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The Financial Crisis of 2015 - An Avoidable History

(5 February 2011) For all the rhetoric about a new financial order and improvements made since the start of the financial crisis in 2008, many risks remain and it would take little to create a fresh crisis, consultancy Oliver Wyman said in a report released Wednesday at the World Economic Forum in Davos. The report "The Financial Crisis of 2015: An Avoidable History" looks at a hypothetical bankruptcy of a bank in 2015 and tries to piece together shortcomings in the banking system in the four years leading to the collapse.

The consultancy said the report uses the hypothetical scenario to stress-test the design of the current financial system, and concludes that many risks that were present before and during the financial crisis remain. The basic regulatory framework which existed before the crisis, featuring bank-debtor guarantees and minimum levels of bank liquidity and capital, has been maintained with "tweaked parameters," the consultancy said. And bank shareholders, bondholders and executives still have incentives that might herd them towards excessive risk-taking, it adds.

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