G20 finalizes tools for ending 'too big to fail' banks
Source: Reuters
Global regulators set out their "final tools" on Monday for ending the phenomenon of "too big to fail" banks, seeking to draw a line under a period of intensive rule making after a financial crisis that tarnished the sector and weighed heavily on taxpayers.
Mark Carney, chairman of the Financial Stability Board (FSB) that coordinates regulation across the Group of 20 economies (G20) to plug gaps highlighted by the 2007-09 financial crisis, said many of the key reforms have been implemented decisively and promptly.
"As a consequence, the financing capacity to the real economy is being rebuilt and significant retrenchment from international activity has been avoided," Carney said in a letter to G20 leaders ahead of their summit next week.
The G20 tasked the FSB in 2009 with introducing a welter of reforms from increasing bank capital requirements to shining a light on derivatives markets and curbing bankers' bonuses.
Carney, who is also Governor of the Bank of England, said the board has now finalised the tools needed to wind down "too big to fail" banks in an orderly way if necessary, seen as the last major financial reform of the crisis.
Read more: http://www.reuters.com/article/2015/11/09/us-g20-regulations-carney-idUSKCN0SY0PL20151109#aEHh2KcRuWX35ohY.97
Pardon my cynicism, but I will believe the elimination of "too big to fail" banks when I see it.
hobbit709
(41,694 posts)Javaman
(62,530 posts)I will now commence with the official holding of the breath. LOL
when those who make the "laws or rules" have more to gain by maintaining the status quo then actually holding the banks accountable, I doubt they enforce anything.
or as someone much smarter than me once said: "It's difficult to get a man to understand something when his salary depends upon him not understanding it" - Upton Sinclair.
bemildred
(90,061 posts)BlueMTexpat
(15,369 posts)marmar
(77,081 posts)Response to uawchild (Original post)
Kip Humphrey This message was self-deleted by its author.
passiveporcupine
(8,175 posts)to shining a light on derivatives markets and curbing bankers' bonuses
that any of this is happening?