UK govt. announcing proposals for banking reformJune 14, 2012 - 17:26 AMT PanARMENIAN.Net - The British government is announcing its proposals for banking reform to prevent the repeat of the crisis which forced taxpayers to bail out two major banks. According to the Associated Press, the Treasury has confirmed that the government will legislate to isolate retail banking from problems which may arise from riskier investment banking activity. That step was a key recommendation of the Independent Commission on Banking to protect taxpayers from bearing the cost of bank failures and to protect the savings of ordinary depositors. In a briefing ahead of the release of detailed proposals on Thursday, June 13 the Treasury said individual depositors would be compensated before bondholders and corporate creditors in the event of a bank failure. The government already guarantees deposits up to 85,000 pounds ($132,000). Top stories Yerevan has dismissed Turkey’s demand to shut down the Armenian nuclear power plant as “inappropriate”. Armenia will loan 2.9 billion drams to Nagorno Karabakh (Artsakh), according to a draft government decision. The Ministry of Ecology and Natural Resources of Azerbaijan has “strongly condemned” Armenia’s decision. Kerobyan has said that for the first time in the history of Armenia, the volume of foreign direct investments amounted to about $1 billion. Partner news | Lemkin Institute petition seeks release of Armenians in Azerbaijan The Lemkin Institute is deeply concerned about the continued illegal detention of political prisoners from Karabakh in Azerbaijan. Armenian Catholicos calls for national unity against threats Karekin II issued a message on Republic Day marking the anniversary of the First Armenian Republic. Pashinyan: Armenia’s desired goal is “on the horizon” Prime Minister Nikol Pashinyan has said that Armenia is moving forward “without interruption”. Opposition leader, supporters spend night at Sardarapat memorial Police made nearly 300 arrests the day before as Galstanyan and his supporters continued to demonstrate in Yerevan. |