Crisis Management? - How British banks should face the future

David B. Smith
October 2009

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 In the aftermath of the UK’s banking crisis, the Government must learn from its mistakes, says Professor David Smith. The arrangements introduced under its Bank of England Act 1998 led to the dramatic failures in the system a decade later. In Crisis Management ? How British banks should face the future, Professor Smith explains how the Bank of England came to be illequipped to deal with the escalating crisis that followed Northern Rock’s collapse. There are also, he says, lessons to be learned from other developments, including two significant trends: banks avoiding foreclosure and the securitising of bad mortgages.
This study by one of Britain's leading authorities on banking today concludes with a series of robust recommendations designed to avoid moral hazard, restore asset ratio requirements, and ensure the Bank of England alone has responsibility for high street banks and building societies.


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