25 Oct 2013
Flash: BoE’s Carney sets out approach to financial regulation - Investec
FXstreet.com (Barcelona) - Jonathan Pryor, Corporate Treasury Analyst at Investec notes that the new Bank of England head Mark Carney spoke from the Financial Times yesterday setting out his approach to financial regulation.
Key Quotes
“He managed to avoid the temptation of banker bashing and instead announced an easing of lending criteria for banks in need of short term cash. At the same time he also pointed out that if the City keeps its share of global banking UK bank assets could exceed GDP by nine times by 2050.”
“This he said emphasised the need to end ‘too big to fail’, since governments might be unable to again bail out banks in the case of another financial crisis. His speech was well received by the City and highlights a change of tone from the approach taken by his predecessor Lord King.”
“Market pundits have called his approach ‘sensible’, ‘pro-growth’ and likened it to the tough but fair approach adopted in places such as Singapore, where the sector is hugely valued but closely supervised.”
Key Quotes
“He managed to avoid the temptation of banker bashing and instead announced an easing of lending criteria for banks in need of short term cash. At the same time he also pointed out that if the City keeps its share of global banking UK bank assets could exceed GDP by nine times by 2050.”
“This he said emphasised the need to end ‘too big to fail’, since governments might be unable to again bail out banks in the case of another financial crisis. His speech was well received by the City and highlights a change of tone from the approach taken by his predecessor Lord King.”
“Market pundits have called his approach ‘sensible’, ‘pro-growth’ and likened it to the tough but fair approach adopted in places such as Singapore, where the sector is hugely valued but closely supervised.”