Northern Rock

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The creation and sale of Northern Rock plc

Author : Great Britain: National Audit Office
Publisher : The Stationery Office
ISBN 13 : 9780102977110
Total Pages : 48 pages
Book Rating : 4.9/5 (771 download)

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Book Synopsis The creation and sale of Northern Rock plc by : Great Britain: National Audit Office

Download or read book The creation and sale of Northern Rock plc written by Great Britain: National Audit Office and published by The Stationery Office. This book was released on 2012-05-18 with total page 48 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Treasury's decision in early 2009 to support mortgage lending by splitting Northern Rock in two was reasonable but based on a business plan prepared by Northern Rock management which events quickly showed to have been optimistic. The Treasury went ahead with the split without further detailed analysis. The alternative of selling the deposits and closing down the business was, however, unlikely to have been significantly better. Although targets were not met, lending by Northern Rock plc was over 20% of all mortgage lending during 2010 and 2011. The financial performance of the business was worse than planned, principally owing to the continuation of low interest rates. In 2011, UK Financial Investments (UKFI), a body owned by the Treasury, reviewed a full range of options for the future of Northern Rock plc. The NAO considers that UKFI's recommendation for an early sale was the best way to minimise the losses. The sales process went well and UKFI improved the overall offer from Virgin Money. The NAO expects the taxpayer to lose £480 million of its original £1.4 billion investment in Northern Rock plc. If account is taken of the likely value of Northern Rock assets remaining in public ownership, UKFI expects that the taxpayer will recover all of the cash provided. However there could be a net present cost for the taxpayer of some £2 billion by the time the assets are fully wound down. This net present cost should, however, be seen as part of the overall cost of securing the benefits of financial stability during the financial crisis.

The Northern Rock Art Tradition in Central Norway

Author : Kalle Sognnes
Publisher : British Archaeological Reports Oxford Limited
ISBN 13 : 9781407315164
Total Pages : 197 pages
Book Rating : 4.3/5 (151 download)

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Book Synopsis The Northern Rock Art Tradition in Central Norway by : Kalle Sognnes

Download or read book The Northern Rock Art Tradition in Central Norway written by Kalle Sognnes and published by British Archaeological Reports Oxford Limited. This book was released on 2017 with total page 197 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book examines the Northern (Stone Age) rock art of centralNorway, which is dominated by images of marine and terrestrial motifs. Itfocuses on how these images were drawn and are classified, on the topographicallocation of the sites, on their dating and cultural context, and on the relationship between rock art andmaterial culture, and offers possible interpretations.

Financial Regulation in Crisis?

Author : Joanna Gray
Publisher : Edward Elgar Publishing
ISBN 13 : 0857933108
Total Pages : 129 pages
Book Rating : 4.8/5 (579 download)

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Book Synopsis Financial Regulation in Crisis? by : Joanna Gray

Download or read book Financial Regulation in Crisis? written by Joanna Gray and published by Edward Elgar Publishing. This book was released on 2011 with total page 129 pages. Available in PDF, EPUB and Kindle. Book excerpt: The depositor run on the Northern Rock bank in September 2007, which led to the bank's subsequent nationalization was the first run on a UK bank for nearly 150 years and was a seminal moment in the unfolding global financial crisis. This book provides a detailed legal analysis of the role played by financial law and regulation during this event, and the impact the episode made on the law. The contributors to the book explore and elaborate upon the legal technique of securitization, and how Northern Rock itself created and employed securitized financial assets. There is also in-depth discussion and analysis of the origin of the problems experienced in the wholesale interbank markets surrounding the Northern Rock crisis. Chapters focus on risk-based financial regulation, depositor protection, and bank rescue and resolution mechanisms in the UK before and after the Northern Rock crisis. State aid implications of the nationalization of Northern Rock, and the future of financial regulation are also considered. This timely new book will appeal to academics, postgraduate and undergraduate students in law and business schools as well as practitioners, regulators and lawmakers.

Money

Author : Mellor, Mary
Publisher : Policy Press
ISBN 13 : 1447346289
Total Pages : 176 pages
Book Rating : 4.4/5 (473 download)

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Book Synopsis Money by : Mellor, Mary

Download or read book Money written by Mellor, Mary and published by Policy Press. This book was released on 2019-07-03 with total page 176 pages. Available in PDF, EPUB and Kindle. Book excerpt: What does money mean? Where does it come from and how does it work? In this highly topical book, Mary Mellor, an expert on money, examines money’s social, political and commercial histories to debunk longstanding myths such as money being in short supply and needing to come from somewhere. Arguing that money’s immense social value means that its creation and circulation should be a matter of democratic choice, she sets out a new finance system, based on green and feminist concerns, to bring radical change for social good.

United Kingdom

Author : International Monetary Fund
Publisher : International Monetary Fund
ISBN 13 : 145181433X
Total Pages : 87 pages
Book Rating : 4.4/5 (518 download)

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Book Synopsis United Kingdom by : International Monetary Fund

Download or read book United Kingdom written by International Monetary Fund and published by International Monetary Fund. This book was released on 2008-08-05 with total page 87 pages. Available in PDF, EPUB and Kindle. Book excerpt: This 2008 Article IV Consultation highlights that the United Kingdom’s economic growth was above trend in 2006 and 2007. In terms of expenditure, the expansion was largely driven by private consumption, on the heels of strong employment, steady real wage and living standards growth, and a surge in immigration. So far in 2008, evidence points to a sharp slowing in activity alongside high inflation. Executive Directors have welcomed the commitment made in the 2008 budget to tighten fiscal policy in the coming two years.

The run on the Rock

Author : Great Britain: Parliament: House of Commons: Treasury Committee
Publisher : The Stationery Office
ISBN 13 : 9780215038388
Total Pages : 188 pages
Book Rating : 4.0/5 (383 download)

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Book Synopsis The run on the Rock by : Great Britain: Parliament: House of Commons: Treasury Committee

Download or read book The run on the Rock written by Great Britain: Parliament: House of Commons: Treasury Committee and published by The Stationery Office. This book was released on 2008-01-26 with total page 188 pages. Available in PDF, EPUB and Kindle. Book excerpt: This Treasury Committee report examines the first run on the retail deposits of a United Kingdom bank since Victorian Times and analyses the causes and the consequences of the run on Northern Rock and what lessons can be learned. The Committee states the following: that the directors of Northern Rock were the principal authors of the difficulties that the company faced since August 2007; that the directors had pursued a reckless business model which was excessively reliant on wholesale funding; that the Financial Services Authority systematically failed in its regulatory duty; that the Chancellor of the Exchequer was right to view Northern Rock as posing a systemic risk to the financial system and to authorise the Bank of England's support. The Committee sets out 83 conclusions and recommendations, including: a series of measures for handling failing banks in an orderly manner to insulate taxpayers and small depositors; that a relevant authority be given power to acquire information relating to individual financial institutions and take action in specified circumstances; also that a special resolution regime should be established for failing banks to enable smooth administration of the bank and that this is combined with arrangements ensuring insured deposits are safe and accessible; that a Deposit Protection Fund be set up, that will ensure easy release of funds under any scheme; that a new post of Deputy Governor of the Bank of England and Head of Financial Stability should be created, with responsibility for handling failing banks and the proposed Deposit Protection Fund.

Guardians of Finance

Author : James R. Barth
Publisher : MIT Press
ISBN 13 : 0262526840
Total Pages : 295 pages
Book Rating : 4.2/5 (625 download)

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Book Synopsis Guardians of Finance by : James R. Barth

Download or read book Guardians of Finance written by James R. Barth and published by MIT Press. This book was released on 2014-08-29 with total page 295 pages. Available in PDF, EPUB and Kindle. Book excerpt: How the unaccountable, unmonitorable, and unchecked actions of regulators precipitated the global financial crisis; and how to reform the system. The recent financial crisis was an accident, a “perfect storm” fueled by an unforeseeable confluence of events that unfortunately combined to bring down the global financial systems. Or at least this is the story told and retold by a chorus of luminaries that includes Timothy Geithner, Henry Paulson, Robert Rubin, Ben Bernanke, and Alan Greenspan. In Guardians of Finance, economists James Barth, Gerard Caprio, and Ross Levine argue that the financial meltdown of 2007 to 2009 was no accident; it was negligent homicide. They show that senior regulatory officials around the world knew or should have known that their policies were destabilizing the global financial system and yet chose not to act until the crisis had fully emerged. Barth, Caprio, and Levine propose a reform to counter this systemic failure: the establishment of a “Sentinel” to provide an informed, expert, and independent assessment of financial regulation. Its sole power would be to demand information and to evaluate it from the perspective of the public—rather than that of the financial industry, the regulators, or politicians.

The Failure of Northern Rock

Author : Franco Bruni
Publisher :
ISBN 13 : 9783902109460
Total Pages : 217 pages
Book Rating : 4.1/5 (94 download)

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Book Synopsis The Failure of Northern Rock by : Franco Bruni

Download or read book The Failure of Northern Rock written by Franco Bruni and published by . This book was released on 2009 with total page 217 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Financial Institutions and Markets

Author : G. Kaufman
Publisher : Springer
ISBN 13 : 0230103243
Total Pages : 459 pages
Book Rating : 4.2/5 (31 download)

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Book Synopsis Financial Institutions and Markets by : G. Kaufman

Download or read book Financial Institutions and Markets written by G. Kaufman and published by Springer. This book was released on 2009-10-26 with total page 459 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book is a collection of research papers that contribute to the understanding of ongoing developments in financial institutions and markets both in the United States and globally.

First Credit Market Turmoil Of The 21st Century, The: Implications For Public Policy

Author : Douglas D Evanoff
Publisher : World Scientific
ISBN 13 : 9814467227
Total Pages : 404 pages
Book Rating : 4.8/5 (144 download)

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Book Synopsis First Credit Market Turmoil Of The 21st Century, The: Implications For Public Policy by : Douglas D Evanoff

Download or read book First Credit Market Turmoil Of The 21st Century, The: Implications For Public Policy written by Douglas D Evanoff and published by World Scientific. This book was released on 2009-11-04 with total page 404 pages. Available in PDF, EPUB and Kindle. Book excerpt: Since the summer of 2007, credit markets in almost all industrial countries have been in substantial turmoil and this has become the focus of intense policy debates. The papers in this volume are contributed by the world's leading financial experts and constitute a thorough examination of the first credit market turmoil of the 21st Century. They provide an overview of the main causes, transmission mechanisms and economic implications of what by now has become a major systemic financial crisis. They assess the most important policy considerations and conclude about how to stabilize financial systems, attenuate repercussions on the real economy and shape future regulatory structures. The analyses, conclusions, and recommendations can be expected to influence both public and private policies to mitigate, if not prevent, such crises in the future.

The Financial Times Guide to Using the Financial Pages ebook

Author : Romesh Vaitilingam
Publisher : Pearson UK
ISBN 13 : 0273727885
Total Pages : 378 pages
Book Rating : 4.2/5 (737 download)

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Book Synopsis The Financial Times Guide to Using the Financial Pages ebook by : Romesh Vaitilingam

Download or read book The Financial Times Guide to Using the Financial Pages ebook written by Romesh Vaitilingam and published by Pearson UK. This book was released on 2011-07-21 with total page 378 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Risk Management and Financial Institutions

Author : John C. Hull
Publisher : John Wiley & Sons
ISBN 13 : 1119448115
Total Pages : 832 pages
Book Rating : 4.1/5 (194 download)

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Book Synopsis Risk Management and Financial Institutions by : John C. Hull

Download or read book Risk Management and Financial Institutions written by John C. Hull and published by John Wiley & Sons. This book was released on 2018-04-10 with total page 832 pages. Available in PDF, EPUB and Kindle. Book excerpt: The most complete, up-to-date guide to risk management in finance Risk Management and Financial Institutions, Fifth Edition explains all aspects of financial risk and financial institution regulation, helping you better understand the financial markets—and their potential dangers. Inside, you’ll learn the different types of risk, how and where they appear in different types of institutions, and how the regulatory structure of each institution affects risk management practices. Comprehensive ancillary materials include software, practice questions, and all necessary teaching supplements, facilitating more complete understanding and providing an ultimate learning resource. All financial professionals need to understand and quantify the risks associated with their decisions. This book provides a complete guide to risk management with the most up to date information. • Understand how risk affects different types of financial institutions • Learn the different types of risk and how they are managed • Study the most current regulatory issues that deal with risk • Get the help you need, whether you’re a student or a professional Risk management has become increasingly important in recent years and a deep understanding is essential for anyone working in the finance industry; today, risk management is part of everyone's job. For complete information and comprehensive coverage of the latest industry issues and practices, Risk Management and Financial Institutions, Fifth Edition is an informative, authoritative guide.

The Banking Sector Under Financial Stability

Author : Indranarain Ramlall
Publisher : Emerald Group Publishing
ISBN 13 : 1787696812
Total Pages : 256 pages
Book Rating : 4.7/5 (876 download)

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Book Synopsis The Banking Sector Under Financial Stability by : Indranarain Ramlall

Download or read book The Banking Sector Under Financial Stability written by Indranarain Ramlall and published by Emerald Group Publishing. This book was released on 2018-12-14 with total page 256 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Banking Sector Under Financial Stability recognises the critical importance of the banking sector with respect to financial stability risks, and considers the unique position of banks which by nature assume higher risks, existing within a low equity to total assets ratio.

The Future of Financial Regulation

Author : Iain G MacNeil
Publisher : Bloomsbury Publishing
ISBN 13 : 1847315712
Total Pages : 484 pages
Book Rating : 4.8/5 (473 download)

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Book Synopsis The Future of Financial Regulation by : Iain G MacNeil

Download or read book The Future of Financial Regulation written by Iain G MacNeil and published by Bloomsbury Publishing. This book was released on 2010-03-12 with total page 484 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Future of Financial Regulation is an edited collection of papers presented at a major conference at the University of Glasgow in spring 2009, co-sponsored by the Economic and Social Research Council World Economy and Finance Programme and the the Australian Research Council Governance Research Network. It draws together a variety of different perspectives on the international financial crisis which began in August 2007 and later turned into a more widespread economic crisis following the collapse of Lehman Brothers in the autumn of 2008. Spring 2009 was in many respects the nadir since valuations in financial markets had reached their low point and crisis management rather than regulatory reform was the main focus of attention. The conference and book were deliberately framed as an attempt to re-focus attention from the former to the latter. The first part of the book focuses on the context of the crisis, discussing the general characteristics of financial crises and the specific influences that were at work this time round. The second part focuses more specifically on regulatory techniques and practices implicated in the crisis, noting in particular an over-reliance on the capacity of regulators and financial institutions to manage risk and on the capacity of markets to self-correct. The third part focuses on the role of governance and ethics in the crisis and in particular the need for a common ethical framework to underpin governance practices and to provide greater clarity in the design of accountability mechanisms. The final part focuses on the trajectory of regulatory reform, noting the considerable potential for change as a result of the role of the state in the rescue and recuperation of the financial system and stressing the need for fundamental re-appraisal of business and regulatory models.

Corporate Governance

Author : Robert Ian Tricker
Publisher : Oxford University Press, USA
ISBN 13 : 0198702752
Total Pages : 541 pages
Book Rating : 4.1/5 (987 download)

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Book Synopsis Corporate Governance by : Robert Ian Tricker

Download or read book Corporate Governance written by Robert Ian Tricker and published by Oxford University Press, USA. This book was released on 2015 with total page 541 pages. Available in PDF, EPUB and Kindle. Book excerpt: This textbook provides an authoritative analysis of the codes and company laws regulating international corporate organizations. The book equips the reader with an understanding of corporate governance theory and investigates how the financial crisis continues to shape real-world policy and practice.

Cambridge Yearbook of European Legal Studies, Vol 16 2013-2014

Author : Albertina Albors-Llorens
Publisher : Bloomsbury Publishing
ISBN 13 : 1782255796
Total Pages : 480 pages
Book Rating : 4.7/5 (822 download)

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Book Synopsis Cambridge Yearbook of European Legal Studies, Vol 16 2013-2014 by : Albertina Albors-Llorens

Download or read book Cambridge Yearbook of European Legal Studies, Vol 16 2013-2014 written by Albertina Albors-Llorens and published by Bloomsbury Publishing. This book was released on 2015-01-22 with total page 480 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Cambridge Yearbook of European Legal Studies provides a forum for the scrutiny of significant issues in EU Law, the law of the European Convention on Human Rights, and Comparative Law with a 'European' dimension, and particularly those issues which have come to the fore during the year preceding publication. The contributions appearing in the collection are commissioned by the Centre for European Legal Studies (CELS) Cambridge, a research centre in the Law Faculty of the University of Cambridge specialising in European legal issues. The papers presented are at the cutting edge of the fields which they address, and reflect the views of recognised experts drawn from the University world, legal practice, and the institutions of both the EU and its Member States. Inclusion of the comparative dimension brings a fresh perspective to the study of European law, and highlights the effects of globalisation of the law more generally, and the resulting cross fertilisation of norms and ideas that has occurred among previously sovereign and separate legal orders. The Cambridge Yearbook of European Legal Studies is an invaluable resource for those wishing to keep pace with legal developments in the fast moving world of European integration.

Business Ethics

Author : Bob Tricker
Publisher : Routledge
ISBN 13 : 1135075344
Total Pages : 460 pages
Book Rating : 4.1/5 (35 download)

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Book Synopsis Business Ethics by : Bob Tricker

Download or read book Business Ethics written by Bob Tricker and published by Routledge. This book was released on 2014-01-03 with total page 460 pages. Available in PDF, EPUB and Kindle. Book excerpt: Traditionally, books on business ethics focus on CSR, companies’ relations with their stakeholders, and corporate citizenship. More recently, green credentials and sustainability have been added to that agenda. Unconventionally, this book argues that business ethics are basic to running business, not a separate subject. They are inherent to the governance and management of every organization, not an optional exercise in corporate citizenship. Business ethics concern behaviour in business and the behaviour of business. Decisions at every level in a company have ethical implications – strategically in the board room, managerially throughout the organization, and operationally in all of its activities. The use, and sometimes the abuse, of corporate power, the process of corporate governance, raises ethical issues. Business involves risk-taking, whether decisions are at the strategic, managerial, or operational level. Exposure to ethical risk needs to be part of every organization’s strategy formulation, policy making, and enterprise risk management. Designed to be read by both undergraduates and postgraduates, this book is a primer on ethics in business. It is also relevant to ethics courses that are now part of many legal, accountancy and other professional examinations. The book is not about moral philosophy, nor does it prescribe appropriate standards of behaviour or recommend economic, legal or political solutions. Rather it enables readers to recognize ethical issues in business, to respond appropriately, and to embed ethics in business processes. The book not only considers what business ethics are, and why they are important, but offers practical approaches on how to develop a successful corporate ethics culture.