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Bank Reforms...in 2019

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I kid you not. No need to rush...

http://www.bbc.co.uk/news/business-14877865

There has been widespread support for a government-backed commission that has recommended UK banks ring-fence retail from investment banking.

The Independent Commission on Banking, led by Sir John Vickers, said it would "make it easier and less costly to resolve banks that get into trouble".

The ICB called for the changes to be implemented by the start of 2019.

Chancellor George Osborne said the report would mean UK banks could remain competitive. :rolleyes:

Edited by inflating

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752 comments at the BBC site, this is the most recent and echoes my sentiments although is not me

752.i

16 Minutes ago

Another seven years until these reforms come in?

Plenty of time for banks to lobby (worm) their way out of it.

MASSES of time for it to all go screamingly wrong with a sovereign debt default.

No guarantee whatsoever against the other finance institutions to **** it all up anyway & Pensions are looking good at the moment aren't they?

Gutted I missed Banking Bingo Balls.

and another

13.Rolfe

12 Hours ago

This is just hype, by 2019 all the proposed reforms will be watered down, this is just spin for the conference season to say they are being tough on banks.

When will we learn about this government, they treat the public daily with contempt with spin and bluster that hides the agenda of big business very small government. Remember the announcements today and watch them fall away one by one

and

259.Graphis

10 Hours ago

2019? More than enough time for this to be forgotten about and discreetly buried... if it's a good idea, why not implement it NOW? It's all just empty soundbites, tossed out to mollify us...

Edited by inflating

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Indeed.

Not forgetting some judicious electoral boundary changes, an election and that Clegg bloke and dear old Vince prob. out of the way, even if Osborne survives the alleged coke/dominatrix take-down stories.

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even if Osborne survives the alleged coke/dominatrix take-down stories.

I must read up on that, first I've heard, hmm O-O website I see has a mention, going to have a read now

As pointed out elsewhere, WW2 "only" took 6 years to sort out :(

They're all the same, I'm not voting for them ever again, it'll be UKIP next time and even then who knows...

It will be safer to take your money out of the banks and vote that way!

The local safe man is going to be busy as will Mattress Man! :D

As you probably know, typical amateur safe installations are next to useless to anyone other than an opportunist with a screwdriver

Edited by inflating

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Anyway if the Govt wont ringfence my money and want to run the risk of loading us taxpayers up with more bailouts, then theres only one way to show the Govt they have it wrong and thats to empty your bank accounts and hold the cash yourself.

Become your own banker/central banker, sadly it's fast becoming the only way, I refuse to let these foxes guard over my chickens too.

Not sure if the banks are getting more nervous but I went to take out £5k the other day and a 'large withdrawal' document had to be filled in. I was under the impression this document is only used for amount exceeding £10k? Ironically when my deal fell through and I deposited the same £5k the following day no 'large deposit' form had to be filled in. I should have stuck the money under the mattress as no doubt the next time I go withdraw it I'll get another 'large withdrawal' against my name. I'd put money on my deposit of the same funds not cancelling out the first withdrawal strike.

As for these reforms in 2019, absolutely pathetic, there's two general elections between now and then, more than enough time for a u-turn.

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Not only are the reforms going to be late (if they get implemented at all) but already banker types are whinging about them with the usual threats that they'll all go abroad to pursue their inflated salaries (BBC Newsnight last night). Is there no end to the arrogance of these spivs and spongers?

These constant threats that "bankers will simply move to less regulated states" is absolute bilge. All that's happening is a proposed tiny, tiny sum being prevented from being shifted around to partially and very modestly protect deposit to investment ratios. Even if it gets implemented it's a drop in the ocean. The most affected bank appears to be Barclays, and that's because they already are badly exposed to risk because of the way they raise cash.

See John Snow's interview with the Treasury Secretary (Channel 4 news) where repeated questions about his past in promoting less regulation and fewer controls were unanswered and he completely denied that HE personally was wrong in the past. Quite reasonably both Paxman and Snow asked him what evidence was there that he, and his government, would not screw things up yet again and the answer was not forthcoming. It is not just the bankers that need a good dose of reality, it is the regulators, the ministers on whose watch the banks continue to act like a law unto themselves, and the journalists who continually harp on about UK's need to be "competitive" that need a sound lesson in how they all contributed to the meltdown.

It's similar to the Mafia in the 1930s claiming that unless they were allowed to continue robbing, extorting and murdering everyone with machine guns, the US economy would somehow suffer.

All the regulations seek to do is protect depositors from the worst ravages of proflgacy and gambling by the city. It's hardly a draconian step and as others point out, there is a good chance that by 2019 the regs will be so watered down they will barely make any difference in the long run.

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I doubt very much these changes would take long to implement. The most complex and large migration/merger event in UK banking history took 3 years from start to finish (Well not quite but close enough !!). The IT aspect and issues involved will have been massive.

Splitting the Retail & investment arms of Banks would be mostly legalities IMO. I doubt much IT or process change would be required.

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Ball, meet long grass.

Just like Liebour before them, these muppets (and I choose that word advisedly - muppets are your better class of puppet) have totally failed in their duty to the people and the country and have failed to take a once in a lifetime opportunity to control the parasites.

None of the 3 'main' parties will be getting my vote again.

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All the regulations seek to do is protect depositors from the worst ravages of proflgacy and gambling by the city.

...the main risks or unregulated gambling took place on the High Street through mortgage lending ....what's your version....?... :rolleyes:

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...not necessarily so....the greed of the local advisers throwing guidelines to the wind looking for more commissions and bonuses....plus the greed of the punters who helped the lies and signed off accordingly ....the only problem was for all.....the bets went wrong .... :rolleyes:

Yes, correct, but that was enabled by a culture emanating from the city generally.

...not necessarily so....the greed of the local advisers throwing guidelines to the wind looking for more commissions and bonuses....plus the greed of the punters who helped the lies and signed off accordingly ....the only problem was for all.....the bets went wrong .... :rolleyes:

ps ...for many the reform should be jail...

Edited by South Lorne

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ps ...for many the reform should be jail...

+1

The Shareholders of the Banks saw gradual increases for ten years, then saw their holdings decimated in the 11th year.

But The Bankers have paid themselves enormous bonuses for 10 years in a row. And are now squealing that their bonuses have been capped?

Where oh where, is the serious fraud squad?

And why isnt there a long line of politicians, bankers, and FSA employees, outside the court?

Edited by Milton

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+1

The Shareholders of the Banks saw gradual increases for ten years, then saw their holdings decimated in the 11th year.

But The Bankers have paid themselves enormous bonuses for 10 years in a row. And are now squealing that their bonuses have been capped?

Where oh where, is the serious fraud squad?

And why isnt there a long line of politicians, bankers, and FSA employees, outside the court?

...if these banks are bust and have been rescued by the taxpayer ....then...any bonus is fraud...how can you have a bonus until every last penny is paid back to the taxpayer and returning profits for the shareholders....?....this is the 'Reform of Banking' which should be taking place ....not the political 'shuffling of deckchairs on the Titanic' proposed....jail and no bonuses ....simple and effective....don't become part of the problem and cover up ..... :rolleyes:

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  • 338 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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