Bracken - The Banker

There is a good deal of support for Jacques de Larosière’s February 2009 report on how to 'repair' the EU's financial supervisory and regulatory structures, balancing just enough centralisation with national safeguards to get widespread support. But he barely considers the key question of who will provide funds to tackle a banking crisis if the decisions to save or let a bank go affect more than one country. While funding is a domestic problem, it is also a domestic political tool to be shaped in line with national objectives, national priorities and national beneficiaries.

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The rhetoric was hot and the drama significant as the Group of 20 leaders gathered in London.

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Until recently, most banks seemed to believe that, in relation to the disclosure of liquidity risk, less disclosure was 'more prudent' and more knowledge was a dangerous thing. Since 2008, not only has liquidity risk become a stakeholder issue but it has also absorbed many more stakeholders. Traditionally, the stakeholders who had a direct interest in liquidity risk were the asset and liability committee and the local regulator. Stakeholders now include holders of senior and subordinated debt, wholesale and retail depositors and shareholders. More significantly, shareholders not only include private investors but also sovereign states.

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As the search goes on for culprits and remedies in the global financial crisis, not enough attention has focused on the role played by governments in explicitly or implicitly guaranteeing the banking system.

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Are French banks in a stronger position than others to weather the economic crisis? Probably yes, as their model, which is more stable and highly diversified, differs appreciably from that of other international players.

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Incoming US presidents often face significant financial headwinds. Barack Obama is facing a force-five hurricane. The world economy has swiftly transitioned from a position of reckless financial risk-taking to a situation that may be even worse – no financial risk-taking. To add to these difficulties, the emerging challenge is deflation. By David Smick.

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The US government has agreed to pay $700bn to shore up the current financial system. European governments are enacting capital investments into their financial systems of similarly huge magnitudes. As part of this unprecedented government intervention, many are calling for restrictions on top banking executives’ pay. By John Thanassoulis.

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The ongoing credit and capital market crisis has served as a reminder that markets in distress stop functioning normally. The gyrations of US treasury bill and note yields show there may not be a market at the expected price when needed. This affects all market participants, but particularly central banks. By Ousmène Jacques Mandeng.

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Four firms dominate the auditing business globally and, between them, would appear to have more than 280,000 employees dedicated more or less exclusively to audit and assurance, generating approximately $48bn in fees. By Stephen Kingsley.

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Financial markets are experiencing almost unparallelled turbulence. Write-offs continue to mount – estimates now top $1000bn; job cuts are becoming more commonplace; and many senior executives have been axed. A few household names have even disappeared for good. But some financial institutions will become stronger in the aftermath of the credit crunch.

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Europe and the US must not be afraid to take a firm line with Russia as it returns to full strength, writes Simon Serfaty.

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