No More Bailouts: BoE Chief Says Banks Won’t Be Save By Taxpayers – 10 November 2014

RT logoNew 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 creditors to bear banks’ losses, ensuring that taxpayers’ money should never be used again to bail out banks.

The proposal was unveiled by Mark Carney, chairman of the Switzerland-based Financial Stability Board (FSB) and governor of the Bank of England.

The new rules would require big banks to hold much more money against losses, which Carney called a “watershed” moment, adding that the bailout by the taxpayers in 2008 and 2009 was “totally unfair.”

Read the full story at: www.rt.com / link to original article

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