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Osborne Promises More Regulatory Powers to Split Up British Banks
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George Osborne, Britain's Chancellor of the Exchequer, says he supports giving regulators powers to take action to split banks that do not ring fence their risky operations and separate deposit taking from risk taking activities. He says this as parliament considers legislation on banking regulation after the LIBOR investigations and problems in British banking following the 2008 financial crisis. Osborne said: "Irresponsible behavior was rewarded, failure was bailed out, and the innocent- people who have nothing to do whatsoever with the banks- suffered." Referring to the larger role of the financial industry in the British economy, Osborne stated: "Our country has paid a higher price than any other major economy for what went so badly wrong in our banking system." This comes as Britain feels the impact of a decline in growth in 2013.
Banker bonuses at Britain's RBS bank
02/04/2009
Britain's RBS bank shows a loss of $15 billion in 2013. Banker bonuses are $960 million for the same year. Banker bonuses declined from 679 million pounds in 2012 to 576 million pounds in 2013. The new CEO says he has to keep bankers engaged. Britain has a lot at stake in RBS having put in 45 billion pounds into the banking bailout.
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Osborne Promises More Regulatory Powers to Split Up British Banks
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Challenging the embedded thinking on Wall Street and in the City of London.
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The unregulated functioning of free markets is a result of regulators and the banking community both believing that the uninhibited operation of free markets is the best way to generate economic growth. This makes it easy for regulators to be coopted and falling asleep on the job. Turner Adair of Britain's FSA, and other leaders, who are trying to bring fresh thinking to regulatory reforms.
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On Wall St., A Culture of Greed Won't Let Go
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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.
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After the reforms: Safer, but not yet safe enough
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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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Experts such as Adam Posen say Britain failed to add enough capital to RBS and Lloyds banks and take aggressive acion, resulting in slow progress and limiting Britain's economic recovery. The government acquired large stakes in both banks during the global financial crisis of 2008-2009. The total assets of the two banks exceed Britain's GDP.
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Royal Bank of Scotland Names New Chief Executive
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Share Sale Marks Comeback for Lloyds and Its CEO
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Bank of England governor Mervyn King sees the need to breakup the biggest banks.
01/28/2008
Volcker in the USA and Mervyn King in England both agree that speculative and utility banking should be separated, and too big to fail banks broken up. Regulation to prevent a future banking crisis they agree is something of an illusion.
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Weâre All Still Hostages to the Big Banks
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Britain and Its Central Bank Disagree on Banking Laws
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Less Talk, More Action Needed by Fed
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Fed's Tarullo Shakes Up Bank Rules
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Ring fencing of risky operations at British banks
04/07/2011
Grouped Articles
Osborne Promises More Regulatory Powers to Split Up British Banks
New York Times 02/04/2013
British Bank Proposal Expected to Include Stiff Rules
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Britain's Independent Commission on Banking (ICB) and the banking industry- 2011
04/07/2011
Ring fencing of risky operations and addressing other issues in British banking, including "too big to fail."
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Weâre All Still Hostages to the Big Banks
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Economist 05/22/2011
Economist 05/14/2011
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