Banking Report Index-Summary

UNITED KINGDOM (UK)

– Bank guarantee and recapitalization plan, European Comm'n approves changes taking advantage of relaxed state aid guidelines, 92:33; Bank of England to buy private sector assets as part of 2nd banking rescue package, 92:206; European Comm'n approves extension of plan, 92:946; 2nd extension in line with EU state aid rule, 93:751
– Capital

– – Liquidity, government bonds to be used instead of diversified assets under new rules for banks, building societies, and financial services firms, 93:701
– – Stamp duty reserve tax, ECJ finds levy on companies raising capital outside of country unlawful, 93:645

– Checks, penalties for unauthorized overdrafts subject to unfair practice rules, appeals court confirms, 92:517
– Executive compensation

– – Reporting, top executives of banks and other big financial institutions should disclose renumeration packages and face deferred bonuses, report says, 93:149
– – Voluntary curbs on bonus payments, government issues proposal, 92:518

– Failed banks, government proposes reforms enabling easier resolution of failing investment banks, 92:1179
– Isle of Man, IMF evaluation finds financial sector in compliance with global standards, 93:704
– Notice, FSA orders first fine over failure to notify regulator about acquiring control of financial services firm, 93:543
– Oversight, Bank of England should be given executive responsibility for supervising financial system, influential committee says, 92:1337
– Regulatory reform, government must avoid making changes to financial system in isolation, banking lobby warns, 92:1456; government releases white paper to reform financial markets further, 93:89
– Securities, director and officer liability insurance, risk managers invest in large policies, 93:83
– Systemic risk, government issues major proposals to combat systemic risks in global banking, 92:707
– Taxation

– – Amnesty, taxpayers with undisclosed tax irregularities from offshore assets have 6 months to come clean, tax agency says, 93:248; tax agency updates proposal, 93:367
– – Concessions, government to legislate for banking sector hit by economic crisis, 92:642
– – Debt buyback concession, tax agency publishes draft amendments affecting groups of companies, 93:812
– – Draft code of conduct for banks seeks to close down tax avoidance move, 93:37; tax attorneys voice concerns about draft code of conduct, 93:89
– – Stamp duty reserve tax, ECJ finds levy on companies raising capital outside of country unlawful, 93:645

– “Too big to fail” banks, Bank of England governor calls for banks to split core aspects from riskier elements, 93:814

URUGUAY

– Bank of South, 7 nations reach agreement on new regional development bank, 92:1182
– Tax havens, government announces successful challenge of inclusion on OECD “black list,” 92:901

UTAH

– MagnetBank, FDIC to pay out insured deposits after failing to find buyer, 92:266