The UK Banking System and its Regulatory and

This book provides an account of the principal phases in the development of the English banking system, and goes on to analyse the financial structure of the economy of the UK. The book focuses in detail on the regulatory and supervisory aspects of the UK banking system, and the interactions between the structural aspects of the banking and supervisory system.

CARLO GOLA works in the Banking and Financial Supervision of the Bank of Italy, Italy. He received a degree in Economics from University of Modena, Italy, and a Master of Philosopy (M.Ph.) from the University of Oxford. He worked at Centro Studi Economici e Finanziari (IPSOA), at the Istituto per la Ricerca Sociale (IRS) and in research projects financed by the Consiglio Nazionale per le Ricerche (CNR). He has been appointed as Senior Advisor to the Executive Director of International Monetary Fund (IMF). He is author of several articles and working papers in applied economics and banking.

ALESSANDRO ROSELLI spent his whole career at the central Bank of Italy, lastly as chief representative for the United Kingdom. He gained a degree in Law, Rome University, Italy. He has been A.C. Jemolo Fellow at Nuffield College, University of Oxford and is currently visiting fellow at the Cass Business School in London. Among his books: La finanza americana (Laterza, 1995), Il governatore Azzolini (Laterza, 2000), Italy and Albania, Financial Relations in the Fascist Period (I.B. Tauris, 2006).

List of Tables and Figures	p. ix
Preface	p. xi
Acknowledgements	p. xvii
List of Acronyms	p. xviii
Banking and Financial Markets
The Structure of the Banking System Between the 1960s and the 1980s	p. 3
A fragmented banking system	p. 4
The 1970s: more competition, secondary banks' crisis, the Banking Act 1979	p. 11
The 1980s: further into statutory bank supervision: the Banking Act 1987	p. 13
The capital markets: the Big Bang, the Financial Services Act 1986	p. 15
The UK's Financial Structure and Economic Sectors	p. 19
The economy's financial deepening and its implications	p. 20
The evolution of households' balance sheets	p. 26
The financial structure of the non-financial corporate sector	p. 33
The role of the financial sector in external balance	p. 39
The Development of Private Pension Schemes and the Pension Reform	p. 48
The problem in an historical context	p. 48
The revision of the pension system	p. 53
The Configuration of the Banking System in the last 15 Years	p. 57
The banking system: structure, conduct, performance	p. 58
Steps to strengthen competition in the domestic market	p. 63
The foreign banks and the role of the City	p. 68
Fund management and the hedge funds	p. 72
Private equity	p. 75
The Stability of the British Banking Sector	p. 80
A long-run perspective	p. 81
Banking crisis in the 1990s	p. 84
Monitoring financial stability and stress testing	p. 87
Markets and Market Infrastructures: Institutional and Prudential Aspects	p. 97
Stock exchanges and the OTC derivatives market	p. 98
Recent developments in wholesale banking markets	p. 105
The market for credit risk transfer	p. 107
The payment system and the role of settlement banks	p. 113
The sterling money market and liquidity management	p. 115
The Sub-prime Mortgage Market Crisis and Its Effects on the UK Banking Sector	p. 120
The Legal and Regulatory Framework
The New Regulatory Framework: The Financial Services Authority	p. 133
An overview	p. 134
Different supervisory systems	p. 137
Financial reform (1997-2001): the FSA and the FSMA	p. 143
Objectives, principles and responsibilities of the FSA	p. 146
Scope of the FSA's power and the nature of its legislative function	p. 152
The FSA's supervisory style	p. 154
Crisis management tools: institutional aspects	p. 158
Retail banking: the residual role of self-regulation, the Consumer Credit Act and the Financial Ombudsman Service	p. 162
The Combined Code of Corporate Governance	p. 165
The Competition Act (1998) and Related Regulatory Frameworks	p. 170
The regime proceeding the reform	p. 170
The Competition Act 1998 and the Enterprise Act 2002	p. 174
Conclusions	p. 179
Notes	p. 184
References	p. 209
Index	p. 219
Table of Contents provided by Ingram. All Rights Reserved.

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The UK Banking System and its Regulatory and Supervisory Framework

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