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Updated at 5.38pm
TAXPAYERS COULD NEVER again be forced to bail out banks deemed “too big to fail” if new rules forcing global lenders to keep bigger safety buffers are brought in.
The Financial Stability Board (FSB) has unveiled plans to shore up the ability of mega banks to withstand economic shocks like the ones which echoed through the world’s banking system during the global financial crisis.
The global banking watchdog wants 30 “pillar” banks, including Ulster Bank parent the Royal Bank of Scotland, to boost the funds they have in reserve.
They would need to have as much as 20% of their total assets, adjusted for how risky the investments were, ready as back up for any losses they suffered in the future.
No Irish banks are on the list.
FSB chairman Mark Carney, who also heads the Bank of England, said an agreement on international loss-absorbing standards for the 30 banks would be “a watershed in ending ‘too big to fail’ for banks”.
Once implemented, these agreements will play important roles in enabling globally systemic banks to be resolved without recourse to public subsidy and without disruption to the wider financial system,” he said.
Over €164 billion pumped into Irish banks
Billions in taxpayers’ funds were spent propping up failing banks across the world as the collapse of debt-ridden institutions in the US and Europe stoked fears the world’s financial system could collapse.
In Ireland, over €64 billion was pumped into the nation’s six banks by the Central Bank on top of more than €100 billion that came from the the European Central Bank (ECB).
The snowballing bank bailout in turn drove the government into the troika’s arms after then-ECB president Jean-Claude Thrichet threatened to withhold emergency funding if Ireland didn’t agree to the scheme.
The FSB said the changed rules for big banks, combined with other measures, should get rid of the “implicit public subsidy” global financiers enjoyed when they borrowed money.
It also hoped the move would also “incentivise” banks’ creditors to keep a closer watch on how much risk the pillar banks were taking and create a more level playing field in the international financial scene for smaller institutions which didn’t have the same implied government support.
The proposals, which will be put out for feedback until February next year, and have been widely welcomed by European officials, although Linklaters partner David Ereira told Reuters the new rules alone wouldn’t be enough to stop “too-big-to-fail” banks.
‘Significant deficiencies’ in how Irish banks were run
Meanwhile, in a speech today, the Central Bank’s head overseer, Sharon Donnery, said “significant deficiencies in corporate governance” had been identified in analysing what caused the Irish banking crisis.
“There are now core governance standards under which credit institutions licensed or authorised by the (Central Bank) must operate,” she said.
“Of course, we must not lose sight of the goal of good governance which is to support sound and effective oversight and a culture of ethical behaviour and challenge.”
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The Rio cops are playing a blinder. They’re the best thing about these olympics.
What’s funny is how this started. Lochte’s ma was grilling him why he got back so late and hadn’t been in touch with her. He made up this bs to avoid the truth. Then she speaks to the American media about it and suddenly Lochte and the others are being questioned about it on camera in Rio and it gets completely out of control, becomes a national pride thing for Brazil etc. and is subsequently exposed as a cover-up for drunken muppetry.
Moral of the story….. never lie to your mammy!
Pity they couldn’t be so useful out of competition…as corrupt as anything
I was going to suggest an garda siochana send a delegation out there to learn about effective policing, but it would be just our luck that they would send over a few rotten apples to embarrass us internationally…
The cops in Rio are corrupt in the most corrupt country in Latin American ! Easy to see that they are trying to appear clean as the eyes of the world are on them ! There is NO Ticket scandal S you could not give the tickets away for free ,due to the zika virus and lack of credibility in the Olympic ideal . Records being broken by huge margins and we point the finger at others without suspecting our own ! When it’s all over we will see there was absolutely no ticket scandal
Yeah, ok, are you a person or a bot?
Ridiculous carry on by people meant to be representing their country. And the whole Lochte refusing to get down on the ground bit is a sign of his arrogance. They should have got a night in the cells for wasting police time. Delighted they’ve been shown up for what they are.
Ryan Lochte is a 32 year old multiple Olympic medallist. Hardly a kid. I wouldn’t be so forgiving.
The Olympic spokesman guy chose the use of the word “kid” deliberately apparently as a deliberate sarcastic dig at Lochte. The other swimmers are young guys.
Yes, they are young. They are also in their 20s and representing their country.
Ever seen Ryan Lochte be interviewed…….
As someone said yesterday, it’s like an outtake from Bill and Ted.
By the way, that is in no way an attempt to defend him.
Lad is a total muppet.
These swimmers and Tricky Hickey very much failed to put the Brazilian authorities back in their box. At least these yank lads got the gold medals in the bag. Heartache for tricky just missing out in the Olympic hide and seek the other morning.
Lightweight yanks. Probably OD’d on 3 bud lights.
I am sure they did not think that Brazil was sophisticated enough to have CCTV and therefore they would get away with it. In crime ridden countries such as this they have many more security devices as danger is part of every day life.
They’re not sophisticated enough to let the law take it’s course instead of demanding money on the spot for an alleged crime, while holding the suspected vandals at gunpoint. Who’s to say there was any damage to the bathroom. Is there cctv footage of them even doing that? I suspect not! The whole story may or may not be true but it gives an insight into the law in Brazil and I wouldn’t fancy it at any rate. Who wouldn’t retract their story, pay thousands to an “institution” , agree with the police’s version of events and just get the hell out of there? I’d want to get back to safe ground as quick as possible!
Why are comments closed on the other Rio Irish story
Comments are closed because people in high places are calling the shots. This is how democratic societies work in times of possible huge embarrassment to the cartel at the very top!!
I only have one question on Our Rio Story. Did Minister Ross fly on the Government plane???
He didn’t fly on the government jet!
He swam over. Beat the national record as well
Thanks rodrigo
Not sure govt jet would have range?
The demon drink. Too many lemonades
Feigend a robbery because they were on the Lochte
Lochte out of his tree.
Seriously .. What were they thinking .. They must have been jealous of all the attention phelps was getting so they decided they wanted some of there own … Muppets
I can bet you my parent’s mortgage that Lochte’s arrogance stems from being Phelps’s understudy for some time and is sick of it. Much like Blake probably is of Bolt. These guys would deep down wish for these stars to fall.
Lochte’s arrogance, although I’d be more inclined to call it ignorance, stems from him being dumb as shit. Watch an interview with him, It’ll all start to make sense.
Get out ye pair a cowboys. Something a paddy would…oh, me ticker !!!!
The ugly American abroad sticks to type. No surprise there.
I am surprised. Americans abroad are usually polite well mannered law abiding
On their own maybe. But when they’re in a group their notorious inferiority complexes go into overdrive. It’s the result of the society they’re brought up in. ‘America’ über alles!
“…vandalising a gas station bathroom…”. ‘Gas’ station? It’s one thing to quote American usage, it’s another to actually use it in your article.
The author of the report is ‘AFP’ which stands for ‘American Foreign Press’. The article was written by an American journalist, hence the use of the phrase ‘gas station’. Does that soothe your indignation?
AFP stands for Agence France-Presse, not American Foreign Press. Although the original article was written by an American journalist as you say, it is hardly too much to ask that it be adapted for Irish readers before being published on an Irish news site.
LMAO!!! @ Just2comment
you come across as so righteous and indignant in your comment, that so far almost everyone has agreed with you
It is NOT “American Foreign Press” the image for AFP should b a dead giveaway for a start
AFP stands for “Agence France-Presse” and AFP is the third largest news agency in the world, after the Associated Press and Reuters.
If you are going to admonish someone and try and belittle them, at LEAST DO IT RIGHT……Like i just have……….hope that soothes your indignation…
l
American foreign press you say?
That’s interesting. So it’s definitely not the Agence France Presse which is linked at the end of the article?
Either you’re just making up news agencies or the journal can’t link correctly.
Lochte was definitely locked. Then deserted his pals.
Can thick as shit shit up in a blood sample?
The lads were vandals at the petrol station who are now found to be liars as well. Then Ryan Lochte lied to Billy Bush, and then to Matt Lauer. As recently as 24 hours ago NBC on the Today show was still defending Lochte after showing a stern-faced Brazilian official who explained the detention of the swimmers as due to court order.
A good portion of the Olympic athletes of all nations are hard-working, focused people who excel at particular sports. Most respect the laws of the host country.
I respect all of these people, winners and competitors alike.
KIds??
That IS a mugging isint it? Stopping off for a slash,probably pebble dashed the toilet bowl after a dodgy Curry. That was their act of vandalism,Garage attendants pull guns on them demanding compensation and got money from them.Thats illegal.why didn’t They call the cops? Finally they were released when they made a forced statement admitting they made it all up.what a load of Shi*e.Brazillian justice?wouldn’t go near the Kip.! If you get into any difficulties there you’re in big trouble.
They kicked in a door – why wouldn’t the filling station expect the damage to be paid for?
Head down to your local Topaz and kick in the jacks door, if the attendant pulls a gun and takes you money at gun point instead of calling the gards lets us know if you think it was fair
Brazil isn’t Ireland – things work differently there.
Rio 2016 been brilliant for new records – record new lows in cheating/doping,bribery, corruption, lies ,deceit Etc
They should all have their medals stripped. Absolutely disgusting behavior and that Locte fella is grade A d**che for leaving his team mates out to dry.
D!ckheads. Rich kid mommys boys who got caught and as usual are paying themselves out of the pickle they got themselves in
They must have been absolutely Locht
What was their game?
Swimming
I blame the chlorine in the water. Its worse than alcohol.
What suspicious-minded MONSTER actually checked out their story? Are we not supposed to just #Listenandbelieve??
Punishing this guy will discourage victims from coming forward in future, thereby re-enforcing robbery culture
It seems to me that they could have had manners in the first place, and waited for the police. Instead threw fifty dollars at the staff and off they went. Then there was talk of $400 and everything being stolen from them all. I wouldn’t want to be Lochte making an insurance claim in the future.
Those yanks just can’t handle their licker
Money talks
This is nothing to the shocking behaviour of Mc Gregor at the press conference. A thug with money is the worst sort.
What? Mc Gregor is a paid fighter and last time I checked he did not fabricate stories to the police. I do detect a bit of classism from you as this story deals with a privileged WASP yet you feel the need to blame Mc Gregor.
Press conference stunts like that are all pre-planned and part of the game – it’s all about whipping up the hype and bringing in the $$$ baby!
Jamie “Feign”.
US swimmers create new Olympic event for storytelling: ‘The 10K’!
If the swimmers got such a hefty fine for a ‘misdemeanor’, what will the Brazilians do with ticketmaster #Hickey?
Now I’m going to have a hard time believing a man when he says he has been robbed.
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