chx_hoc_statement_500px.jpg
 
Photo: George Osborne will reveal that the Coalition intends to “electrify” the ringfence that will separate the day-to-day retail operations of a bank from its potentially riskier investment banking division.

UK Chancellor Says Banking System Must Be ‘Re-Set’

Note from Stephen Cook: No, sadly, it’s not a complete re-set of the financial system (yet), but a very interesting move by the UK Chancellor – equivalent to the US Treasury Secretary – to create more transparency and public protection while ensuring less widespread havoc should one area of a bank’s business go into freefall. Naturally, the bankers’ aren’t too happy. Now for the rest of the system… Banking System Must Be ‘Reset’, says Osborne The Chancellor pledges today to “reset” Britain’s banking system, warning that banks will be broken up if they ignore orders to ringfence their investment and retail banking divisions. By Graham Ruddick, The Telegraph UK – February 4, 3013 George Osborne will reveal that the Coalition intends to “electrify” the ringfence that will separate the day-to-day retail operations of a bank from its potentially riskier investment banking division. This means that, if banks are judged by the new Prudential Regulation Authority to be trying to flout the rules, the Government will have the power to order a complete break-up of the bank. The idea of toughening the ringfence is the brainchild of Andrew Tyrie, chairman of the Parliamentary Commission on Banking Standards. However, the proposals have already attracted opposition from the banking industry, with the British Bankers’ Association calling the move “regrettable”. Anthony Browne, chief executive of the BBA, said last night: “This will create uncertainty for investors, making it more difficult for banks to raise capital which will ultimately mean that banks will have less money to lend to businesses. “No other major economy is considering moving away from the universal model of banking because it undermines banks’ ability to provide all the services businesses need. “This decision will damage London’s attractiveness as a global financial centre.” Mr Osborne is expected to say that “electrifying” the ringfence will allow the Government to “arm ourselves in advance” in case banks try to flout the rules. “We’re not going to repeat the mistakes of the past,” he will add, in a speech at JP Morgan’s offices in Bournemouth. The legislation, which builds on the recommendations of the Independent Commission on Banking, is being sent to Parliament today and should be law within a year. “Our country has paid a higher price than any other major economy for what went so badly wrong in our banking system. The anger people feel is very real. Lets turn that anger from a force of destruction into a force for change,” Mr Osborne will say. “Change that will give us a banking system that will work for us all. In 2013, thanks to the changes we are making, that goal is in sight.” On top of the new legislation, Mr Osborne will say that he is also overhauling the regulatory system to give the Bank of England more powers, examining the culture and ethics of banking, and seeking to improve competitiveness by making it easier to switch bank accounts. It is thought that from September, customers could be able to switch account to a rival within a week. Speaking about the old system of regulation, he will claim: “The fire alarm was ringing, but no one was listening. And when the crisis hit, the fire was then so great that the whole economy was sacrificed to put it out. The British people need to know that lessons have been learnt. And they have.” Despite increasing the regulatory oversight of banks, Mr Osborne will also seek to highlight the importance of the industry to the economy – which is why, he says, the speech will be given from the offices of JP Morgan, the largest employer in Dorset. Meanwhile, Two Top Executives at Barclay’s Bank Step Down: http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/9847209/George-Osborne-this-is-the-year-we-reset-banking-system.html  
E-mail me when people leave their comments –

You need to be a member of Ashtar Command - Spiritual Community to add comments!

Join Ashtar Command - Spiritual Community

Blog Topics by Tags

  • - (955)

Monthly Archives

Latest Activity

AlternateEarth left a comment on Comment Wall
"Quantum teleportation is a fascinating process that allows the transfer of quantum information from one location to another—without physically moving the object itself.
Anybody want to elaborate on this, besides the co-pilot."
8 hours ago
AlternateEarth left a comment on Comment Wall
"Quantum entanglement is the key to making a quantum internet possible. Unlike classical communication, which relies on transmitting bits (0s and 1s), quantum networks use qubits that can exist in multiple states simultaneously. Entanglement allows…"
8 hours ago
AlternateEarth left a comment on Comment Wall
"I though commercial application of quantum computing was years away;
The quantum internet network has been successfully demonstrated across three cities, marking a major step toward ultra-secure communication. Researchers created quantum-entangled…"
8 hours ago
Drekx Omega left a comment on Comment Wall
"Ever since 1689, the monarch simply rubber stamps legislation....We fought a civil war to strip political power away from kings and queens...1640-45....The English Commonwealth set up by Oliver Cromwell...and in 1689/90, the constitutional monarchy…"
13 hours ago
AlternateEarth left a comment on Comment Wall
"Exclusive: Evidence Mounts that the Reported Minnesota Assassin Vance Luther Boelter is a Patsy Who is Being Framed to Cover Up a Larger False Flag Deep State Operation
https://www.infowars.com/posts/exclusive-evidence-mounts-that-the-r..."
13 hours ago
AlternateEarth left a comment on Comment Wall
"A constitutional monarchy as is Britian where King Charles reviews recent legislation from the parliament to make sure it abides by the constitution-does King Charles actually do the reviewing or his office does and he approves or discards, or sends…"
13 hours ago
Drekx Omega left a comment on Comment Wall
"I bless Israel, jewish and Israeli arabs, as that nation stands up to barbarianism, on our behalf..Now we need to support their efforts, militarily....Not to provoke WW3, but to prevent it, by nipping this Iranian nuclear fiasco, in the bud...🇬🇧🇺🇸🇮🇱…"
14 hours ago
Drekx Omega left a comment on Comment Wall
"It's their coverup that always exposes evil doers, in the END.....The whole nation sees a corrupt and self-serving establishment in Britain, now....Only moral opposition politicians, campaigners, brave victims and Baroness Louise Casey, will have…"
15 hours ago
More…