, which is £5664,000.00 more than estimated.
-
The local authority has raised the full adult social care precept for 2023/24, with a value of 2%. Please note that the amount raised through ASC precept varies from local authority to local authority.
-
Approximately 4330 people were accessing long-term adult social care support, and approximately 1000 people were accessing short-term adult social care support in 2023/24. Local authorities spend money on a range of adult social care services, including supporting individuals. No two care packages are the same and vary significantly in their intensity, duration, and cost.
This data is reproduced at the request of the Department of Health and Social Care. It has not been factored into our assessment and is presented for information purposes only.
Continue Reading
-
-
Bad loans in emerging Europe remain close to historic lows, highlighting resilience, but pockets of risk are emerging
- NPL volumes in CESEE down 3.5 per cent year on year in Q2 2025, reaching €28 billion
- Overall coverage ratio dips to 63.3 per cent, but remains above pre pandemic norms
- Pockets of risk in commercial real estate, SME and retail sectors, with bank NBFI linkages flagged as a vulnerability
Non-performing loans (NPLs) in central, eastern and south-eastern Europe (CESEE) remained at historic lows in Q2 2025 despite ongoing macroeconomic and geopolitical pressures, according to the latest edition of the EBRD’s NPL Monitor, which was published today.
NPL volumes in the region fell by 3.5 per cent year on year to stand at €28 billion in that quarter, helped by borrowers’ solid fundamentals and active balance-sheet management.
The average NPL ratio in the region remained broadly stable at 1.93 per cent, while the overall coverage ratio dipped slightly due to softer provisioning in some markets but remained comfortably above pre-pandemic levels at 63.3 per cent.
The headline figures suggest that the region remains resilient in the face of continuing geopolitical tensions and macroeconomic pressures. Low unemployment and borrowers’ strong liquidity have helped to improve credit quality, limiting numbers of new NPLs.
At the same time, national trends are diverging amid variation in macro pressures, sector-level exposure and policy responses.
The report notes that there are pockets of risk in sectors such as commercial real estate, small and medium-sized enterprises (SMEs) and retail, with affordability and refinancing hampered by the fact that interest rates remain high. The report also warns that the interconnectedness of banks and non-bank financial institutions (NBFIs) is another vulnerability and could amplify stress in adverse scenarios.
Activity in the NPL market remains robust, with secondary liquidity improving but uneven. Greece continues to lead the way when it comes to secondary sales, while Türkiye has seen a rise in primary deal flows. In contrast, smaller CESEE markets have seen limited volumes, dominated by small retail portfolio disposals to local asset managers.
The NPL Monitor urges supervisors to maintain their proactive surveillance of sectoral risk pockets, intensify monitoring of bank-NBFI linkages, and act early if numbers of Stage 2 loans increase. Timely intervention and robust provisioning remain critical in order to safeguard financial stability, the report concludes.
The EBRD’s NPL Monitor is a semi-annual publication under the Vienna Initiative’s NPL Initiative, covering 17 CESEE countries and selected non-CESEE markets. The NPL Monitor is published on the Vienna Initiative’s website, alongside partner publications prepared by the International Monetary Fund (the CESEE Deleveraging and Credit Monitor) and the European Investment Bank (the CESEE Bank Lending Survey), which are also being issued today.
The Vienna Initiative was established in 2009 during the global financial crisis with the aim of safeguarding the financial stability of emerging Europe by bringing together banks, governments, regulators and international financial institutions.
Continue Reading
-
Report 09/2025: Buffer stop collision at London Bridge station
Summary
At around 15:45 on Friday 13 December 2024, a passenger train operated by Southern Railway struck the buffer stop on arrival in platform 12 at London Bridge station at a speed of around 2.3 mph (3.7 km/h). There were no reported injuries to the driver or to the passengers on the train and there was very minor damage caused to the train and railway infrastructure.
The train had been travelling at 13.3 mph (21.4 km/h) when it entered the platform and its speed gradually reduced as it progressed towards the buffer stop. When the train was around 3.5 metres from the buffer stop and travelling at a speed of 6.8 mph (10.9 km/h) the driver made an emergency brake application. Despite this, there was insufficient distance remaining to prevent the collision.
The accident occurred because the driver of the train did not apply the brakes in time on approach to the buffer stops, almost certainly because they experienced a microsleep, due to fatigue. There are several factors that may have contributed to the driver’s fatigue. Two probable causal factors in the accident were that the base duty roster was constructed in a way that increased the risk of fatigue and that the driver had also worked many of their rostered rest days in the period up to the accident, further increasing the risk of fatigue. A possible causal factor was that the driver had less than their normal amount of sleep the night before the accident.
A further causal factor was that none of the engineered protection systems fitted to the train intervened to prevent the collision. The Train Protection and Warning System fitted on approach to the buffer stops did not automatically apply the train’s brakes because the train was travelling below the set intervention speed. Other safety systems fitted on board the train could not detect the short loss of driver alertness that occurred.
A probable underlying factor to the accident was that the management of fatigue risk by Govia Thameslink Railway, the company operating the Southern Railway franchise, was not sufficiently effective and that it had not adopted some elements of industry good practice in fatigue risk management. A second underlying factor was that there are no safety systems currently fitted to mainline trains which can detect and mitigate short losses in driver alertness.
As part of its investigation, RAIB observed that the actual hours that staff work were not considered in the management of Govia Thameslink Railway safety-critical staff with medical conditions when external advice was being sought as to their fitness for work.
Recommendations
RAIB has made two recommendations as a result of this investigation, one addressed to Govia Thameslink Railway to improve its fatigue management process and to follow industry best practice. The other is addressed to the Rail Safety and Standards Board, in consultation with the rail industry, to provide guidance when seeking external advice about medical conditions and working hours that may increase the risk of fatigue in safety-critical staff.
Notes to editors
-
The sole purpose of RAIB investigations is to prevent future accidents and incidents and improve railway safety. RAIB does not establish blame, liability or carry out prosecutions.
-
RAIB operates, as far as possible, in an open and transparent manner. While our investigations are completely independent of the railway industry, we do maintain close liaison with railway companies and if we discover matters that may affect the safety of the railway, we make sure that information about them is circulated to the right people as soon as possible, and certainly long before publication of our final report.
-
For media enquiries, please call 01932 440015.
Newsdate: 17 December 2025
Continue Reading
-
