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Thread: Bank of England given more power as regulation toughens

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    Bank of England given more power as regulation toughens

    BBC NEWS | Business | Banks to face tougher regulation

    UK banks will face tougher regulation and consumers will get more protection, under reforms to the financial system proposed by the chancellor.

    Alistair Darling outlined a new council to oversee financial stability, but kept the current system of regulation.

    Shadow chancellor George Osborne said the government's reforms were an "inadequate response" to the crisis.

    He said the Conservatives would abolish the current system and give supervision powers to the Bank of England.

    Mr Darling reinforced the tripartite regulation system between the Bank of England, the Financial Services Authority (FSA) and the Treasury, which was introduced by Labour in 1997.
    Some of the key proposals included:

    • More help for consumers - a national money advice line funded by the banks and a strengthened deposit protection scheme

    • Greater competition - the FSA and Office of Fair Trading to ensure that new players can enter the banking market

    • Executive pay - the FSA to report yearly on whether banks have met the new code of conduct on remuneration, and bank boards to be strengthened

    • Tougher banking regulation - banks required to hold more capital to cover any future losses and more powers for regulators to take over failing banks

    • A new Council for Financial Stability - the FSA, the Bank of England and the Treasury to meet regularly and report on the systemic risks to financial stability.


    I love how we get all of these regulations now. Did no one think of this years ago?


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    Re: Bank of England given more power as regulation toughens

    Quote Originally Posted by Laila View Post
    BBC NEWS | Business | Banks to face tougher regulation







    I love how we get all of these regulations now. Did no one think of this years ago?
    I highly doubt that these regulations with ensure any type of stability.

    Statist intervention will continue it to exist.
    I was discovering that life just simply isn't fair and bask in the unsung glory of knowing that each obstacle overcome along the way only adds to the satisfaction in the end. Nothing great, after all, was ever accomplished by anyone sulking in his or her misery.
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    Re: Bank of England given more power as regulation toughens

    Quote Originally Posted by Harry Guerrilla View Post
    I highly doubt that these regulations with ensure any type of stability.

    Statist intervention will continue it to exist.
    Oh i know.
    I'd much rather BOE given the power to strip assets from banks and individuals, maybe that will put the fear into some of those idiots who have ripped off the taxpayer


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    Re: Bank of England given more power as regulation toughens

    Quote Originally Posted by Laila View Post
    Oh i know.
    I'd much rather BOE given the power to strip assets from banks and individuals, maybe that will put the fear into some of those idiots who have ripped off the taxpayer
    I would prefer that market banks be given back their status of lender of last resort as it had been in previous years before state banks were created.

    It would decentralize power and take it out of the hands of politicians.
    I was discovering that life just simply isn't fair and bask in the unsung glory of knowing that each obstacle overcome along the way only adds to the satisfaction in the end. Nothing great, after all, was ever accomplished by anyone sulking in his or her misery.
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    Re: Bank of England given more power as regulation toughens

    Quote Originally Posted by Harry Guerrilla View Post
    I would prefer that market banks be given back their status of lender of last resort as it had been in previous years before state banks were created.

    It would decentralize power and take it out of the hands of politicians.
    I believe it was private (BOE), until the late 1940's.
    It is not very unreasonable that the rich should contribute to the public expense, not only in proportion to their revenue, but something more than in that proportion.
    "Wealth of Nations," Book V, Chapter II, Part II, Article I, pg.911

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    Re: Bank of England given more power as regulation toughens

    Quote Originally Posted by Goldenboy219 View Post
    I believe it was private (BOE), until the late 1940's.
    I'll have to read some on that.

    Though I believe multiple banks would discourage manipulation of currency and other investments.
    I was discovering that life just simply isn't fair and bask in the unsung glory of knowing that each obstacle overcome along the way only adds to the satisfaction in the end. Nothing great, after all, was ever accomplished by anyone sulking in his or her misery.
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    Re: Bank of England given more power as regulation toughens

    Shadow chancellor George Osborne
    Quick question to the Brits, what the heck is a "shadow chancellor"? Why "shadow"? Do you guys have "shadow ministers" or "shadow statesmen"?

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    Re: Bank of England given more power as regulation toughens

    Quote Originally Posted by Liz Peeps View Post
    Quick question to the Brits, what the heck is a "shadow chancellor"? Why "shadow"? Do you guys have "shadow ministers" or "shadow statesmen"?
    Yes ofc you have other shadow ministers.

    The role for the opposition is to hold the executive to account and one of the ways that is done is to assign a minister to in effect 'shadow' the opposition ministers
    Hence why Osborne is the shadow chancellor not just chancellor.
    Last edited by Laila; 07-09-09 at 05:01 AM.


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