JUST TWO SELECTIONS FROM JIM'S POST TODAY...THERE IS MORE...
Jim Sinclair’s Commentary
Britain wants the Bank of England to have the power to consider imposing losses on depositors above the secured level of €100,000 (£85,000) as well as bondholders, to preserve financial stability.
First comes the Great Flushing followed by the Great Levelling.
EU bank proposals ‘risk domino sequence of failures’
Proposed European Union rules governing how losses are imposed on creditors in a failed bank pose the risk of a “domino effect” threatening financial stability in Britain, George Osborne will warn on Tuesday. By Bruno Waterfield, in Brussels
9:20PM BST 13 May 2013
Proposed European Union rules governing how losses are imposed on creditors in a failed bank pose the risk of a “domino effect” threatening financial stability in Britain, George Osborne will warn on Tuesday. By Bruno Waterfield, in Brussels
9:20PM BST 13 May 2013
At a meeting of EU finance ministers, the Chancellor will give British backing to a new principle that taxpayers should no longer have to pick up the bill for insolvent banks, meaning that debts must be written off, replacing bail-outs with “bail-ins” of creditors.
Mr Osborne will, however, express his concerns that the proposed new regime does not give the Bank of England (BoE) the “discretion” to look at wider economic and financial stability questions before taking a view on which creditors take on the losses of a failed bank.
His fear is that proposals for “depositor preference” set at the EU level might force the BoE to target bonds in a troubled bank that are owned by other financial institutions, often pension funds. Those creditor institutions that lent money would then be hit by losses, potentially creating a “domino effect” spreading beyond one failed bank to the entire financial sector.
In such circumstances, Britain wants the Bank of England to have the power to consider imposing losses on depositors, above the secured level of €100,000 (£85,000) as well as bondholders, to preserve financial stability.
Jim Sinclair’s Commentary
New Zealand to squash personal privacy.
New Zealand banks and financial institutions to:
- Identify new customers.
- Re-identify existing customers in certain circumstances.
- Monitor customer transactions on an ongoing basis.
- Report certain transactions and suspicious activities.
- Re-identify existing customers in certain circumstances.
- Monitor customer transactions on an ongoing basis.
- Report certain transactions and suspicious activities.
Why your bank wants more info Last updated 05:00 14/05/2013
The NZ Bankers’ Association is asking people to co-operate with any requests from their banks to provide more information about themselves as new anti-money laundering laws loom.
Under the Anti-Money Laundering and Countering Financing of Terrorism Act 2009, which comes into force next month, banks need to do more checks on customer identity and, in some cases, on account activity.
"We all have a role to play in the new anti-money laundering regime. Banks will be asking customers to provide more information about themselves. It’s important to bear in mind the bigger picture here. This is about New Zealand’s international reputation and fighting very serious crime,” Bankers’ Association chief executive Kirk Hope said.
Banks need to comply with the new law by June 30 and some have already put changes in place.
Hope said the new requirements will help with public confidence in the financial system and bring New Zealand into line with international best practice.
Serious crimes – including drug trafficking, fraud, robbery, illegal prostitution and gambling, arms trafficking, bribery and corruption – drive money laundering globally, he said, adding that combating money laundering makes it harder for criminals to profit.
No comments:
Post a Comment