Maintaining Financial Stability Of Uk Banks
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Maintaining The Financial Stability Of Uk Banks
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Author : Great Britain: National Audit Office
language : en
Publisher: The Stationery Office
Release Date : 2010-12-15
Maintaining The Financial Stability Of Uk Banks written by Great Britain: National Audit Office and has been published by The Stationery Office this book supported file pdf, txt, epub, kindle and other format this book has been release on 2010-12-15 with Business & Economics categories.
The scale of the support currently provided to UK banks has fallen from a peak of £955 billion to £512 billion, but the amount of cash currently borrowed by the Government to support banks has risen by £7 billion since December 2009. It is likely the taxpayer will be providing support for years to come. The most likely scenario is that there will be no overall loss on the main guarantees. While the UK banks appear to have survived further external shocks in 2010, investors' perceptions of the risk of investing in UK banks remain as high as the summer of 2008. The Treasury aims for the support schemes to be temporary. However, winding the support down quickly will be challenging and it is likely that the Treasury will be committed to at least some of its guarantees, loans and share investments for years to come. The eventual cost or return to the taxpayer as a result of the Treasury's support of the banks is dependent on the Treasury's successfully disposing of its shares in RBS and Lloyd's and recouping its loans to the banking sector. Meanwhile, the Government is paying £5 billion a year (£10 billion so far) in interest on the Government borrowing required to finance the purchase of shares and loans to banks. So far, this has been offset by the fees and interest received by the Treasury from the supported banks, but these are likely to fall in future.
Maintaining Financial Stability Across The Uk S Banking System
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Author : Great Britain: National Audit Office
language : en
Publisher: Stationery Office
Release Date : 2009-12-04
Maintaining Financial Stability Across The Uk S Banking System written by Great Britain: National Audit Office and has been published by Stationery Office this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009-12-04 with Business & Economics categories.
The National Audit Office, in this report (HCP 91, session 2009-10, ISBN 9780102963199) has concluded that the public support provided to UK banks by the Treasury was justified, given the scale of the economic and social costs if one or more major banks had collapsed. In providing that support, moreover, the Treasury met two of the government's principal objectives: protecting depositors' money in banks and maintaining the stability of the financial system. The final cost to the taxpayer will not, however, be known for a number of years. The total amount of support the Government provided to the banks reached �850 billion. In consequence there have been no disorderly failures of UK banks and no retail depositor in a bank operating in the UK has lost money. By the end of November 2009, the banking sector as a whole had benefited from improved confidence. But, in 2009-2010, lending to businesses is not likely to meet targets. The Treasury estimated in April 2009 that there may be a loss to the taxpayer of between �20 billion and �50 billion, the wide range reflecting the inevitable uncertainty involved in such an estimate. Total losses will depend on losses from the Asset Protection Scheme and the price at which the government sells its holdings in RBS and Lloyds. The Treasury expects by April 2010 to have spent �107 million on advisers, some of whom had to be employed at short notice. In total, just under �100 million is expected to be refunded by the banks. Two sets of financial advisers - from Credit Suisse and Deutsche Bank respectively - who were each appointed on retainers of �200,000 a month for a year. The contracts included provisions for success fees of up to �5.8 million, payable at the Treasury's discretion. As a condition of the recapitalisation scheme, RBS and Lloyds agreed to targets for retail mortgage lending and business lending: RBS would lend an additional �25 billion in 2009-10, and Lloyds an additional �14 billion. To date, both banks are on track to meet their retail mortgage lending commitments but lending to businesses is likely to fall short of the targets. The Treasury is monitoring progress and meets each of the banks regularly. The only formal sanction available if targets are not met is a potential refusal to extend guarantees for wholesale borrowing under the Credit Guarantee Scheme.
Maintaining Financial Stability Of Uk Banks
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Author : Great Britain: Parliament: House of Commons: Committee of Public Accounts
language : en
Publisher: The Stationery Office
Release Date : 2011-04-20
Maintaining Financial Stability Of Uk Banks written by Great Britain: Parliament: House of Commons: Committee of Public Accounts and has been published by The Stationery Office this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011-04-20 with Business & Economics categories.
This report examines the progress on repaying taxpayer support and maintenance of financial stability following action taken in the 2007 crisis in the financial markets. Action included nationalisation, the purchase of a large number of shares in RBS and Lloyds, establishing sector-wide schemes to guarantee banks' debt-funding and protect their assets, and indemnifying the Bank of England against losses for providing temporary liquidity. The level of explicit support has gone down from nearly £1 trillion to £512 billion, and estimates of the size of the implicit subsidy vary - from as high as £100 billion to just below £10 billion in 2009 alone. The explicit subsidy includes the fees paid by banks for their use of the Credit Guarantee Scheme which, to date, have been at least £1 billion less than the benefit received by the banks. These subsidies enable private gains to be made at the expense of public risk, and some of these gains have been used to pay bonuses to staff and dividends to shareholders, rather than enhancing the financial sustainability of the sector. This causes the Committee and the wider public much concern. For the taxpayer to obtain value for money from exiting from the support depends heavily on a successful sale of the shares in RBS and Lloyds. The government shareholding is far greater than in previous share sales and will require extraordinarily careful handling to protect the taxpayers' interest. Regulatory and political uncertainty over the banking sector will remain until the Government has responded to the recommendations from the Independent Commission on Banking.
Maintaining Financial Stability Across The United Kingdom S Banking System
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Author : Great Britain: Parliament: House of Commons: Public Accounts Committee
language : en
Publisher: The Stationery Office
Release Date : 2010-02-09
Maintaining Financial Stability Across The United Kingdom S Banking System written by Great Britain: Parliament: House of Commons: Public Accounts Committee and has been published by The Stationery Office this book supported file pdf, txt, epub, kindle and other format this book has been release on 2010-02-09 with Business & Economics categories.
In 2007, financial institutions across the world began to encounter difficulties raising the funds needed to keep their operations going, leading to a crisis of confidence in the banking system. In response, governments have intervened to support the financial system. The complexity of the problems across the financial sector and the speed with which events unfolded presented the Treasury and the other Tripartite Authorities with a formidable challenge. There have been no disorderly failures of UK banks, and no retail depositor in a bank operating in the UK has lost money. To date a range of indicators, including benchmark interest rates for wholesale funding, bank share prices and the perceived risk of defaults, have stabilised and improved. But the scale of the support required from the UK taxpayer to maintain financial stability, totalling around £850 billion, has been truly staggering. In responding to the crisis the Treasury was heavily reliant on the use of external advisers, and the terms allowed for the potential payment of success fees in situations where no success criteria were specified, a practice wholly inappropriate in the public sector. Lending to business, vital to the recovery of the economy, is falling short of legally-binding commitments entered into by two of the banks that received the most support: the Royal Bank of Scotland (RBS) and Lloyds Banking Group. The priority now is to get the best value for the taxpayer from the huge sums of public money invested in the banks.
Hm Treasury
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Author : Great Britain. National Audit Office
language : en
Publisher:
Release Date : 2010
Hm Treasury written by Great Britain. National Audit Office and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2010 with Banks and banking categories.
United Kingdom Financial Sector Assessment Program Financial System Stability Assessment
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Author : International Monetary
language : en
Publisher: International Monetary Fund
Release Date : 2022-02-23
United Kingdom Financial Sector Assessment Program Financial System Stability Assessment written by International Monetary and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2022-02-23 with Business & Economics categories.
The U.K. financial sector is globally systemic, open, and complex. It has weathered the COVID-19 pandemic fittingly, thanks to the post-GFC reforms, a proactive macroprudential stance, and an effective multipronged response to maintain financial stability. Brexit uncertainties are being handled appropriately as the U.K. and EU authorities and the financial industry collaborate to prevent undesirable financial stability outcomes. The endpoint of the pandemic remains unclear, as does the actual impact on the financial system once support measures wane. At this juncture, therefore, financial stability conditions in the United Kingdom are being shaped by three key considerations: (i) the evolving U.K.-EU relationship on financial services; (ii) securing a sustainable and robust post-pandemic economic recovery; and (iii) successfully managing ongoing structural transitions.
The Uk Special Resolution Regime For Failing Banks In An International Context
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Author : Peter Brierley
language : en
Publisher:
Release Date : 2009
The Uk Special Resolution Regime For Failing Banks In An International Context written by Peter Brierley and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009 with categories.
This paper seeks to place in an international context the UK Special Resolution Regime (SRR) for failing banks, which came into effect in February 2009 with the adoption of the Banking Act. The SRR's key purpose is to enable an orderly resolution of a failing UK bank to be carried out in a manner preserving the public interest, particularly by maintaining financial stability, preserving confidence in the banking sector, and protecting both depositors and the taxpayer. The Northern Rock crisis in 2007 demonstrated clearly that the UK authorities lacked the powers necessary to achieve such a purpose at that time.
Central Bank Regulation And The Financial Crisis
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Author : Miao Han
language : en
Publisher: Springer
Release Date : 2015-10-20
Central Bank Regulation And The Financial Crisis written by Miao Han and has been published by Springer this book supported file pdf, txt, epub, kindle and other format this book has been release on 2015-10-20 with Business & Economics categories.
The respective legal frameworks that control central banks are shaped by whether they are market oriented or government controlled. However such stark distinction between these two categories has been challenged in view of the varying styles of crisis management demonstrated by different central banks during the crisis. This book uses comparative analysis to investigate how the global financial crisis challenged the role played by central banks in maintaining financial stability. Focusing on four central banks including the US Federal Reserve System, the Bank of England, the Bank of Japan and the People's Bank of China, it illustrates the similarities between the banks prior to the crisis, and their similar policy responses in the wake of the crisis. It demonstrates how each operated with varying levels of independence while performing very differently and facing different tasks. The book identifies some central explanatory variables for this behavior, addressing the mismatch of similar risk management solutions and varying outcomes. Central Bank Regulation and The Financial Crisis: A Comparative Analysis explores the legal challenges within central bank regulation presented by the global financial crisis. It emphasizes the importance of, and the limitations involved in, legal order and argue that in spite of integration and globalization, significant differences exist in central banks' approaches to risk management and financial stability.
Global Financial Regulation
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Author : Howard Davies
language : en
Publisher: John Wiley & Sons
Release Date : 2013-05-08
Global Financial Regulation written by Howard Davies and has been published by John Wiley & Sons this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013-05-08 with Business & Economics categories.
As international financial markets have become more complex, so has the regulatory system which oversees them. The Basel Committee is just one of a plethora of international bodies and groupings which now set standards for financial activity around the world, in the interests of protecting savers and investors and maintaining financial stability. These groupings, and their decisions, have a major impact on markets in developed and developing countries, and on competition between financial firms. Yet their workings are shrouded in mystery, and their legitimacy is uncertain. Here, for the first time, two men who have worked within the system describe its origins and development in clear and accessible terms. Howard Davies was the first Chairman of the UK's Financial Services Authority, the single regulator for the whole of Britain's financial sector. David Green was Head of International Policy at the FSA, after spending thirty years in the Bank of England, and has been closely associated with the development of the current European regulatory arrangements. Now with a revised and updated introduction, which catalogues the changes made since the credit crisis erupted, this guide to the international system will be invaluable for regulators, financial market practitioners and for students of the global financial system, wherever they are located. The book shows how the system has been challenged by new financial instruments and by new types of institutions such as hedge funds and private equity. Furthermore, the growth in importance of major developing countries, who were excluded for far too long from the key decision-making for a has led to a major overhaul. The guide is essential reading for all those interested in the development of financial markets and the way they are regulated. The revised version is only available in paperback.
The Central Bank And The Financial System
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Author : Charles Albert Eric Goodhart
language : en
Publisher: MIT Press
Release Date : 1995
The Central Bank And The Financial System written by Charles Albert Eric Goodhart and has been published by MIT Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 1995 with Business & Economics categories.
As economic advisor to the Bank of England for many years, C. A. E. Goodhart is uniquely positioned to assess the role of the central bank in the modern financial system. This book brings together twenty-one of his previously published articles dealing with the changing functions of central banks over time, recent efforts to maintain price stability, and debates over specific financial regulation proposals in the UK. Although the current day-to-day operations of central banks are subject to continuous comment and frequent criticism, their structural role within the economic system as a whole has generally been accepted without much question, despite several attempts by economists in recent decades to challenge the value of the institution. C. A. E. Goodhart brings his knowledge of both the theoretical arguments and the actual working of central banks to bear in these essays. Part I looks at the general purposes and functions of central banks within the financial system and their evolution over time. Part II concentrates on the current objectives and operations of central banks, and the maintenance of price stability in particular. Part III analyzes the broader issues of financial regulation.