Download or read book The creation and sale of Northern Rock plc written by Great Britain: National Audit Office and published by The Stationery Office. This book was released on 2012-05-18 with total page 48 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Treasury's decision in early 2009 to support mortgage lending by splitting Northern Rock in two was reasonable but based on a business plan prepared by Northern Rock management which events quickly showed to have been optimistic. The Treasury went ahead with the split without further detailed analysis. The alternative of selling the deposits and closing down the business was, however, unlikely to have been significantly better. Although targets were not met, lending by Northern Rock plc was over 20% of all mortgage lending during 2010 and 2011. The financial performance of the business was worse than planned, principally owing to the continuation of low interest rates. In 2011, UK Financial Investments (UKFI), a body owned by the Treasury, reviewed a full range of options for the future of Northern Rock plc. The NAO considers that UKFI's recommendation for an early sale was the best way to minimise the losses. The sales process went well and UKFI improved the overall offer from Virgin Money. The NAO expects the taxpayer to lose £480 million of its original £1.4 billion investment in Northern Rock plc. If account is taken of the likely value of Northern Rock assets remaining in public ownership, UKFI expects that the taxpayer will recover all of the cash provided. However there could be a net present cost for the taxpayer of some £2 billion by the time the assets are fully wound down. This net present cost should, however, be seen as part of the overall cost of securing the benefits of financial stability during the financial crisis.
Download or read book The Northern Rock Art Tradition in Central Norway written by Kalle Sognnes and published by British Archaeological Reports Oxford Limited. This book was released on 2017 with total page 197 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book examines the Northern (Stone Age) rock art of centralNorway, which is dominated by images of marine and terrestrial motifs. Itfocuses on how these images were drawn and are classified, on the topographicallocation of the sites, on their dating and cultural context, and on the relationship between rock art andmaterial culture, and offers possible interpretations.
Download or read book Financial Regulation in Crisis written by Joanna Gray and published by Edward Elgar Publishing. This book was released on 2011 with total page 129 pages. Available in PDF, EPUB and Kindle. Book excerpt: The depositor run on the Northern Rock bank in September 2007, which led to the bank's subsequent nationalization was the first run on a UK bank for nearly 150 years and was a seminal moment in the unfolding global financial crisis. This book provides a detailed legal analysis of the role played by financial law and regulation during this event, and the impact the episode made on the law. The contributors to the book explore and elaborate upon the legal technique of securitization, and how Northern Rock itself created and employed securitized financial assets. There is also in-depth discussion and analysis of the origin of the problems experienced in the wholesale interbank markets surrounding the Northern Rock crisis. Chapters focus on risk-based financial regulation, depositor protection, and bank rescue and resolution mechanisms in the UK before and after the Northern Rock crisis. State aid implications of the nationalization of Northern Rock, and the future of financial regulation are also considered. This timely new book will appeal to academics, postgraduate and undergraduate students in law and business schools as well as practitioners, regulators and lawmakers.
Download or read book The run on the Rock written by Great Britain: Parliament: House of Commons: Treasury Committee and published by The Stationery Office. This book was released on 2008-01-26 with total page 188 pages. Available in PDF, EPUB and Kindle. Book excerpt: This Treasury Committee report examines the first run on the retail deposits of a United Kingdom bank since Victorian Times and analyses the causes and the consequences of the run on Northern Rock and what lessons can be learned. The Committee states the following: that the directors of Northern Rock were the principal authors of the difficulties that the company faced since August 2007; that the directors had pursued a reckless business model which was excessively reliant on wholesale funding; that the Financial Services Authority systematically failed in its regulatory duty; that the Chancellor of the Exchequer was right to view Northern Rock as posing a systemic risk to the financial system and to authorise the Bank of England's support. The Committee sets out 83 conclusions and recommendations, including: a series of measures for handling failing banks in an orderly manner to insulate taxpayers and small depositors; that a relevant authority be given power to acquire information relating to individual financial institutions and take action in specified circumstances; also that a special resolution regime should be established for failing banks to enable smooth administration of the bank and that this is combined with arrangements ensuring insured deposits are safe and accessible; that a Deposit Protection Fund be set up, that will ensure easy release of funds under any scheme; that a new post of Deputy Governor of the Bank of England and Head of Financial Stability should be created, with responsibility for handling failing banks and the proposed Deposit Protection Fund.
Download or read book Money written by Mellor, Mary and published by Policy Press. This book was released on 2019-07-03 with total page 176 pages. Available in PDF, EPUB and Kindle. Book excerpt: What does money mean? Where does it come from and how does it work? In this highly topical book, Mary Mellor, an expert on money, examines money’s social, political and commercial histories to debunk longstanding myths such as money being in short supply and needing to come from somewhere. Arguing that money’s immense social value means that its creation and circulation should be a matter of democratic choice, she sets out a new finance system, based on green and feminist concerns, to bring radical change for social good.
Download or read book Financial Markets and Institutions written by Jakob de Haan and published by Cambridge University Press. This book was released on 2012-06-28 with total page 497 pages. Available in PDF, EPUB and Kindle. Book excerpt: Since the first edition of this book, the world's financial system went through its greatest crisis for a century. What made this crisis unique is that severe financial problems emerged simultaneously in many different countries and that its economic impact was felt throughout the world as a result of the increased interconnectedness of the global economy. Written for undergraduate and graduate students of finance, economics and business, the second edition of this successful textbook provides a fresh analysis of the world financial system in light of the recent financial crisis. Combining theory, empirical data and policy, it examines and explains financial markets, financial infrastructures, financial institutions and challenges in the domain of financial supervision and competition policy. This new edition features three completely new chapters, one on financial crises, a second on financial innovation, and, on the policy side, a third on the monetary policy of the European Central Bank.
Download or read book United Kingdom written by International Monetary Fund and published by International Monetary Fund. This book was released on 2008-08-05 with total page 87 pages. Available in PDF, EPUB and Kindle. Book excerpt: This 2008 Article IV Consultation highlights that the United Kingdom’s economic growth was above trend in 2006 and 2007. In terms of expenditure, the expansion was largely driven by private consumption, on the heels of strong employment, steady real wage and living standards growth, and a surge in immigration. So far in 2008, evidence points to a sharp slowing in activity alongside high inflation. Executive Directors have welcomed the commitment made in the 2008 budget to tighten fiscal policy in the coming two years.
Download or read book The Future of Financial Regulation written by Iain G MacNeil and published by Bloomsbury Publishing. This book was released on 2010-03-12 with total page 484 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Future of Financial Regulation is an edited collection of papers presented at a major conference at the University of Glasgow in spring 2009, co-sponsored by the Economic and Social Research Council World Economy and Finance Programme and the the Australian Research Council Governance Research Network. It draws together a variety of different perspectives on the international financial crisis which began in August 2007 and later turned into a more widespread economic crisis following the collapse of Lehman Brothers in the autumn of 2008. Spring 2009 was in many respects the nadir since valuations in financial markets had reached their low point and crisis management rather than regulatory reform was the main focus of attention. The conference and book were deliberately framed as an attempt to re-focus attention from the former to the latter. The first part of the book focuses on the context of the crisis, discussing the general characteristics of financial crises and the specific influences that were at work this time round. The second part focuses more specifically on regulatory techniques and practices implicated in the crisis, noting in particular an over-reliance on the capacity of regulators and financial institutions to manage risk and on the capacity of markets to self-correct. The third part focuses on the role of governance and ethics in the crisis and in particular the need for a common ethical framework to underpin governance practices and to provide greater clarity in the design of accountability mechanisms. The final part focuses on the trajectory of regulatory reform, noting the considerable potential for change as a result of the role of the state in the rescue and recuperation of the financial system and stressing the need for fundamental re-appraisal of business and regulatory models.
Download or read book Unravelling the Credit Crunch written by David Murphy and published by CRC Press. This book was released on 2009-06-08 with total page 330 pages. Available in PDF, EPUB and Kindle. Book excerpt: Fascinating Insight into How the Financial System Works and How the Credit Crisis AroseClearly supplies details vital to understanding the crisis Unravelling the Credit Crunch provides a clearly written, comprehensive account of the current credit crisis that is easily understandable to non-specialists. It explains how the financial system was draw
Download or read book The Failure of Northern Rock written by Franco Bruni and published by . This book was released on 2009 with total page 217 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Risk Management and Financial Institutions written by John C. Hull and published by John Wiley & Sons. This book was released on 2012-04-11 with total page 674 pages. Available in PDF, EPUB and Kindle. Book excerpt: The essential guide to managing financial institution risk, fully revised and updated The dangers inherent in the financial system make understanding risk management essential for anyone working in, or planning to work in, the financial sector. A practical resource for financial professionals and students alike, Risk Management and Financial Institutions, Third Edition explains all aspects of financial risk as well as the way financial institutions are regulated, to help readers better understand financial markets and potential dangers. Fully revised and updated, this new edition features coverage of Basel 2.5, Basel III and Dodd-Frank as well as expanded sections on counterparty credit risk, central clearing, and collateralization. In addition, end-of-chapter practice problems and a website featuring supplemental materials designed to provide a more comprehensive learning experience make this the ultimate learning resource. Written by acclaimed risk management expert, John Hull, Risk Management and Financial Institutions is the only book you need to understand—and respond to—financial risk. The new edition of the financial risk management bestseller Describes the activities of different types of financial institutions, explains how they are regulated, and covers market risk, credit risk, operational risk, liquidity risk, and model risk Features new coverage of Basel III, Dodd-Frank, counterparty credit risk, central clearing, collateralization, and much more Provides readers with access to a supplementary website offering software and unique learning aids Author John Hull is one of the most respected authorities on financial risk management A timely update to the definitive resource on risk in the financial system, Risk Management and Financial Institutions + Web Site, Third Edition is an indispensable resource from internationally renowned expert John Hull.
Download or read book Risk Management and Financial Institutions written by Hull and published by John Wiley & Sons. This book was released on 2015-03-02 with total page 740 pages. Available in PDF, EPUB and Kindle. Book excerpt: The dangers inherent in the financial system make understanding risk management essential for anyone working in, or planning to work in, the financial sector. A practical resource for financial professionals and students alike, Risk Management and Financial Institutions, Fourth Edition explains all aspects of financial risk as well as the way financial institutions are regulated, to help readers better understand financial markets and potential dangers. Fully revised and updated, this new edition features coverage of new regulatory issues, liquidity risk, and stress testing. In addition, end-of-chapter practice problems and a website featuring supplemental materials designed to provide a more comprehensive learning experience make this the ultimate learning resource. Written by acclaimed risk management expert, John Hull, Risk Management and Financial Institutions is the only book you need to understand—and respond to—financial risk. The new edition of the financial risk management bestseller Describes the activities of different types of financial institutions, explains how they are regulated, and covers market risk, credit risk, operational risk, liquidity risk, and model risk Features new coverage of new regulatory issues, liquidity risk, and stress testing Provides readers with access to a supplementary website offering software and unique learning aids Author John Hull is one of the most respected authorities on financial risk management A timely update to the definitive resource on risk in the financial system, Risk Management and Financial Institutions + Website, Fourth Edition is an indispensable resource from internationally renowned expert John Hull.
Download or read book Corporate Governance written by Robert Ian Tricker and published by Oxford University Press, USA. This book was released on 2012-03-29 with total page 574 pages. Available in PDF, EPUB and Kindle. Book excerpt: Corporate governance around the world continues to develop rapidly and this new edition has been extensively rewritten to reflect these changes. The global financial crisis has led to a whole host of changes in corporate governance requirements, which are analysed by Bob Tricker.
Download or read book Money and Banking written by Robert Eyler and published by Routledge. This book was released on 2009-10-22 with total page 253 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book focuses on the core issues in money and banking providing students with a background in how financial markets work, how banks as businesses function, how central banks make decisions, and how monetary policy affects the global economy.
Download or read book Guardians of Finance written by James R. Barth and published by MIT Press. This book was released on 2014-08-29 with total page 295 pages. Available in PDF, EPUB and Kindle. Book excerpt: How the unaccountable, unmonitorable, and unchecked actions of regulators precipitated the global financial crisis; and how to reform the system. The recent financial crisis was an accident, a “perfect storm” fueled by an unforeseeable confluence of events that unfortunately combined to bring down the global financial systems. Or at least this is the story told and retold by a chorus of luminaries that includes Timothy Geithner, Henry Paulson, Robert Rubin, Ben Bernanke, and Alan Greenspan. In Guardians of Finance, economists James Barth, Gerard Caprio, and Ross Levine argue that the financial meltdown of 2007 to 2009 was no accident; it was negligent homicide. They show that senior regulatory officials around the world knew or should have known that their policies were destabilizing the global financial system and yet chose not to act until the crisis had fully emerged. Barth, Caprio, and Levine propose a reform to counter this systemic failure: the establishment of a “Sentinel” to provide an informed, expert, and independent assessment of financial regulation. Its sole power would be to demand information and to evaluate it from the perspective of the public—rather than that of the financial industry, the regulators, or politicians.
Download or read book Financial Institutions and Markets written by G. Kaufman and published by Springer. This book was released on 2009-10-26 with total page 459 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book is a collection of research papers that contribute to the understanding of ongoing developments in financial institutions and markets both in the United States and globally.
Download or read book First Credit Market Turmoil Of The 21st Century The Implications For Public Policy written by Douglas D Evanoff and published by World Scientific. This book was released on 2009-11-04 with total page 404 pages. Available in PDF, EPUB and Kindle. Book excerpt: Since the summer of 2007, credit markets in almost all industrial countries have been in substantial turmoil and this has become the focus of intense policy debates. The papers in this volume are contributed by the world's leading financial experts and constitute a thorough examination of the first credit market turmoil of the 21st Century. They provide an overview of the main causes, transmission mechanisms and economic implications of what by now has become a major systemic financial crisis. They assess the most important policy considerations and conclude about how to stabilize financial systems, attenuate repercussions on the real economy and shape future regulatory structures. The analyses, conclusions, and recommendations can be expected to influence both public and private policies to mitigate, if not prevent, such crises in the future.
