- Prison Planet.com - http://www.prisonplanet.com -
Global Watchdog to Set Creditor-Loss Rules for Failing Banks
Posted By admin On September 2, 2013 @ 11:23 am In Money Watch | Comments Disabled
Sept 2, 2013
Global regulators said they would seek to protect taxpayers from having to bail out failing banks by drawing up international rules on creditor losses.
The Financial Stability Board will propose rules next year to ensure that big banks and other too-big-to-fail financial institutions hold subordinated debt and other liabilities that can be written down in an emergency. The group will also address provisions in derivatives contracts that can deepen crises.
Regulators across the world have been grappling since the 2008 financial crisis to make markets more resilient and to take taxpayers off the hook for rescues. European Union nations alone provided 1.7 trillion euros ($2.2 trillion) of support to their banking systems since the collapse of Lehman Brothers Holdings Inc., according to EU data.
“While much has been accomplished over the past few years, more needs to be done,” Bank of England  Governor Mark Carney , the FSB’s chairman, said in a statement. “Cross-border cooperation agreements must be struck, and policies for gone concern loss absorbing capacity should be developed.”
Article printed from Prison Planet.com: http://www.prisonplanet.com
URL to article: http://www.prisonplanet.com/global-watchdog-to-set-creditor-loss-rules-for-failing-banks.html
URLs in this post:
 Bloomberg: http://www.bloomberg.com/news/2013-09-02/global-regulators-to-set-creditor-loss-rules-for-failing-banks.html
 Bank of England: http://topics.bloomberg.com/bank-of-england/
 Mark Carney: http://topics.bloomberg.com/mark-carney/
 Taxpayers set to hand over MORE cash to bail out Britain’s failing banks: http://www.prisonplanet.com/taxpayers-set-to-hand-over-more-cash-to-bail-out-britains-failing-banks.html
 Fed to embrace global banking rules: report: http://www.prisonplanet.com/fed-to-embrace-global-banking-rules-report.html
 U.S. banks told to make plans for preventing collapse: http://www.prisonplanet.com/u-s-banks-told-to-make-plans-for-preventing-collapse.html
 Failing to Break Up the Big Banks is Destroying America: http://www.prisonplanet.com/failing-to-break-up-the-big-banks-is-destroying-america.html
 China banks told to halt lending to US banks-SCMP: http://www.prisonplanet.com/china-banks-told-to-halt-lending-to-us-banks-scmp.html
Copyright © 2013 PrisonPlanet.com. All rights reserved.