Posts Tagged ‘no more bombing!-no more bailouts!’
Posted by seumasach on August 3, 2016
“The Bank of England is asleep at the wheel again, and we will be back to beleaguered banksters begging for bailouts – and the taxpayer will be ripped off yet again, but bigger this time.”
Bail-outs are no longer permitted under EU regulations, drawn up by Michel Barnier, bete noir of the Murdoch press, so it will be interesting how they play this one post Brexit. In any case, the people should take to the streets to oppose any bailouts!
UK heading for new financial crisis ‘on grander scale than 2008’ with Bank of England ‘asleep at the wheel’, says AS
Independent
3rd August, 2016
The Bank of England’s annual stress tests of the UK’s banks, designed to ensure Britain’s lenders will not be at the heart of another destructive financial crisis, have been branded “worse than useless”, by a new report.
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Posted in brexit crisis, British economy | Tagged: brexit bailouts, no more bailouts, no more bombing!-no more bailouts! | Leave a Comment »
Posted by seumasach on June 27, 2016
The Bank of England said it was ”monitoring developments closely“ and would take ”all necessary steps“ to support monetary stability.
It’s bailout time again- perhaps some of that money that the Eurocrats have been squandering could be used to help out?
Guardian
27th June, 2016
Trading in Barclays and RBS shares was suspended on Monday morning following heavy losses on the London Stock Exchange.
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Posted in Battle for Europe | Tagged: Bail-in not bail-out!, brexit bailouts, no more bailouts, no more bombing!-no more bailouts! | Leave a Comment »
Posted by seumasach on February 15, 2016
“There is still a heck of a gap, as you rightly point out, between 13% and the Vickers commission’s 18%, but the Vickers commission was operating on the assumption that there would not be bail-in-able debt, if I can put it that way, which we now have or shall shortly have.”
This is very interesting – he seems to be suggesting that this time round the creditors and, presumably, the shareholders will take the hit. When the banks go under again, as they inevitably must, they will be “bailed-in” rather than bailed -out following, perhaps, the template established by Michel Barnier at the European Commision. This implies the end of the City of London as we know. We shall see.
Guardian
14th February, 2016
Britain’s banks are vulnerable to a global financial shock despite efforts to shore up their finances, according to the official who led the inquiry into the safety of UK banks following the 2008 crash.
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Posted in UK economy, Uncategorized | Tagged: Bail in the banks!, no more bailouts-put banks into receivership, no more bombing!-no more bailouts! | Leave a Comment »
Posted by seumasach on November 11, 2014
BoE chief says banks won’t be saved by taxpayers
RT
10th November, 2014
New rules are being proposed that will force creditors, not taxpayers, to carry the losses of banks deemed “too big to fail.” The plans come after Western taxpayers were asked to pay trillions of dollars to bail out banks in the 2008 financial crisis.
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Posted in UK economy | Tagged: no more bombing!-no more bailouts!, no more wars!-no more bailouts! | Leave a Comment »
Posted by seumasach on July 11, 2014
To minimize the expense to euro zone taxpayers, European Union policymakers have drawn up a law under which shareholders, creditors and very large depositors will lose money first in the event of a bank failure.
For some reason many commentators fail to distinguish between bail-in, as is the case here, and bailout, as we saw in US/UK in 2008. The above makes it clear.
Independent.ie
11th July, 2014
Germany’s cabinet has approved a package of draft laws which effectively give the go-ahead to Europe’s plans for banking union – the main confidence-building response to the crisis in the financial sector, a government source said yesterday.
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Posted in Battle for Europe, Financial crisis | Tagged: bail-in, bailout, european banking union, no more bombing!-no more bailouts!, stop the bailout | Leave a Comment »
Posted by seumasach on June 17, 2014
Not only are London wisely refraining from reinvading or bombing Iraq but the furore over Blair’s comments has revealed the total lack of appetite for such an intervention across the British and US political spectrum. The real significance of the Western response is the impetus towards rapprochement with Iran.
New Europe
17th June, 2014
LONDON, June 16 (Xinhua) — British Foreign Secretary William Hague on Monday ruled out the possibility of British military intervention in the on-going Iraq crisis, but pledged to offer counter-terrorism expertise and humanitarian aid to the country instead.
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Posted in Iraq | Tagged: detente with Iran, End of empire, no more bombing!-no more bailouts!, retreat from empire | Leave a Comment »
Posted by seumasach on June 13, 2014
The idea of bailing out the banks in perpetuity is totally devoid of realism. Neither the pound sterling nor the British people would survive such a policy. The only answer is to allow the banks to fail, to put them through bankruptcy.
HITC
Britain’s financial sector remains vulnerable to further global shocks and the Bank of England must be ready to rescue banks that run short of funds, Threadneedle Street warned on Thursday.
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Posted in UK economy | Tagged: bankrupt Britain, failing banks, no more bailouts-put banks into receivership, no more bombing!-no more bailouts! | Leave a Comment »
Posted by seumasach on December 12, 2013
“Shareholders and bondholders would be first in line, with savers last in the queue, while tapping public money to prevent a bank collapse would only be done as a last resort.”
This is an important step towards ending the hegemony of finance capital in Europe.
EU Observer
12th December, 2013
BRUSSELS – MEPs and ministers have agreed new rules to rescue insolvent banks that would target bondholders not savers, following the final round of talks in Strasbourg.
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Posted in Battle for Europe, Financial crisis | Tagged: bailout industry not finance, no more bailouts-put banks into receivership, no more bombing!-no more bailouts! | Leave a Comment »
Posted by seumasach on October 13, 2013
America’s biggest banks are now in a position to go bust without state intervention, the Bank of England’s deputy governor declares
Telegraph
12th October, 2013
The deputy governor of the Bank of England has declared an end to the era of taxpayer bail-outs for the world’s giant lenders.
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Posted in Financial crisis | Tagged: bankrupt Britain, End of empire, failing banks, no more bailouts-put banks into receivership, no more bombing!-no more bailouts! | Leave a Comment »
Posted by seumasach on June 27, 2013
The main resolution measures would include:
– the sale of (part of a) business;
– establishment of a bridge institution (the temporary transfer of good bank assets to a publicly controlled entity);
– asset separation (the transfer of impaired assets to an asset management vehicle)
– bail-in measures (the imposition of losses, with an order of seniority, on shareholders and unsecured creditors).
These measures lay the basis for Eurozone control of a banking system purged of its bad bebts, the costs to be met by shareholders and bondholders rather than the taxpayer. It marks the end of the bailouts of the banks. It will be interesting to see the response of the British government: they will not be able to veto it.
Council of the European Union
27th June, 2013
The Council today1 set out its position on a draft directive establishing a framework for the recovery and resolution of credit institutions and investment firms (11148/1/13 REV 1).
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Posted in Battle for Europe, Financial crisis | Tagged: EU bank rescue rules, no more bombing!-no more bailouts!, stop the bailout | Leave a Comment »
Posted by seumasach on March 24, 2013
“For the Government, these sorts of figures are terrifying, implying some form of additional taxpayer support for either Lloyds Banking Group, or more particularly, the Royal Bank of Scotland, in which it has major stakes.”
Telegraph
23rd March, 2013
Britain’s banks are under-capitalised. Not just by a little bit, but a lot. Under the Bank of England’s worst-case estimate, lenders need to raise something in the order of £60bn, more than three times the amount required to bail out Cyprus, which gives some idea of the scale of the problems officials think the industry faces.
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Posted in Uncategorized | Tagged: no more bailouts-put banks into receivership, no more bombing!-no more bailouts!, stop the bailout, UK bank bailout | Leave a Comment »
In These New Times 