Tag Archives: bank

Bank of England claims: no more taxpayer bailouts

BOE Mark Carney

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. The new global rules will force ...

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US and UK conducting war games for banking collapse

Money currency

Regulators from the United States and the United Kingdom will get together in a war room next week to see if they can cope with any possible fall-out when the next big bank topples over, the two countries said on Friday. Treasury Secretary Jack Lew and the UK’s Chancellor of ...

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BRICS establish $100bn bank and currency reserves

BRICS nations

The group of emerging economies signed the long-anticipated document to create the $100 bn BRICS Development Bank and a reserve currency pool worth over another $100 bn. Both will counter the influence of Western-based lending institutions and the dollar. The new bank will provide money for infrastructure and development projects ...

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Spain to tax bank deposits

Bank robbing depositors

Spain on Friday said it would introduce a blanket taxation rate of 0.03 percent on all bank account deposits, in a move aimed at harmonising regional tax regimes and generating revenues for the country’s cash-strapped autonomous communities. The regulation, which could bring around 400 million euros ($546 million) to the ...

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French bank to pay $8.8 billion for violating US sanctions

BNP Paribas

French banking giant BNP Paribas has agreed to plead guilty to two criminal charges of violating US sanctions, and will pay a record-breaking $8.8 billion settlement. Prosecutors allege BNP conducted “long-term, multi-jurisdictional conspiracy.” A lawyer representing the bank appeared in New York state court on Monday to answer for both charges, reports ...

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European Central Bank cuts interest rate to below zero

ECB euro symbol

The European Central Bank lowered its deposit rate to -0.10% as the continent battles deflation after many failed monetary policy attempts. The bank said more extraordinary tools can can be used to prevent the derailment of economic recovery. The European Central Bank (ECB) cut its main refinancing rate to 0.15 percent from ...

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David Cameron: Taxes will rise unless we can raid bank accounts

David Cameron

Taxes will have to rise unless officials are given new powers to raid people’s bank accounts, David Cameron has said. The Treasury select committee warned that allowing HM Revenue and Customs to remove cash from bank accounts without court orders is “very concerning” because of its history of mistakes. The ...

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How 37 banks became 4

4 banks to 1

If you were wondering how banks got “too big to fail,” here’s a good place to start. This chart shows us how, over the last couple of decades, 37 banks have became just 4 mega-banks. These same 4 mega-banks have, thus far, been immune to the consequences of any and all of ...

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CEO of Liechtenstein Bank Frick murdered in broad daylight

Liechtenstein Bank Frick

Over the weekend the world was gripped by the drama surrounding the mysterious murder-homicide of the former CEO of Dutch bank ABN Amro and members of his family, and whether there is more foul play than meets the eye. However, that is nothing compared to what just happened in the tiny, and ...

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