Inside the Banking Crisis

Inside the Banking Crisis

This book is the definitive insider's guide to the UK banking crisis, the drama and characters involved in the collapse of some of the major pillars of British banking and the commitment of £66 billion of taxpayers' money.

Author: Hugh Pym

Publisher: A&C Black

ISBN: 9781472902887

Category: Political Science

Page: 240

View: 941

It was one of the gravest challenges faced by any British government in peacetime. The banking system, taken for granted by most of the population to pay for life's essentials, came close to collapse. Yet nobody going about their business in October 2008 had any inkling how vulnerable the nation's financial infrastructure was. Nobody, that is, bar a small group of policymakers and ministers working frantically in Whitehall and the City of London. Royal Bank of Scotland, larger than the entire annual output of the UK economy, had toppled. Another banking giant Halifax/Bank of Scotland was in desperate need of a bailout. A staggeringly large bill had to be paid to stave off disaster. But could Britain afford it? Might foreign investors conclude that the UK's public finances could not take the strain and the game was up? Yet doing nothing might have seen cash machines closed, depositors panicking and troops on the streets. These were the appalling dilemmas facing Downing Street, the Treasury and financial regulators in the darkest hours of the crisis triggered by the crash of the US bank Lehman Brothers. As political leaders in the United States confronted challenges to their own system, their British counterparts could rely on nobody for help. A solution had to be found and fast. To their immense credit, a rescue package was unveiled and markets were reassured. But saving the banks was one thing – securing their future to the benefit of taxpayers and customers was another. Decisions made since the traumatic weeks of October 2008 have cast a long shadow. The UK economy is still bearing the scars. RBS is not repaired, some small businesses are struggling to get credit and public appetite for explanations of what happened remains high. This book is the definitive insider's guide to the UK banking crisis, the drama and characters involved in the collapse of some of the major pillars of British banking and the commitment of £66 billion of taxpayers' money. This as yet untold story is informed by conversations with highly placed policymakers, including many of the key players, and explains what really happened behind closed doors in Downing Street and the City.
Categories: Political Science

Recap

Recap

His very detailed and open account of these times made him a key witness at the Irish parliamentary inquiry into the banking crisis. This book is his account of those times: the pressures, the key incidents and the personalities involved.

Author: Kevin Cardiff

Publisher:

ISBN: 1908308826

Category: Business & Economics

Page: 275

View: 184

A memoir from a senior official in Ireland's Department of Finance during the worst periods of the global financial crisis, and his attempts to save the banking system, and later the State itself, from bankruptcy.
Categories: Business & Economics

Black Horse Ride

Black Horse Ride

In the highly acclaimed Black Horse Ride, veteran financial journalist Ivan Fallon brings together the accounts of all the power players involved in this dramatic saga for the first time, including the key roles played by the Governor of ...

Author: Ivan Fallon

Publisher: Biteback Publishing

ISBN: 9781849549448

Category: Business & Economics

Page: 448

View: 285

Longlisted for the FT and McKinsey Business Book of the Year Award 2015 In September 2008, HBOS, with assets larger than Britain’s GDP, was on the edge of bankruptcy. Its collapse would have created the biggest economic crisis since the 1930s and a major political disaster for the Labour government. With the help and support of Gordon Brown, HBOS was rescued by Lloyds TSB, one of the country’s strongest banks, in circumstances that have since become the stuff of City legend. In the highly acclaimed Black Horse Ride, veteran financial journalist Ivan Fallon brings together the accounts of all the power players involved in this dramatic saga for the first time, including the key roles played by the Governor of the Bank of England, the Prime Minister and the Treasury. Through a compelling cast of prominent bankers, politicians and investors, Fallon reveals what really occurred in the aftermath of the crash of Lehman Brothers, perhaps the worst single day in banking history.
Categories: Business & Economics

Inside the Crisis

Inside the Crisis

Using aggregate and bank level data for several countries, the paper studies what happens to the banking system in the aftermath of a banking crisis.

Author: Ms.Enrica Detragiache

Publisher: International Monetary Fund

ISBN: 9781451857399

Category: Business & Economics

Page: 27

View: 234

Using aggregate and bank level data for several countries, the paper studies what happens to the banking system in the aftermath of a banking crisis. Contemporary crises are not accompanied by declines in aggregate bank deposits, and credit does not fall relative to output, although the growth of both deposits and credit slows down substantially. Output recovery begins in the second year after the crisis and is not led by a resumption in credit growth. Banks, including the stronger ones, reallocate their asset portfolio away from loans.
Categories: Business & Economics

Indonesian Banking Crisis

Indonesian Banking Crisis

Economic crisis and banking restructuring policy in Indonesia.

Author: I Putu Gede Ary Suta

Publisher:

ISBN: UOM:39015062030179

Category: Banks and banking

Page: 434

View: 191

Economic crisis and banking restructuring policy in Indonesia.
Categories: Banks and banking

Financial Crisis in America

Financial Crisis in America

Many losses occurring in diverse firms and markets -- often quite severe -- have features in common: the use of complex, hard-to-value financial instruments; large speculative positions underwritten by borrowed funds, or leverage; and the ...

Author: Raymond T. Ovanhouser

Publisher: Nova Science Pub Incorporated

ISBN: IND:30000124568928

Category: Social Science

Page: 134

View: 950

There is no precise definition of "financial crisis," but a common view is that disruptions in financial markets rise to the level of a crisis when the flow of credit to households and businesses is constrained and the real economy of goods and services is adversely affected. Since mid-2007, central bankers -- including the Federal Reserve -- have laboured to keep the downturn in U.S. subprime housing from developing into such a crisis. While subprime problems were widely anticipated, the subsequent spread of turmoil into many seemingly unrelated parts of the global financial system was not. Many losses occurring in diverse firms and markets -- often quite severe -- have features in common: the use of complex, hard-to-value financial instruments; large speculative positions underwritten by borrowed funds, or leverage; and the use of off-the-books entities to remove risky trading activities from the balance sheets of major financial institutions. It is not yet clear whether financial market problems will significantly slow the economy: many believe that the current episode is simply the downside of a normal credit cycle, that is, a natural corrective to several years of unusually easy credit conditions. On the other hand, some analysts identify market dynamics that may amplify the effects of financial shocks and have the potential to generate self-reinforcing, downward financial and economic spirals. The Federal Reserve has used its traditional tools to avert such an outcome: it has lowered short-term interest rates dramatically and injected billions of dollars into the banking system to support market liquidity and keep credit flowing. In addition, the Fed has expanded its sphere by making funds available to securities firms, which it does not regulate, and has provided funding to underwrite the rescue-through-acquisition of Bear Stearns, a leading investment bank. The duration of the current instability is in marked contrast to financial shocks of recent decades -- stock market crashes, bond market disruptions, the 9/11 attacks -- when the central bank was able to contain market problems quickly with little or no interruption of U.S. economic growth. Depending on how soon normal market conditions are restored, and at what cost, policy makers may consider whether regulators have access to adequate information about market conditions, and whether currently unregulated market participants should be subjected to disclosure and reporting requirements. In addition, the social costs of failed financial speculation may be judged great enough to warrant new restrictions designed to lower the incidence of losses that have system-wide impacts or to put the markets and the economy in a better position to weather such shocks.
Categories: Social Science

The Role of the Accounting Profession in Preventing Another Financial Crisis

The Role of the Accounting Profession in Preventing Another Financial Crisis

Financial Accounting Standards Board " Years in the making , the launch of the ...
much of 2009 , the impact of the global financial crisis continued to dominate che
capital markets , business , and politics both in the U.S. and around the world .

Author: United States. Congress. Senate. Committee on Banking, Housing, and Urban Affairs. Subcommittee on Securities, Insurance, and Investment

Publisher:

ISBN: MINN:31951D034655636

Category: Corporate governance

Page: 256

View: 577

Categories: Corporate governance

Financial Crisis Economic Recovery and Banking Development in Russia Ukraine and Other FSU Countries

Financial Crisis  Economic Recovery and Banking Development in Russia  Ukraine  and Other FSU Countries

This paper provides a unified analysis for the onset of the 1998 financial crisis and the strong economic recovery afterward in Russia and other former Soviet Union countries.

Author: Haizhou Huang

Publisher: International Monetary Fund

ISBN: UCSD:31822032304453

Category: Business & Economics

Page: 35

View: 491

This paper provides a unified analysis for the onset of the 1998 financial crisis and the strong economic recovery afterward in Russia and other former Soviet Union countries. Before the crisis a banking failure arose owing to the coexistence of a lemons credit market and high government borrowing. In a lemons credit market low credit risk firms switched from bank to nonbank finance, including trade credits and barter trade, generating an externality on banks' interest rates. The collapse of the treasury bills market in the financial crisis triggered a change in banks' lending behavior, providing initial conditions for banking development.
Categories: Business & Economics

Banking Crises in Latin America

Banking Crises in Latin America

The history of Chile's banking crisis , and those of other developing countries ,
raises several important issues . ... But in a rapidly growing country where , by
definition , savings are scarce and capital is scarcer , how does one value newly
 ...

Author: Ricardo Hausmann

Publisher: IDB

ISBN: 1886938121

Category: Business & Economics

Page: 267

View: 740

Banking crises occur in both industrial and developing countries, but in Latin America they last longer, affect a larger segment of the banking industry and cost the public more. In Banking Crises in Latin America, distinguished policymakers, academicians and bankers examine the main causes of such crises, how governments can manage them more effectively, and how they can be prevented. The six sections of the book focus on the salient features of Latin American banking systems, the macroeconomic causes of banking crises, the microeconomic factors leading to bank difficulties, and the particular constraints that make the management of banking crises more complicated in Latin America than in industrial countries. Policy recommendations at both the macro- and microeconomic level aim to improve the resilience of banking systems to unanticipated shocks. The last section of the book turns the focus to experiences of individual countries. Contributors include Eduardo Aninat, Guillermo Calvo, Michel Camdessus, Sebastian Edwards, Enrique Iglesias, Lawrence Summers and Paul Volcker.
Categories: Business & Economics

FDR s First Fireside Chat

FDR s First Fireside Chat

Amos Kiewe tells the story of the First Fireside Chat, the context in which it was constructed, the events leading to the radio address, and the impact it had on the American people and the nation’s economy.

Author: Amos Kiewe

Publisher: Texas A & M University Press

ISBN: STANFORD:36105123344785

Category: History

Page: 153

View: 596

“I want to talk for a few minutes with the people of the United States.” Thus began not only the first of Franklin Roosevelt’s celebrated radio addresses, collectively called Fireside Chats, but also the birth of the media era of the rhetorical presidency. Humorist Will Rogers later said that the president took “such a dry subject as banking and made everyone understand it, even the bankers.” Roosevelt also took a giant step toward restoring confidence in the nation’s banks and, eventually, in its economy. Amos Kiewe tells the story of the First Fireside Chat, the context in which it was constructed, the events leading to the radio address, and the impact it had on the American people and the nation’s economy. Roosevelt told America, “The success of our whole national program depends, of course, on the cooperation of the public—on its intelligent support and its use of a reliable system.” Kiewe succinctly demonstrates how the rhetoric of the soon-to-be-famous First Fireside Chat laid the groundwork for that support and the recovery of American capitalism.
Categories: History

Crises in the Economic and Financial Structure

Crises in the Economic and Financial Structure

Discuss four crisis-prone areas of the economy-monetary control, bankruplcy, the international economy, and speculative bubbles.

Author: Paul Wachtel

Publisher: Free Press

ISBN: STANFORD:36105037436800

Category: Depressions

Page: 344

View: 312

Discuss four crisis-prone areas of the economy-monetary control, bankruplcy, the international economy, and speculative bubbles.
Categories: Depressions

Fixing Global Finance

Fixing Global Finance

This title shows how the globalisation of finance should have brought substantial benefits, but in practice it brought a series of devastating currency and banking crises in the 1980s and 1990s, particularly in the developing world.

Author: Martin Wolf

Publisher:

ISBN: UOM:39015079333319

Category: Business & Economics

Page: 230

View: 698

This title shows how the globalisation of finance should have brought substantial benefits, but in practice it brought a series of devastating currency and banking crises in the 1980s and 1990s, particularly in the developing world.
Categories: Business & Economics

Open Dissent

Open Dissent

This book is about the financial crisis and how we can get back to normal, except ‘normal’ has now been redefined. Soden concentrates on Ireland but is constantly mindful of the international and European contexts.

Author: Mike Soden

Publisher: Orpen Press

ISBN: 9781842182208

Category: Business & Economics

Page: 234

View: 430

Open Dissent is an analysis of the financial crisis from the point of view of someone on the inside. With 35 years’ experience in banking internationally and, latterly, in Ireland, Mike Soden was one of those at helm, shaping and changing modern banking. This book is about the financial crisis and how we can get back to normal, except ‘normal’ has now been redefined. Soden concentrates on Ireland but is constantly mindful of the international and European contexts. Different to what has been written before on the Irish crisis Open Dissent Is a book about banking by an international banker who doesn’t have his hands dirtied by the financial crisis of 2008-9 (he resigned as CEO of Bank of Ireland in 2004)Is a view from inside banking and contains entirely original and previously unaired ideas for Ireland’s financial recovery, including a new banking model and radical changes to the Irish financial services landscapeContains information not formerly released, including correspondence between Soden and the Governor of the Central Bank in September 2008, following major events in the USLooks at the culture of silent dissent in Irish corporate and political life, which is unwillingness to speak openly about something you feel strongly about – an effect of cronyismContains a balanced and informed analysis of NAMA and how it might work: ‘Cool heads need to be at work in order to get the best result for the country’Direct and honest, Open Dissent is also a challenge to Ireland’s citizens to rise above the factions, tribalism and sense of entitlement to do and accept what is best for their country.
Categories: Business & Economics

The Global Financial Crisis

The Global Financial Crisis

This timely book offers a cutting-edge view of the global financial crisis by exploring the various statutory, regulatory, and policy responses to it.

Author: Hal S. Scott

Publisher:

ISBN: STANFORD:36105134458939

Category: Law

Page: 184

View: 378

This timely book offers a cutting-edge view of the global financial crisis by exploring the various statutory, regulatory, and policy responses to it. It focuses on the most recent developments and underlying policy issues. It is a valuable tool for anyone looking to understand the legal and regulatory factors implicated in the ongoing global credit crisis.
Categories: Law

Banking Crises and Bank Resolution

Banking Crises and Bank Resolution

Like most transition economies, Bulgaria, Lithuania, and Mongolia suffered severe banking crises, which had to be resolved before growth could resume.

Author: Charles Enoch

Publisher: International Monetary Fund

ISBN: UCSD:31822029661832

Category: Business & Economics

Page: 70

View: 757

Like most transition economies, Bulgaria, Lithuania, and Mongolia suffered severe banking crises, which had to be resolved before growth could resume. The macroeconomic and institutional failings that led to these crises are described, and parallels are drawn with the causes of banking crises in industrial and developing countries. Resolving the crises proved technically and politically difficult, and setbacks occurred. Successful resolution required the implementation of a comprehensive and decisive strategy, involving thorough-going bank restructuring, heavy fiscal costs, and institutional and legal reforms.
Categories: Business & Economics