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On 8 October Paul Tucker, the deputy governor of the Bank of England since March 2009, made several revelations in his final appearance before the House of Commons Treasury Committee. This week, wil
In the UK there’s a guy who is about to be sentenced for punching a police horse during a riot after a football match. Football violence, like misbehaviour in other areas of society (including banki
When regulators lay out massive fines for non-compliance they flood budgets with money, where previously there was (presumably) little or none. When HSBC was fined US$1.9 billion by US regulators it e...
Banks sell risk. It became apparent that even they could not trade the risk they had on their books in 2008 and they faced bankruptcy. Governments bought it off them, with the exception of Lehman Brot...
When George Osborne, Chancellor of the Exchequer, said of the Parliamentary Commission on Banking Standard’s (PCBS) report, ‘Changing banking for good’ which was set up to right the wrongs of the fina...
The announcement on 26 June 2013 that a single European regime for bankrupt banks, the Bank Recovery and Resolution Directive (BRRD), has been proposed, is demonstrative of the challenge that Europe f...
Determining who should carry the can for a bank’s bad debts took on a twist last week when activist investor Mark Taber challenged the UK regulator on its demands for a bank to raise more capital. The...
The rules that the European Commission is introducing around dealing with banks that fail – the ‘bail-in’ – are notable for not removing taxpayers from the process. Although they introduce creditors a...
As the digging into the scandal around London, Singapore, Tokyo and Euro Interbank Offered Rates (LIBOR/TIBOR/SIBOR and EurIBOR) continues, it seems increasingly obvious that many financial benchmarks...
The cost of know your customer (KYC) programmes is proving to be too much to bear for some of the world’s larger banks. Bankers estimate KYC has increased IT costs in transaction banking by up to 15%....
The myth that national regulators are pulling together is blown apart by the ongoing debate around banks and speculative trading. Let us set aside the fact that all trading – whether with rivals or wi...