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- W3209088146 abstract "After 40 years of increasingly frequent, increasingly severe banking crises it is time to review the most sacrosanct component of the regulatory regime for banks: deposit insurance. This paper sets out a proposal for its abolition in the UK, consisting of (a) an announcement that all deposit insurance will be abolished after two years, while extending the preferential ranking of insured deposits introduced in the Banking Reform Act 2013 to all relevant, uninsured deposits; (b) legislation banning any and all compensation paid to depositors as a result of losses they may suffer in the wake of a bank insolvency; (c) an announcement that NSI and (d) a requirement for all deposit-taking banks to publish prominently their capital / leverage ratios in comparison with NS&I. At the same time, the Basel 3 regulatory regime (i.e. the CRD IV legislative package and the associated laws and rules effected to implement and apply it in the UK) would be abolished (this is made easier by Brexit): capital regulation is the price banks pay for sovereign insurance of their largest creditors, and once that is abolished, the logic for a sovereign capital adequacy regime disappears. Following these reforms, risk-averse customers would have recourse to a zero-risk banking option offered by NS&I. Existing banks would find that they will have to increase their capital levels significantly, probably in excess of CRD IV requirements, in order to be able to compete and retain customers. Super-seniority of deposits in banks’ capital structure would mean that losses would have to be very high – far higher than those experienced during the great financial crisis – before retail depositors are exposed to losses. I am arguing that such a banking system could stimulate lower levels of leverage, a better distribution and pricing of risk, and therefore more robust economic performance in the UK." @default.
- W3209088146 created "2021-11-08" @default.
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- W3209088146 date "2016-01-14" @default.
- W3209088146 modified "2023-09-28" @default.
- W3209088146 title "The Abolition of Deposit Insurance. A Modest Proposal for Banking Reform" @default.
- W3209088146 hasPublicationYear "2016" @default.
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