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The IQD Team: G-20 labels eight US banks as SIFIs

11/5/2011

 

G-20 labels eight US banks as SIFIs

by KERRI PANCHUK

Friday, November 4th, 2011, 1:55 pm

The G-20 international monetary policy organization named eight U.S. banks systemically important financial institutions, or SIFIs, this week.

The eight institutions are part of a list of 29 global banks that obtained the designation from the G-20, putting the institutions in the position of having to comply with global SIFI requirements that will eventually enforce capital surcharges that fall somewhere between 100-basis points and 250-basis points, the G-20 said. Critics of the SIFI designation say it is simply a more politically correct way to describe "too big to fail" at said financial institutions without solving core operational issues.

The eight U.S. banks designated as SIFIs include Bank of America (BAC: 6.49 -6.08%), The Bank of New York Mellon, Citigroup (C: 30.34 -1.43%), Goldman Sachs (GS: 105.04 -2.45%), JPMorgan Chase (JPM: 33.97 -1.19%), Morgan Stanley (MS: 16.72 -1.36%), State Street (STT: 39.99 -0.94%) and Wells Fargo (WFC: 25.40 -1.59%).

The G-20 reported both positive and negative news stemming from the official naming of the world's systemically significant financial institutions. The positive is the fact that the move "should open the door for the big U.S. banks to boost their capital distributions in 2012," wrote analysts at MF Global. However, the negative is the fact that global regulators decided to hold off another 12 months before naming where in the 100-to-250 surcharge range the SIFIs will fall in, the firm said.

Surcharges on the SIFIs will not be phased in until January 2016. It is likely to take another three years before that process is complete. The G-20 noted in its Friday report that "there was no talk of accelerating the phase in (of the charge), which is another reason why we believe the door is open to higher capital distributions in 2012," MF Global said.

Write to Kerri Panchuk.


http://www.housingwire.com/2011/11/04/g-20-labels-eight-us-banks-as-sifis

LINK


The IQD Team Factbox: The FSB's list of 29 globally important banks

11/5/2011

 
Factbox: The FSB's list of 29 globally important banks

Fri, Nov 4 2011
Factbox: The FSB's list of 29 globally important banks

CANNES, France | Fri Nov 4, 2011 10:40am EDT
(Reuters) - Following is an alphabetical list of the 29 global systemically important financial institutions (G-SIFIs) released by the Financial Stability Board (FSB) on Friday:

Bank of America

Bank of China

Bank of New York Mellon

Banque Populaire CdE

Barclays

BNP Paribas

Citigroup

Commerzbank

Credit Suisse

Deutsche Bank

Dexia

Goldman Sachs

Group Crédit Agricole

HSBC

ING Bank

JP Morgan Chase

Lloyds Banking Group

Mitsubishi UFJ FG

Mizuho FG

Morgan Stanley

Nordea

Royal Bank of Scotland

Santander

Société Générale

State Street

Sumitomo Mitsui FG

UBS

Unicredit Group

Wells Fargo

(Reporting By Daniel Flynn)

http://www.reuters.com/article/2011/11/04/us-g20-fsb-list-idUSTRE7A344L20111104

The IQD Team G20 names 29 banks for capital surcharge, recovery plan

11/5/2011

 
G20 names 29 banks for capital surcharge, recovery plan

By Daniel Flynn
CANNES, France | Fri Nov 4, 2011 10:30am EDT
Nov 4 (Reuters) - Twenty-nine banks were named on Friday as being deemed so important to the global financial system that they are likely to need to hold more capital than rivals and must put in place a plan to allow them to be wound up without taxpayer help if they hit trouble.

Of the banks listed at the Group of 20 meeting in Cannes, 17 are from Europe, eight are U.S. banks, including Goldman Sachs , JP Morgan and Citigroup , and just four from Asia, including Bank of China .

The G20 endorsed a core capital requirement surcharge starting at 1 percent and rising to 2.5 percent of risk-weighted assets for the biggest banks -- which would be phased in over three years from 2016. The aim is to ensure taxpayers will never again be called on to foot the bill in a major banking crisis.

International industry watchdog the Financial Stability Board (FSB) also said the 29 banks need to meet resolution planning requirements, dubbed "living wills", by the end of next year. National authorities can extend this requirement to other banks at their discretion, it said.

The list of global systemically important financial institutions -- known by regulators as G-SIFIs -- will be reviewed annually each November. The capital buffer will apply to banks identified in November 2014.

"We consider these to be minimum rules," said Svein Andreson, secretary general of the FSB, which has been tasked by the G20 with coordinating the global regulatory response to the financial crisis.

He said a top level of 3.5 percent could be imposed on banks as a deterrent.

http://www.reuters.com/article/2011/11/04/g20-financials-idUSL6E7M42LC20111104

The IQD Team Nations First Ever Emergency Alert System (EAS) Test Nov. 9

11/5/2011

 
Nations First Ever Emergency Alert System (EAS) Test

On Wednesday, November 9 at 2 p.m. (Eastern Standard Time), FEMA and the Federal Communications Commission (FCC) will conduct the nation's first ever Emergency Alert System (EAS) test. The purpose of this test is to help determine if the national-level system will work as designed, should officials ever need to send a national alert. 

This test will last approximately three minutes and will be seen on all local, cable, and satellite TV stations across the country, as well as radio. 

For additional information:

http://www.fema.gov/emergency/ipaws/eas_info.shtm

http://www.fcc.gov/encyclopedia/emergency-alert-system-nationwide-test

Yahoo Finance: Banking & Budgeting Articles of Interest

10/2/2011

 
Yahoo Finance 
Banking & Budgeting - Articles of Interest
LINK

Articles of Interest:Banking & Budgeting

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