Bank
Global regulator proposes standards to allow bank comparisons
Investors and regulators faced a near impossible challenge during the financial crisis trying to compare the health of banks in one country to their counterparts in another – a problem global regulators are now attempting to fix.
The Basel Committee on Banking Supervision, which is responsible for drawing up new rules that will affect the world’s largest financial institutions, is proposing a set of standards that would create a universal method for reporting capital levels at banks around the globe.
When the financial crisis hit in 2007-2008, a multitude of different reporting standards made it hard for the market to judge which banks had adequate capital to backstop their lending and trading operations, the Switzerland-based committee said in documents released Tuesday.
That meant investors and regulars couldn’t easily compare the capital situations of banks in Europe with those in Canada or the United States.
“During the financial crisis, many market participants and supervisors have attempted to undertake detailed assessments of the capital positions of banks and comparisons of their capital positions,” the Basel Committee document says.
“The level of detail of the disclosure and the lack of consistency in the way that [capital] was reported typically made this task difficult and often made it impossible to do with any accuracy. It is often
State officials close Cranford-based First State Bank over poor asset quality
State officials yesterday closed Cranford-based First State Bank and the Federal Deposit Insurance Corporation announced Northfield Bank of Staten Island will take over so customers wont lose access to their money.
It was the first New Jersey bank closure in about a year, said Department of Banking and Insurance spokesman Marshall McKnight.
“This has been an issue thats gone back a couple of years,” McKnight said, adding banking regulators had issued several orders to the bank.
First State Bank, opened in 2006, had two branches, in Cranford and Westfield. A statement from DOBI late yesterday said that both branches will reopen today as branches of Northfield Bank and depositors of First State Bank will automatically become depositors of the Northfield Bank.
“Unfortunately, First States poor asset quality made todays action necessary to protect consumers,” said DOBI Commissioner Tom Considine.
Stocks fall for 3rd straight day on bank worries
NEW YORK – Stocks retreated Friday for the third straight day on fresh concerns about President Barack Obama’s proposed restrictions on banks.
The market is extending losses that gave the Dow Jones industrial average its biggest two-day drop since June. Not even upbeat earnings from General Electric and McDonald’s were able to offset the new worries.
Obama spooked the market Thursday after asking Congress for limits on how large big banks can be and to end some of the risky trading large financial companies have used in recent quarters to boost profits.
“It appears to be a move to put some shackles on risk takers,” Mitch Schlesinger, managing partner at FBB Capital Partners in Bethesda, Md., said of the new proposals.
That could push the market into a new period of uncertainty, and in turn, erratic trading. S
How to start a business without bank support
This article was written by ‘Secret Millionaire’ Dominic List, the owner of IT and Telecoms firm, Comtact.
When he started his company in 2005, List had very little access to traditional bank funding. Instead, he used a combination of credit cards, a small loan from his father, and the proceeds from the sale of his car to get the company off the ground. The company is on course to make £5.5 million this year.
With the current problems faced by entrepreneurs and small businesses in getting access to loans, List has put together the following top tips for getting businesses off the ground without access to conventional funding.
Website – don’t skimp on this, it’s your business front door and shop window. Howe Read all post…
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