Bank’s Bailey: creditors must pay for bank bailouts
Creditors should "bail in" banks in order to avoid the use of public money in the event that a systemically important institution fails, Andrew Bailey, the deputy director of the Bank of England's new prudential supervision wing, said on Tuesday.
The financial crisis has seen bondholders escape any losses on their assets despite the failure of institutions, in marked contrast to shareholder and the public purse. This was unacceptable and unsecured creditors, such as bondholders, should share
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