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UK Financial regulation - from Tripartite to ‘Twin-peaks’

Financial Regulation: a preliminary consideration of the Government's proposals
 

The Treasury Committee

Seventh Report of Session 2010-11Lion Door Handle
Volume I

 

Inclusion of Royal Bank of Scotland and Lloyds Banking Group in the Public Sector Finances

 

The Office for National Statistics and HM Treasury jointly publishes monthly estimates of the Public Sector Finances (PSF). The PSF release published on the 25 January 2011 included, for the first time, complete data for the Lloyds Banking Group (LBG) and the Royal Bank of Scotland (RBS).

The classification of RBS and LBG to the public sector has a significant impact on public sector finance statistics. This article summarises the sources that are being used to incorporate these two banking groups, and the other public sector banks, into the PSF dataset. Explanatory notes describe in more detail how the information has been put together and contain important qualifications of which users need to be aware when analysing and interpreting the results.

Bank of England to Keep FSA as Subsidiary?

Britain's Finance Minister George Osborne is set to detail plans this week to keep part of the Financial Services Authority (FSA) as a subsidiary of the Bank of England, the BBC reported on Sunday.

" .....in his Mansion House speech to London's financial centre or City on Wednesday, Osborne will set out proposals to keep the part of the FSA which overseas financial markets, as a formal subsidiary of Britain's central bank,

the BBC's Robert Peston said.

 

 

The FSA had faced closure under initial proposals from the Conservative Party -- lead partners in the new governing coalition -- to hand responsibility for dealing with the day-to-day supervision of banks to the Bank of England.

 

source: the BBC

Three new high-street banks to be created in the UK

Consumers are to be offered the services of three new high-street banks over the next few years under Government attempts to increase competition by breaking up the taxpayer-backed banks.

Alistair Darling, the chancellor, will this week outline plans to break up Lloyds Banking Group and RBS and sell-off the remaining “good” parts of Northern Rock.

Three new banks, each containing millions of customers and hundreds of branches will be offered to the highest bidder.

H M Treasury: New Chief Executive of Asset Protection Agency

New Chief Executive – Asset Protection Agency

absract 5 sardiniaHM Treasury today announces the appointment of Stephan Wilcke as Chief Executive of the Asset Protection Agency (APA) with effect from 28 September 2009. Stephan Wilcke joins from credit asset manager Cairn Capital where he was a senior advisor, having previously held partnership positions at private equity firm Apax Partners and financial services consultancy Oliver Wyman. He will be taking over from Jeremy Bennett who has been integrally involved with HM Treasury in the creation of the Asset Protection Scheme and who had agreed to act as Chief Executive up to the point of the establishment of the Agency. Source: H M Treasury

Banking regulation white paper / EU banking regulation - A busy day

The Treasury's white paper on banking regulation is to be published later today. Most papers carry leaks or guesses at what it will contain. The FT says that the tripartite arrangement will not be abolished, but that the FSA will be given new statutory responsibility for banking stability. The chancellor, it says, "will tip-toe around the turf war between the Bank and FSA over who should take the lead in so-called macroprudential regulation, under which the authorities would rein in lending if they believed asset bubbles were forming".

UK budget: the state, regulation, banking and capital markets

HMT logoThis is a long detailed and technical post - no apology, the issues are of the utmost importance.

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