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Article: UNITED KINGDOM FINANCAL SERVICES AUTHORITY CHAIRMAN SAYS 'NO SILVER BULLET' TO ADDRESS 'TOO-BIG-TO-FAIL' CHALLENGE
- Article from:
- US Fed News Service, Including US State News
- Article date:
- November 3, 2009
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LONDON, Nov. 3 -- The Office of Financial Services Authority issued the following press release:
There is no 'silver bullet' to address the problem of banks being 'too-big-to-fail', but instead the answer lies in a combination of different policies between which trade-offs can be made, according to Adair Turner, speaking this morning at the FSA's Turner Review Conference.
Reviewing the range of options to deal with large systemically important banks, Lord Turner argued that several had achieved consensus support, in particular, higher capital standards, the need to reduce interconnectedness in derivatives markets and the development of firms' resolution and recovery plans ('living wills').
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