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Thursday, April 24, 2014
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Federal Deposit Insurance Corporation and the Bank of England Release Joint Paper

10/12/2012 00:15 (500 Day 10:40 minutes ago)

The FINANCIAL -- The Federal Deposit Insurance Corporation (FDIC) in the United States and the Bank of England in the United Kingdom have today released a joint paper outlining resolution strategies for large and complex firms.

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The approach outlined in the paper is based on legal powers provided by the legislative reforms enacted since the crisis, as well as – in the case of the UK – the proposed EU draft Recovery and Resolution Directive. As the Bank of England announced, it is designed to ensure that sound business, including operating companies (domestic and foreign) can be kept open and operating, limiting the effect on financial stability through contagion effects and cross-border complications.  This process of cross-border dialogue illustrates more broadly how resolution planning can work on a cross-border basis. 

Paul Tucker, Deputy Governor for Financial Stability, Bank of England, said “The ‘too big to fail’ problem simply must be cured.  We believe it can be and that this joint paper provides evidence of the serious progress that is being made.”aper on Resolving Globally Active

 

 

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Politics
“The former Yugoslav Republic of Macedonia”: presidential election and early parliamentary elections

23/04/2014 16:38 (18:17 minutes ago)

The FINANCIAL -- A 14-member delegation of the Parliamentary Assembly of the Council of Europe (PACE), led by Stefan Schennach (Austria, SOC), will travel to “the former Yugoslav Republic of Macedonia” from 25 to 28 April to observe the conduct of the presidential election (2nd round) and the early parliamentary elections, alongside observers from the OSCE’s Parliamentary Assembly and Office for Democratic Institutions and Human Rights (ODIHR), according to PACE.

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INSURANCE
Zurich identifies seven cyber risks that threaten systemic shock

23/04/2014 17:00 (17:55 minutes ago)

The FINANCIAL -- The recently published Zurich Cyber Risk Report, created in collaboration with the international think tank Atlantic Council, argues that cyber-risk management professionals need to look beyond their internal information technology safeguards to interconnected risks which can build up relating to counterparties, outsourced suppliers, supply chains, disruptive technologies, upstream infrastructure and external shocks, according to Zurich Insurance Company.

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