Submitted on Tuesday 9th August 2011
Published on Tuesday 16th August 2011
Current status: Closed
Closed: Thursday 16th August 2012
Signatures: 2
We will not back casino style banking
The government must legislate to stop the Bank of England from continuing to act as lender of last resort to banks who deal in investment banking.
Each bank will be free to operate commercial, private and retail banking to its customers and by staying within these parameters keep the backing of The Bank of England and by default the UK taxpayer.
However, any bank which, by choice, conducts investment banking, deals in complex derivatives or takes significant investment risks should be freed from the control of the Bank of England and allowed to fail if it makes unprofitable risk decisions. It will still be able to take deposits and offer returns, however, these will be marked clearly as non-guaranteed and outside the regulatory remit.
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