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英国央行(Bank of England)(以下也称“央行”,“银行”)曾经是在英国所有银行和金融机构中一个监管和监督机构。但1991年国际信贷商业银行(“BCCI”)这事件以来,央行的地位发生了改变,这是当时世界上最大的银行之一;一些将发生的事视为英国最大的银行丑闻,而另一些则将它描述为历史上最大的银行诈骗。无论他被视作什么;我们应该认清的是,BCCI丑闻在世界银行中产生了显著的影响(尤其是美国和英国)。)在1991年的夏天英国央行被迫关闭了银行(至少英国分支)后经证实,它参与了众多的欺诈活动,洗钱,等等。对英国央行的指控,批评其银行业监督不力,以及它一次又一次无视可能证明国际商业信贷银行犯罪性质的警告。当工党政府在1997年上台,随之英国央行作为一个监管机构和监管机构的职责已经转移到英国金融服务管理局下(FSA——1998年英国央行采取的行动)。最近金融危机再次引起了质疑,这一次是英国金融服务管理他们是否有足够的能力继续扮演这样的角色。乔治•奥斯本(财政大臣)似乎相对地热切希望取消FSA并且明显地转移责任想让英国央行(Bank of England)回到处理银行的日常监管和金融服务上来—他似乎决心让英国央行回到最初的角色。在夏天他的第一个府邸演讲上,他明确表示,“英国金融服务管理局将不再以目前的形式存在”。然而这真的应该做吗?毕竟金融危机每隔10年左右冲击世界,这是有些不可避免的,它只是一个经济周期的一部分。
银行法如何影响财务管理-How Banking Law Affects Finance Management Finance assignment
The Bank of England (hereafter also “BOE”, “the Bank”) was once a regulatory and supervisory body of all banks and financial institutions in the United Kingdom but this has changed since the happenings of Bank of Credit and Commerce International (“BCCI”) in 1991, it was one of the world’s largest banks at the time; some refer what happened as Britain’s biggest banking scandal while some describe it as one of the biggest bank fraud in history. Whatever it was remembered as; what we should recognise is that the BCCI scandal has had significant impacts in the world of banking (particularly for the United States and United Kingdom). The bank (at least the UK branches) was forced shut by the Bank of England in the summer of 1991 after having confirmed that it has been involved in numerous fraud activities, of money laundering, and so on. Allegations was made against the BOE, criticising its poor oversight of the banking sector and that it had, again and again, ignored the warnings that could have proved the criminal nature of BCCI. Consequent to what had happened, when the Labour Government came into power in 1997; the BOE’s responsibility as a regulator and supervisory body has been transferred to the Financial Services Authority (“FSA”- by the BOE Act 1998). The recent financial crisis has raised doubts, once again, and this time on the FSA. Doubts were brought on the effectiveness of the FSA in fulfilling its principal role of regulating all financial services and whether are they competent enough in the continuation of role. George Osborne (the Chancellor of Exchequer) seems relatively keen in scrapping the FSA and significantly to transfer responsibility for dealing with the day-to-day supervision of banks and financial services back to the Bank of England- he seems determined to re-empower the BOE of its original role. In his first Mansion House Speech in the summer, he made it clear that “the Financial Services Authority will cease to exist in its current form”. But should this really be done? After all financial crisis hits the world once every 10 years or so, this is somewhat inevitable and it is only a part of the economic cycle.
The answer which we aim to approach by the end of this essay is whether the powers, in fact, should be reverted back to the BOE, while simultaneously; trying to discover whether does the BOE at present hold sufficient powers over banks (and particularly commercial banks since risks usually arise in them) or should the powers it holds be increased or decreased. The two questions are directly linked since when we say that the BOE’s power should be increased; the most significant power that should be handed to them was the power that was taken away from them in 1998. On the other hand, when we say that their powers are to be decreased, it could mean no further than that the supervisory powers that were taken away from them should be remained as it is- this is so since any further decease in power will make the BOE a central bank with only carries with it the title as a central bank but in fact does not operate as one.
It is essential, in order to discover answer these questions, to first look at the powers which currently vest with the BOE and the FSA.
英国央行和金融服务管理局-BOE and the FSA
What should be understood is that the Bank of England remains of crucial importance in the operations of banks and in banking law even after the transfer of some of its functions to the Financial Services Authority in 1998; it remains the banks’ bank and more so, despite the transfer, the Bank retains responsibility for the integrity of the financial system as a whole. So what does it do? First, it should be noted that the BOE acts as a banker to the government. What we meant by this is that it hold the accounts of the central government, they hold accounts for the Exchequer (the governmental department that receives and controls national revenue). Moreover, it acts as a banker to other banks (hence why it is the banks’ bank). We could see this in three aspects:
It means that the leading banks (Lloyds TSB, Barclays, Santander, HSBC etc.) keep their accounts with the BOE and therefore, settle their obligations (to pay one and other) at the bank- it occurs by way of an accounting process.
The BOE is the lender of last resort- in exceptional circumstances; the BOE will intervene and rescue a bank which is facing financial problems in order to promote the sustainability of the banking system. A good example we saw recently is the problems which was faced by Northern Rock.
The BOE has a virtually monopoly in issuing banknote in the United Kingdom (though limited powers is given to certain banks in Scotland and Northern Ireland).
Furthermore, as we have suggested, since the Bank of England retains responsibility for the integrity of the financial system as a whole, we see that it is specifically responsible for: a) Stability of the monetary system, b) Financial system infrastructure and particularly the payment system, c) the overview of the financial system as a whole, d) the ability to conduct financial rescue operations, and e) the efficiency and effectiveness of the financial sector. Stability of the monetary system simply means stable prices and this encompasses within it, two elements; low inflation and confidence in the sterling, and this is defined by the government with its inflation targets. The BOE has been given powers (under the BOE Act) for the formulation of monetary policy and this is usually implemented through the setting of interest rates (which they have a monopoly under Part II and Schedule 3). The Bank’s Monetary Policy Committee meets each month to set the official base rate of interest for the economy. With regards to payment systems, the Banking Act specially enables the BOE to oversee payment systems between financial institutions.
As we have iterated again and again, the Financial Services Authority is now the regulatory and supervisory body for all banks and financial institutions in the United Kingdom and this remains so until real changes take place (i.e. Our Chancellor’s proposal to scrap it), reverting this power back the BOE. The Financial Services and Market Act (“FSMA”) which came into force on 1st December 2001, provides the functions, responsibilities and powers of the FSA. Further, by result of the Act; the FSA became the official “Single Financial Services Regulator” for the United Kingdom. The prior distinction between the different financial services regulators; for banks of which is the BOE, for insurance of which is the Department for Trade and Industry for example; were removed and the Financial services Authority became the regulator responsible for all forms of financial services- banking, insurance and investment business are all within the scope of its regulatory power. Whilst enormous powers have been conferred on the FSA by the FSMA, it is also provided under that that the FSA must act compatibly (in accordance) within four regulatory objectives- Section 2; 1) to maintain confidence within the financial system, 2) to promote public understanding of the system, 3) to secure the suitable degree of protection for consumers and 4) to reduce financial institutions from making use of a regulated business for financial crime. Additionally, it is specifically provided under Section 2(3) that, when discharging its general functions, the FSA must have regard to seven additional factors; and this includes (amongst others), to make efficient use of its resources and to ensure proportionality between burden and restriction imposed with the benefits. But what responsibility do FSA actually have? The Memorandum of Understanding, provides that under FSMA, the FSA responsible for (amongst others): i) authorisation of activities and prudential supervision of banks and financial institution, and ii) supervising the financial system, securities listings, clearing and settlement system. With regards to the 1st responsibility, for banks, the FSMA provides that the FSA must grant authorisation for institutions to carry out the business of banking (accepting deposits as well as issuing loans at an interest)- Section 19 imposed an overall prohibition on anyone carrying out or purporting to carry out a regulated activity (banking activities fall within the ambit of regulated activities) and this is so except where they have been authorised or where they have been exempted from authorisation (Section 19(1)). |
