Financial Services Authority chair Adair Turner insists on the consideration of counter-cyclical macro-prudential policies in the run-up to regulatory structure overhaul. In a speech at the Mansion House, the chairman of the Financial Services Authority (FSA), Lord Turner, said that the reform of the regulatory structure in the UK would help ensure better results than [...]
Measures for global systemically important banks agreed by the Group of Governors and Heads of Supervision. At its 25 June 2011 meeting, the Group of Governors and Heads of Supervision (GHOS), the oversight body of the Basel Committee on Banking Supervision (BCBS), agreed on a consultative document setting out measures for global systemically important banks [...]
10 Jun. Regulating Systemically Important Financial Firms. Speech by Governor Daniel K. Tarullo at the Peter G. Peterson Institute for International Economics, Washington, D.C., June 3, 2011. As the one-year anniversary of the Dodd-Frank Act approaches, there will be much discussion about the progress that has been made in reforming financial regulation. Today I would [...]
06 Jun. To cushion against losses, Fed considers raising capital requirements for banks. Determining which financial companies are so large that their failures could pose a risk to the nation’s financial system should be done using a “transparent and replicable” formula that makes it “clear to the financial firms, the markets and the public” what [...]
Chained but untamed – An Economist Special Report. The world’s banking industry faces massive upheaval as post-crisis reforms start to bite. They may make it only a little safer but much less profitable. The near-collapse of the world’s banking system two-and-a-half years ago has prompted a fundamental reassessment of the industry. Perhaps the biggest casualty [...]
10 May. The Institute of International Finance (IIF) today published detailed proposals for the resolution of financial services firms. It highlighted a set of “bail-in” actions that have the potential to transform the way the market in financial services operates by ensuring that firms of all shapes and sizes can fail – with losses being [...]
The proposed reforms by the Independent Commission on Banking (ICB) are aimed at preventing any future difficulties in banks’ investment arms from affecting savers’ deposits, and protecting taxpayers from future bailouts. The last post provides an executive summary of the Interim Report. Below we provide some press comment on the Report. Financial Times: Lloyds lashes [...]
The proposed reforms by the Independent Commission on Banking (ICB) are aimed at preventing any future difficulties in banks’ investment arms from affecting savers’ deposits, and protecting taxpayers from future bailouts. Below is an executive summary of the Interim Report The Interim Report sets out the Commission’s current and provisional views on possible reforms to [...]
08 Apr. The UK Independent Commission on Banking will release its Interim Report on Monday 11 April. On 16 June 2010, the Chancellor of the Exchequer announced the creation of the Independent Commission on Banking, chaired by Sir John Vickers. The Commission has been asked to consider structural and related non-structural reforms to the UK banking [...]
31 Mar. Two and a half years ago, Congress passed the legislation that bailed out the country’s banks. The government has declared its mission accomplished, calling the program remarkably effective “by any objective measure.” On my last day as the special inspector general of the bailout program, I regret to say that I strongly disagree. [...]