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Bailey makes heavy hints on TBTF

In Blog by Ian Fraser0 Comments

14 January 2011 We already know that financial regulation is due for a radical shake-up in the UK, but Andrew Bailey, executive director and chief cashier at the Bank of England, has given the clearest signal yet that the structure of the banking sector will also be overhauled. In a …

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Lloyds executioner with a talent for mimicking Ferraris

In Blog by Ian Fraser7 Comments

13 November 2010 Mark Fisher, the low-profile “blustery Yorkshireman” and petrol-head, who was renowned for his ability to imitate the sound of a revving Ferrari when serving as henchman to Sir Fred Goodwin at the Royal Bank of Scotland in 2000-09, has fired more people than perhaps anyone else in …

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Good riddance, Mr Superlatives

In Blog by Ian Fraser2 Comments

20 September 2010 Lloyds Banking Group must live in a parallel universe. The press release announcing that chief executive Eric Daniels will retire within a year gives the impression the American’s seven years at the helm have been an unqualified success. In the release, the bank’s chairman Sir Win Bischoff …

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Two steps forward … [The trouble with Britain’s banks]

In Article Library by Ian Fraser1 Comment

By Ian Fraser Published: Sunday Herald Date: 8 August 2010 Three years after the onset of the credit crisis, when several British banks narrowly avoided bankruptcy thanks to Government intervention, the prescribed regime of management clear-outs, capital rebuilding, global retrenchment, cost-cutting and a more considered approach to lending is beginning …

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Asymmetry of information irks Blanchflower

In Blog by Ian Fraser0 Comments

3 December 2009 David Blanchflower, a former member of the Bank of England’s monetary policy committee, is peeved that he was kept in the dark about the £61.6 billion of secret loans that the central bank issued to RBS and HBOS to prevent them from going bust at the height …

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Mervyn King: No-one can afford “too big to fail” banks

In Blog by Ian Fraser0 Comments

3 December 2009 Bank of England governor Mervyn King has made clear that no-one can afford banks that are “too big to fail.” Giving evidence to the House of Lords economic affairs committee last month, King pointed out that building a credible regulatory regime while such dinosaurs roam the financial …

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Is Lloyds the new Enron?

In Blog by Ian Fraser8 Comments

29 October 2009 Lloyds Banking Group has been given the go-ahead to proceed with a £13.5bn rights issue as part of a wider capital-raising. Given their knowledge of the extent of the challenges facing the bank, were the tripartite authorities (the FSA,  Bank of England and H.M. Treasury) well-advised to …

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After the fall

In Article Library by Ian Fraser0 Comments

By Ian Fraser Published: Sunday Herald Date: 5 October 2008 As the world braces itself for the consequences of the collapse of the financial system, a new model will have to be found to replace it. So where now for banking? By Ian Fraser THE GLOBAL economy has reached the …

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Britain fiddles while the credit market burns

In Article Library by Ian Fraser0 Comments

By Ian Fraser Published: Sunday Herald Date: 5 October 2008 IN THE Whitehall of Sir Humphrey and James Hacker, it was quite normal. Politicians and their officials would spend hours pontificating about new initiatives in smoke-filled rooms alongside industry practitioners, or else embark on lengthy but pointless consultations before new …

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The bankers’ new clothes

In Article Library by Ian Fraser0 Comments

By Ian Fraser Published: Sunday Herald Date: 27 April 2008 RBS’s refunding move is the first step in UK banks waking up from their self-delusion to the reality of the credit crunch  BRITISH BANKS, LIKE THE EMPEROR WHO WAS SO easily duped by his tailors, were suffering from chronic self-delusion …