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Another Fine Mess for British Banks
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The high cost of fines is likely to affect recapitalization of UK banks. Fines for Libor-rigging and compensations for customers on Payment Protection Insurance may cost the UK banking industry about 20 billion pounds, says Nixon. Other fines such as the $1.9 billion fine for money laundering activities of HSBC have to be added to this. This means less money for meeting stronger capital requirements and for lending to business and households. Higher compliance costs will mean higher costs in future years. HSBC estimates of the anti money laundering systems are about $990 million a year. The Bank of England has raised concerns about the need for additional capital to safeguard British banks.
Britain's banks 2010-2014
09/13/2011
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In addition to Basel 3 rules for capital cushions, individual countries have come up with additional safety buffers. Britain's independent banking commission has proposed an additional 3% buffer for large banks. Swiss regulators are asking the largest Swiss banks to have an additional 9% in convertible capital as an additional safety buffer, which would also discourage excessive risk taking.
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IMF Chief's Change of Tune on Bank Capital
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Swiss Politicians Push for Stricter Bank Capital Rules
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On Wall St., A Culture of Greed Won't Let Go
New York Times 07/15/2013
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Britain’s Top Financial Regulator Takes On Banks
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British Banks Will Face Tougher Liquidity Rules
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The U.K.'s Tough Line on Liquidity
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A Lack of Fiscal Fitness Is Weighing on the Pound
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The approach to banking and financial regulation of the new Cameron coalition government in Britain.
05/13/2010
Both Liberals and Conservatives in the U.K. agree on a levy on the banks to raise 1 billion pounds. Liberal's Cable is the new Business Secretary and he favors shrinking the large banks and reducing systemic risk, and a separation of retail and investment banking activities. The Financial Services Authority will continue to operate and examine banks, the Bank of England will oversee systemic risk and regulation of banks.
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British Treasury Targets Banks to Increase Tax Revenue
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A Crisis of Faith in Mervyn King, Britain's Central Banker
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British Bank Proposal Expected to Include Stiff Rules
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Britain leads the way in requiring more liquidity at banks and in getting agreement to limit bonuses.
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Wall Street Journal 10/31/2013
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Wall Street Bonuses Are an Outrage
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In U.K., Getting Tough With Nationalized Banks
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Britain's Serious Fraud office and its investigation into improper LIBOR rate setting by Barclays and other banks
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Wall Street Journal 07/15/2011
Dutch Bank Settles Case over Libor Deceptions
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Osborne Promises More Regulatory Powers to Split Up British Banks
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U.K. to Criminalize Manipulation of Financial Benchmarks
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Former Trader Tom Hayes Sentenced to 14 Years for Libor Rigging
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Britain, Sweden, Spain and Basel III capital reserve requirements for banks
01/21/2010
Britain, Sweden and Spain oppose the dilution of capital reserve requirements for European banks through a broad definition of what constitutes Tier 1 capital. Germany, France and some other European countries favor a loose definition of Tier 1 capital. The systemic risks of lower reserve requirements and loose definitions of Tier 1 capital in a global banking crisis and the danger to taxpayers.
Grouped Articles
Spanish Banks More Vulnerable Than Italy's
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The Battle Over Bank Rules at Basel III
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Swiss Politicians Push for Stricter Bank Capital Rules
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Wall Street Journal 09/13/2010
Basel Rules Unlikely to Force Capital Raising
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Lighter banking regulation in the U.S. compared to the stricter regulation proposed in Britain- 2011-2012
04/07/2011
The structural separation of investment banking and trading activities of banks from deposit taking activity, that is proposed by the Independent Commission on Banking in Britain. This is different from the Volcker Rule in the U.S., which sets rules banks are required to follow to constrain risktaking activity by the trading arm of banks. In practice only a lighter form of the Volcker Rule has been adopted in the U.S., and the rules are not clearly defined. Ring fencing of risk taking activities at banks is an important part of British regulation, an approach also adopted by Germany.
Grouped Articles
The Power Behind the Throne at the Federal Reserve
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Volcker Rule to Curb Bank Trading Proves Hard to Write
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British Bank Panel Suggests Changes to Limit Risk
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Big Banks in U.K. Dodge Breakup
Wall Street Journal 04/12/2011
After the reforms: Safer, but not yet safe enough
Economist 05/21/2011
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