Northern Rock
Financial regulators: one, two, maybe a few?
As Jamaica moves to introduce the ‘twin peaks’ approach to financial oversight, Ben Margulies assesses some of the pros and cons
BoE’s crisis Court minutes reveal fractious relationships inside and out
Minutes of 2007-2009 meetings reveal efforts by Bank of England executives to circumvent the Court, as well as ‘strained’ relationship with other regulators
UK gears up to new era of prudential regulation
The UK will adopt ‘twin peaks’ supervision in April in a bid to restore integrity to its financial system. Chris Jeffery talks to the Bank of England’s Sarah Breeden about the challenges ahead
FSA’s Sants airs fears of overburdened BoE governor
Hector Sants says operational tasks handed to Bank of England governor under recent reforms could be “too great”; slams government and BoE for not listening to advice concerning Northern Rock collapse
King admits BoE should have done more to prevent banking crisis
Bank of England governor says central bank should have done more to prevent crisis despite its limited powers to act; says new resolution mechanism will not work for global banks
Goodhart hits out at current macro-prudential focus
Economist Charles Goodhart agrees with Robert Pringle that risk and return incentives need to change at banks to ensure future financial stability. But permitting failures is a step too far
Bank’s Tucker: all EU countries should have resolution regime
Bank of England deputy governor Paul Tucker calls for national resolution regimes
Northern Rock’s bad bank posts first profit
Northern Rock Asset Management shows $267m profit for first half of year as split with so-called “good bank” lowers costs of funding; FSA slaps RBS with $9m fine for screening failures
UK lawmakers launch inquiry into regulatory revamp
Influential Treasury Select Committee says it will launch investigation of government plans for new regulatory structure
Central bank auctions reveal banks' liquidity risks
BIS study says aggressive bidding in central bank auctions good indication of liquidity risks at banks
Brussels will drain London banking sector: top bankers
HSBC chair Stephen Green warns that European legislation will eradicate London’s competitive edge as a financial centre; says Basel III will curb trade finance
Denmark’s Bernstein proposes UK-style merger between central bank and regulator
National Bank of Denmark director Nils Bernstein says collaboration between the central bank and Financial Services Authority will sharpen supervisory powers
Interview: Howard Davies
The founding chairman of the UK Financial Services Authority discusses Britain’s new regulatory architecture, weaknesses in the European Central Bank’s voting arrangements, and how inflation targets need to change
UK coalition gives Bank lead regulatory role
Conservative and Liberal Democrat parties agree to put Bank of England at the centre of financial regulation on Wednesday, stop short of abolishing FSA
FSA appoints new communications chief
Tom Kelly joins FSA directors’ board in bid to revive relationship with government
Who should decide on LoLR support?
Central Bank of Uruguay’s Jorge Ponce looks at who should decide on emergency liquidity assistance
Narrow banking not the answer: RBI’s Subbarao
RBI governor dismisses breaking up banks as solution to financial-sector problems; argues for macroprudential policy measures to tackle interconnectedness
Brussels clears Rock break-up
Decision follows British government nationalisation in January 2008
King’s speech elicits mixed reaction
Commentators and politicians broadly support Bank governor’s call for break-up of biggest banks, but see no easy fix
Nomura deputy says thanks for Lehman
Nomura's UK vice chair says he is “extraordinarily grateful” for biggest bankruptcy in history, says bankers not greedy, just playing by the rules