Paul Tucker: Bank bailout law needs wider backing

Paul Tucker: Bank bailout law needs wider backing

PROPOSALS for a European Union (EU) law to protect taxpayers from having to bail out troubled banks would need global support to work effectively, Bank of England deputy governor Paul Tucker has warned.
Speaking in the Netherlands, Tucker said there had been “marked convergence” recently on a global approach to winding down banks which typically have operations in many countries.
But he said more political impetus was needed as it would still be a “nightmare” to wind down a big bank, he added.
If approved, the EU law on bank recovery and resolution is seen as a milestone towards a global... read more

21 May 2013 in Business, Views: 6
Source: Scotsman

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