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September 23, 2009

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Thomas Barker

I think it's more that the BoE would take a legalistic view that currency should only be put into circulation against very liquid, very certain collateral, as decided by definite criteria. They'd perceive the risk as detaching the amount of money in circulation from the amount of goods/services on sales. To them, banks are subsiduaries that need watching.

The FSA is happy is if the projected future cashflows look safe relative the liabilities. They would perceive this as an accounting issue. Setting out criteria for how the flows are generated would be considered regulatory meddling.

Bruce Davis

It seems that Merv King agrees with you - his seems to be calling for reform of the banks not more regulatory meddling. Perhaps we can continue this conversation at the CSFI event on the 29th!?

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