New Banking Act comes into effect

joolsybools

http://news.bbc.co.uk/1/hi/business/7902350.stm

Does anyone think that the Government may be trying to hide bad news by releasing this at 3am on a Saturday morning?

Call me a cynic but...I do like a nice bit of 'hidden' support! :rolleyes:

mewbie_2

The banks are publicly quoted companies, at least most of them, who cannot fart in the office canteen without having to issue a public statement to the stock exchange. Yet if they are in extreme difficulties they can receive undisclosed sums of taxpayer money.

OK then, fair enough. Bring on ID cards...

jay3_2

mewbie wrote: »

The banks are publicly quoted companies, at least most of them, who cannot fart in the office canteen without having to issue a public statement to the stock exchange. Yet if they are in extreme difficulties they can receive undisclosed sums of taxpayer money.

OK then, fair enough. Bring on ID cards...

Problem is, if they make it public, everyone panics, withdraws their money, and we all suffer even more.

As I understand it, they still have to report back to Parliament regularly on the amounts lent to the banks in total.

There is no ideal solution, but at least these measures provide some protection.

What has this got to do with ID cards?

jay3_2

joolsybools wrote: »

http://news.bbc.co.uk/1/hi/business/7902350.stm

Does anyone think that the Government may be trying to hide bad news by releasing this at 3am on a Saturday morning?

Call me a cynic but...I do like a nice bit of 'hidden' support! :rolleyes:

You're a cynic

mewbie_2

jay3 wrote: »

Problem is, if they make it public, everyone panics, withdraws their money, and we all suffer even more.

As I understand it, they still have to report back to Parliament regularly on the amounts lent to the banks in total.

There is no ideal solution, but at least these measures provide some protection.

What has this got to do with ID cards?

I was making a connection between government secrecy, breaking the rules of the stock exchange, hiding stuff from investors, savers and borrowers - generally doing !!!!!! they like without accountability to the electorate AND ID cards being a symbol of loss of freedom for the rest of us.

It wasn't a great connection, but it's how my mind works on a Saturday morning.

re: reporting to Parliament. That's not particularly encouraging in any way.

louiser123

all very cloak and dagger to me, seems its like an underworld group, surley if my savings or money investments are with a bank or other financial institution i have a right to know what is happening at the company i have trusted with MY money!!

Dan:_4

About time. If this act was in place back in 2007 then Northern Rock would have been a different story.

SGE1

This legislation is just like any other piece of legislation, it went through the same channels (House of Commons, debated, review by the select committee, vote, then to the House of Lords following a similar process, before ascent). All details of the legislation are available on the parliament.uk website. I wouldn't call that "hidden". And just because a news story is published at night, doesn't mean the press is going to miss it. It'll be in this morning's papers, or tomorrow morning's papers.

As to the content of the new legislation, it means that depositors are compensated more quickly should a bank fail again. You would have thought that would be reassuring, but no. I mean, it's like some of you are bent on complaining whatever the issue (shock horror)!

ad44downey

Closing the stable door after the horse has bolted.

jay3_2

ad44downey wrote: »

Closing the stable door after the horse has bolted.

Should we leave it open then?

ad44downey

No, but maybe we should close the other stable doors first that still have horses in them