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Chancellor George Osborne is to force banks to ring-fence their retail operations from investment banking.
In a speech on Wednesday he will say banks must be set up so that their branches and public savings and loans would not be damaged if their trading arms ran into trouble.
The legal separation of the functions of big banks was recommended by the Independent Commission on Banking.
Originally posted by quedup
I was attracted to your thread as I've just read an article in Uncensored mag that throws light on a pre -planned Banking Crash in Australia and New Zealand.
Not being a financial Wiz Kid - I don't know if this is something I/we should be acting upon. But the article provides this link 'NZ Reserve Bank Consultation Paper'
I'd really appreciate some one who understands the banking system to take a look at this as it does look concerning to say the least. Apparently Australia and NZ is just an example of what is happening Globally within the Banking Sector.
There is a few target dates for the Bank to act, the first one being 30th June 2011.
Is this a heads up for those with Deposits that are about to be wiped out?
OBR is intended to act as a resolution tool that puts the cost of bank failure primarily on the bank’s shareholders and creditors rather than the taxpayers, minimises moral hazard and provides continuity of core banking services. The Reserve Bank developed the OBR policy following a review of its crisis management policies and instruments subsequent to the 1997 Asian financial crisis.2