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too big to fail
UK Independent Commission on Banking Interim Report
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 [...]
Reforms to the UK banking sector
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 [...]
Where the US bailout went wrong
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. [...]
The biggest banks are bigger than they were before the last crisis
07 Mar. The 2010 Dodd-Frank law was sold as a way to prevent future bank bailouts. But so few people believe it that Sheila Bair, chairman of the Federal Deposit Insurance Corporation, has embarked on a campaign to convince the markets that next time really will be different. On Friday Ms. Bair sent a letter [...]
Criteria for identifying systemically important financial institutions
09 Feb. Federal regulators on Tuesday took an expansive view of the types of companies that could be deemed essential enough to the financial system that they should be subjected to greater oversight. The Federal Reserve, in a 22-page proposal required by the Dodd-Frank financial legislation, outlined initial criteria for identifying ”systemically important financial institutions,” [...]
Financial regulation and Davos 2011
26 Jan. There are some issues which should be addressed at Davos to create a healthier global economy in the long term. Unfinished business from the last financial crisis is tackling the “too big to fail” problem among banks. A more coordinated effort across frontiers is required to ensure that a future Lehman Brothers could [...]
Can the “too big to fail” problem be fixed in 2011?
28 Dec. Global regulators are expected to reach an agreement that would make a select group of megabanks hold higher levels of capital. That requirement will make them safer, while removing some of the benefit they get from being big. But eliminating the taxpayer guarantee enjoyed by large lenders will require more fundamental measures, which [...]
Break up Britain’s uncompetitive big banks
By Paul Myners, former financial services secretary from 2008 to 2010 The Independent Commission on Banking, chaired by Sir John Vickers, has the task of balancing bank competition with stability, and of weighing reforms to the structure of the market alongside changes to the banks themselves. If handled correctly, it can shape a new era [...]
Systemically important financial institutions
17 Nov. The FSB announces a policy framework for systemically important financial institutions The G20 Leaders at the Seoul Summit on 11-12 November endorsed the Financial Stability Board’s (FSB) policy framework for reducing the moral hazard of systemically important financial institutions (SIFIs), including the work processes and timelines set out in the report submitted to [...]
G20 draws up two-tier bank plan
10 Nov. Most big Asian banks will be exempted from a global regulatory regime under the latest proposal for the industry from the world’s leading economies, which aims to prevent another financial crisis. People briefed on the agenda for the G20 summit, which begins in Seoul on Thursday, said officials had concluded that global regulators [...]
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