The safety of banking

 

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From: IFADU[mailto:IFADU@googl On Behalf Of Simon Mansell
Sent: 10 October 2008 20:25
To: IFADU
Subject: [IFADU] Re: FW: The safety of banking

Per

 

Very interesting. I note the UK is ranked 9th is terms of financial sophistication & 44th in terms of banking soundness. This implies that a sophisticated financial sector tolerates a banking system with a lower ranking than Botswana. When I say tolerate perhaps I should say regulates!

 

In other words the FSA are not applying their resources to where the risk lies. Maybe too busy with the myriad of unwanted initiatives foisted on the long-suffering IFA. It would be interesting to see how regulatory costs per capita compare worldwide in order to establish if the FSA makes one jot of difference to our financial security for all the money they cost. Surely the one thing the FSA would rank highly on is cost! And remember it was the FSA who wanted to hand over a successful distribution method to a banking sector whose only claim to fame is a ranking lower than Botswana:

 

 ‘Commission-based distribution arrangements tend to lead to conflicts of interest and may result in mis-selling.”

 

And he went on to say:

 

“How do we solve this conundrum? We are genuinely interested in working with banks to find a way to do so.’

 

For a full transcript of his views click: http://tinyurl.com/52723z 

 

If you allow bankers to regulate bankers you have regulation by Croniism which equal no regulation for banks!

 

 

 

Regards

 

SIMON MANSELL

TEMPLE BAR IFA LTD

 

 

 

 

----Original Message-----
From: Behalf Of Caledonia Consultancy
Sent: 10 October 2008 15:10
To: caledoniaconsultanc
Subject: [IFADU] FW: The safety of banking

 

 

CANBERRA (Reuters) - Canada has the world's soundest banking system, closely followed by Sweden, Luxembourg and Australia, a survey by the World Economic Forum has found as financial crisis and bank failures shake world markets.

 

But Britain, which once ranked in the top five, has slipped to 44th place behind El Salvador and Peru, after a 50 billion pound ($86.5 billion) pledge this week by the government to bolster bank balance sheets. The United States, where some of Wall Street's biggest financial names have collapsed in recent weeks, rated only 40, just behind Germany at 39, and smaller states such as Barbados, Estonia and even Namibia, in southern Africa. The United States was on Thursday considering buying a slice of debt-laden banks to inject trust back into lending between financial institutions now too wary of one another to lend.

 

The World Economic Forum's Global Competitiveness Report based its findings on opinions of executives, and handed banks a score between 1.0 (insolvent and possibly requiring a government bailout) and 7.0 (healthy, with sound balance sheets).

Canadian banks received 6.8, just ahead of Sweden (6.7), Luxembourg (6..7), Australia (6.7) and Denmark (6.7).

 

UK banks collectively scored 6.0, narrowly behind the United States, Germany and Botswana, all with 6.1. France, in 19th place, scored 6.5 for soundness, while Switzerland's banking system scored the same in 16th place, as did Singapore (13th).

The ranking index was released as central banks in Europe, the United States, China, Canada, Sweden and Switzerland slashed interest rates in a bid to end to panic selling on markets and restore trust in the shaken banking system.

 

The Netherlands (6.7), Belgium (6.6), New Zealand (6.6), Malta (6.6) rounded out the WEF's banking top 10 with Ireland, whose government unilaterally pledged last week to guarantee personal and corporate deposits at its six major banks.

Also scoring well were Chile (6.5, 18th) and Spain, South Africa, Norway, Hong Kong and Finland all ending up in the top 20. At the bottom of the list was Algeria in 134th place, with its banks scoring 3.9 to be just below Libya (4.0), Lesotho (4.1), the Kyrgyz Republic (4.1) and both Argentina and East Timor (4.2).

 

RANKINGS

1. Canada

2. Sweden

3. Luxembourg

4. Australia

5. Denmark

6. Netherlands

7. Belgium

8. New Zealand

9. Ireland

10. Malta

11. Hong Kong

12. Finland

13. Singapore

14. Norway

15. South Africa

16. Switzerland

17. Namibia

18. Chile

19. France

20. Spain

--------------------------------------------

124. Kazakhstan

125. Cambodia

126. Burundi

127. Chad

128. Ethiopia

129. Argentina

130. East Timor

131. Kyrgyz Republic

132. Lesotho

133. Libya

134. Algeria

 

SOURCE: World Economic Forum Global Competitiveness Report 2008-2009.

 

See attached complete list and financial report

 

Per Oszadlik @

Caledonia Consultancy

27 Gloucester Avenue

Clarkston, G76 7LH

East Renfrewshire

 

Phone:  07717 130 031

Fax:    0141 638 8877

Email:  caledoniaconsult 

Member of the Association of Professional Compliance Consultants

 

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