Car scrappage scheme 'would be popular'

Research has suggested that the car scrappage scheme which is currently being discussed by the government would prove popular among motorists in the UK.

A survey conducted by uSwitch.com suggested that 250 million people in the UK would like to take advantage of the scheme, which would offer drivers incentives to trade older cars in for newer, greener vehicles.

The scheme, which may be introduced as part of Alistair Darling's budget tomorrow, is also designed to help the car manufacturing industry, which has been badly hit by the recession.

Mark Monteiro, insurance expert at uSwitch.com, said: "Motorists actively want to be able purchase new cars but are financially restricted as everyone tightens their purse strings during the downturn."

He added that similar schemes are currently operating successfully in Germany.

Earlier this month the government announced that it will be offering financial incentives to people who buy electric cars from 2011.

Republic Bancorp 1Q profit up 16 percent

Republic Bancorp Inc., the largest Louisville-based bank by assets, is reporting higher earnings for the first quarter ended March 31, largely due to increasing loan refund business and increasing interest from mortgages.

Net income for the first quarter rose 16 percent to $25.8 million, compared to $22.1 million for the same period a year ago.


Net income from Republic’s refund anticipation loan business, called Tax Refund Solutions, increased 27 percent to $20.9 million from $16.5 million from the first quarter, 2008, and accounted for roughly 80 percent of the Republic net income both reporting periods.

The company reported that it processed $7.6 billion in electronic refunds for 2.1 million customers, an increase in volume of more than 47 percent over the 2008 tax season.

However, the increase was offset somewhat by a higher loss rate, with the percentage of refund anticipation loans outstanding past their due dates rising to 1.43 percent for the first quarter of this year from 1.11 percent for the same period in 2008.

Net interest income, or interest from accounts such as loans and deposits, rose 81 percent to $80.8 million for the quarter from $44.7 million from the first quarter of 2008.

Non-interest income (fees, service charges, etc.) declined to $30.5 million from $33.9 million a year earlier.

Republic also reported a significant increase in non-accrural loans, up 43 percent to $24.1 million for the first quarter from $16.8 million for the first quarter of 2008. The first-quarter ratio of nonperforming loans to total loans rose to 1.06 this year from .77 in 2008.

Loan loss provisions rose to $25.6 million for the first quarter of 2009 from $10.5 million for the same period in 2008.

The bank had total assets of $3.3 billion at the end of the first quarter, up from $3.1 billion a year earlier, but down from $3.9 billion at the end of 2008.

Republic Bancorp (NASDAQ: RBCAA), through Republic Bank and Trust Co., operates 45 banks in Kentucky, Indiana, Ohio and Florida.

It also operates Tax Refund Solutions, a nationwide tax refund loan and check provider.

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