Deprecated (16384): The ArrayAccess methods will be removed in 4.0.0.Use getParam(), getData() and getQuery() instead. - /home/brlfuser/public_html/src/Controller/ArtileDetailController.php, line: 150
 You can disable deprecation warnings by setting `Error.errorLevel` to `E_ALL & ~E_USER_DEPRECATED` in your config/app.php. [CORE/src/Core/functions.php, line 311]
Code Context


        trigger_error($message, E_USER_DEPRECATED);

    }
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 You can disable deprecation warnings by setting `Error.errorLevel` to `E_ALL & ~E_USER_DEPRECATED` in your config/app.php.'
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deprecationWarning - CORE/src/Core/functions.php, line 311
Cake\Http\ServerRequest::offsetGet() - CORE/src/Http/ServerRequest.php, line 2421
App\Controller\ArtileDetailController::index() - APP/Controller/ArtileDetailController.php, line 150
Cake\Controller\Controller::invokeAction() - CORE/src/Controller/Controller.php, line 610
Cake\Http\ActionDispatcher::_invoke() - CORE/src/Http/ActionDispatcher.php, line 120
Cake\Http\ActionDispatcher::dispatch() - CORE/src/Http/ActionDispatcher.php, line 94
Cake\Http\BaseApplication::__invoke() - CORE/src/Http/BaseApplication.php, line 235
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Routing\Middleware\RoutingMiddleware::__invoke() - CORE/src/Routing/Middleware/RoutingMiddleware.php, line 162
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
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Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Error\Middleware\ErrorHandlerMiddleware::__invoke() - CORE/src/Error/Middleware/ErrorHandlerMiddleware.php, line 96
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Http\Runner::run() - CORE/src/Http/Runner.php, line 51
Cake\Http\Server::run() - CORE/src/Http/Server.php, line 98

Deprecated (16384): The ArrayAccess methods will be removed in 4.0.0.Use getParam(), getData() and getQuery() instead. - /home/brlfuser/public_html/src/Controller/ArtileDetailController.php, line: 151
 You can disable deprecation warnings by setting `Error.errorLevel` to `E_ALL & ~E_USER_DEPRECATED` in your config/app.php. [CORE/src/Core/functions.php, line 311]
Code Context


        trigger_error($message, E_USER_DEPRECATED);

    }
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 You can disable deprecation warnings by setting `Error.errorLevel` to `E_ALL & ~E_USER_DEPRECATED` in your config/app.php.'
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deprecationWarning - CORE/src/Core/functions.php, line 311
Cake\Http\ServerRequest::offsetGet() - CORE/src/Http/ServerRequest.php, line 2421
App\Controller\ArtileDetailController::index() - APP/Controller/ArtileDetailController.php, line 151
Cake\Controller\Controller::invokeAction() - CORE/src/Controller/Controller.php, line 610
Cake\Http\ActionDispatcher::_invoke() - CORE/src/Http/ActionDispatcher.php, line 120
Cake\Http\ActionDispatcher::dispatch() - CORE/src/Http/ActionDispatcher.php, line 94
Cake\Http\BaseApplication::__invoke() - CORE/src/Http/BaseApplication.php, line 235
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Routing\Middleware\RoutingMiddleware::__invoke() - CORE/src/Routing/Middleware/RoutingMiddleware.php, line 162
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Routing\Middleware\AssetMiddleware::__invoke() - CORE/src/Routing/Middleware/AssetMiddleware.php, line 97
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Error\Middleware\ErrorHandlerMiddleware::__invoke() - CORE/src/Error/Middleware/ErrorHandlerMiddleware.php, line 96
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Http\Runner::run() - CORE/src/Http/Runner.php, line 51
Cake\Http\Server::run() - CORE/src/Http/Server.php, line 98

Warning (512): Unable to emit headers. Headers sent in file=/home/brlfuser/public_html/vendor/cakephp/cakephp/src/Error/Debugger.php line=853 [CORE/src/Http/ResponseEmitter.php, line 48]
Code Context
            if (Configure::read('debug')) {

                trigger_error($message, E_USER_WARNING);

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    <h1 class="cat-box-title">FRDI Bill: Dispelling some myths about bail-in and other issues to allay depositors&#039; concerns -Shohini Sengupta</h1>
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                            <div align="justify">-Firstpost.com<br /><br />The Financial Resolution and Deposit Insurance (FRDI) Bill proposes to create a framework for overseeing financial institutions such as banks, insurance companies, non-banking financial services (NBFC) companies and stock exchanges in case of insolvency.<br /><br />The 'Resolution Corporation', proposed in the draft bill, would look after the process and prevent the banks from going bankrupt. It would do this by &quot;writing down of the liabilities&quot;, a phrase some have interpreted as a &quot;bail in&quot;.<br /><br />The draft bill empowers Resolution Corporation to cancel the liability of a failing bank or convert the nature of the liability.<br /><br />Finance Minister Arun Jaitley recently said the government's massive Rs 2.11 lakh crore capital infusion plan in banks was to strengthen banks and there was no question of any lender failing.<br /><br />Here is a ready reckoner:<br /><br /><em>* What is bail-out?<br /></em><br />Bail-outs mean injection of funds into a distressed financial institution, most typically done by Governments. The first major bail-out of a &lsquo;too big to fail&rsquo; bank happened when the US government recapitalised the Continental Illinois Bank in 1984. Bail-outs can happen through capital injections&nbsp; (state funds injected into the bank in exchange for shares), and/or through government guarantees to third parties some or all of the liabilities of the failed bank, and/ or through government guarantees to the failing bank itself the value of some the bank&rsquo;s doubtful or distressed assets.<br /><br /><em>* What is bail-in?<br /></em><br />Bail-in was a tool developed post the global financial crisis, in response to developing a tool of resolution that would give the benefits of a bail-out, but at a lower or no cost to the common tax-paying person. The tool is to be used in conjunction with other resolution tools. Very simply put, the tool seeks to recapitalize a failing institution by writing off some or whole of its debt, and converting debt into equity. This has an impact on the bank&rsquo;s balance sheet (due to reduced interest liabilities on the debt). If debt is converted into equity, the bank sees an increase in its capital, again meeting regulatory capital requirements. Thus, debt holders become equity holders.<br /><br /><em>* Can bail-in be used to convert all debt into equity, or cancel all debt?<br /></em><br />No, while there are jurisdictions which allow statutory compulsory bail-in, including the EU, the UK, and the US, in India, the now controversial Financial Resolution and Deposit Insurance Bill, 2017 (FRDI) does not allow this. It states that the only those liabilities can be cancelled where the instrument creating it contains a provision to the effect that the parties to the contract agree to the liability being eligible for a bail-in, and the cancellation will have to respect the hierarchy of claims. Further, only those liabilities can be bailed-in which are specified by regulations in advance, to be permissible to be subject to bail-in. Drafting of any such regulation will be done with the regulator (RBI for banks), and be subject to public consultation.<br /><br /><em>* Why is it useful?<br /></em><br />Regulators across the world see it as integral to addressing the &lsquo;too big to fail&rsquo; problem, since for large banks and other large financial institutions, it is not in the public interest for them to enter insolvency due to the interconnectedness of the banking system (the insolvency of one bank can cause wide spread problems in financial markets) and the range of essential services they provide to customers and other industries. Disruption to these services could have serious repercussions for the economy. Doing so optimises the prospect of salvaging the viable part of an institution. The tool of bail-in becomes most advantageous when resolution authorities fail to find a willing buyer for a failed financial institution, and effecting a full or partial transfer of the firm proves difficult.<br /><br />Please <a href="http://www.firstpost.com/business/frdi-bill-dispelling-some-myths-about-bail-in-and-other-issues-to-allay-depositors-concerns-4258241.html" title="http://www.firstpost.com/business/frdi-bill-dispelling-some-myths-about-bail-in-and-other-issues-to-allay-depositors-concerns-4258241.html">click here</a> to read more. <br /></div>                                                           
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    <h1 class="cat-box-title">FRDI Bill: Dispelling some myths about bail-in and other issues to allay depositors&#039; concerns -Shohini Sengupta</h1>
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                            <div align="justify">-Firstpost.com<br /><br />The Financial Resolution and Deposit Insurance (FRDI) Bill proposes to create a framework for overseeing financial institutions such as banks, insurance companies, non-banking financial services (NBFC) companies and stock exchanges in case of insolvency.<br /><br />The 'Resolution Corporation', proposed in the draft bill, would look after the process and prevent the banks from going bankrupt. It would do this by &quot;writing down of the liabilities&quot;, a phrase some have interpreted as a &quot;bail in&quot;.<br /><br />The draft bill empowers Resolution Corporation to cancel the liability of a failing bank or convert the nature of the liability.<br /><br />Finance Minister Arun Jaitley recently said the government's massive Rs 2.11 lakh crore capital infusion plan in banks was to strengthen banks and there was no question of any lender failing.<br /><br />Here is a ready reckoner:<br /><br /><em>* What is bail-out?<br /></em><br />Bail-outs mean injection of funds into a distressed financial institution, most typically done by Governments. The first major bail-out of a &lsquo;too big to fail&rsquo; bank happened when the US government recapitalised the Continental Illinois Bank in 1984. Bail-outs can happen through capital injections&nbsp; (state funds injected into the bank in exchange for shares), and/or through government guarantees to third parties some or all of the liabilities of the failed bank, and/ or through government guarantees to the failing bank itself the value of some the bank&rsquo;s doubtful or distressed assets.<br /><br /><em>* What is bail-in?<br /></em><br />Bail-in was a tool developed post the global financial crisis, in response to developing a tool of resolution that would give the benefits of a bail-out, but at a lower or no cost to the common tax-paying person. The tool is to be used in conjunction with other resolution tools. Very simply put, the tool seeks to recapitalize a failing institution by writing off some or whole of its debt, and converting debt into equity. This has an impact on the bank&rsquo;s balance sheet (due to reduced interest liabilities on the debt). If debt is converted into equity, the bank sees an increase in its capital, again meeting regulatory capital requirements. Thus, debt holders become equity holders.<br /><br /><em>* Can bail-in be used to convert all debt into equity, or cancel all debt?<br /></em><br />No, while there are jurisdictions which allow statutory compulsory bail-in, including the EU, the UK, and the US, in India, the now controversial Financial Resolution and Deposit Insurance Bill, 2017 (FRDI) does not allow this. It states that the only those liabilities can be cancelled where the instrument creating it contains a provision to the effect that the parties to the contract agree to the liability being eligible for a bail-in, and the cancellation will have to respect the hierarchy of claims. Further, only those liabilities can be bailed-in which are specified by regulations in advance, to be permissible to be subject to bail-in. Drafting of any such regulation will be done with the regulator (RBI for banks), and be subject to public consultation.<br /><br /><em>* Why is it useful?<br /></em><br />Regulators across the world see it as integral to addressing the &lsquo;too big to fail&rsquo; problem, since for large banks and other large financial institutions, it is not in the public interest for them to enter insolvency due to the interconnectedness of the banking system (the insolvency of one bank can cause wide spread problems in financial markets) and the range of essential services they provide to customers and other industries. Disruption to these services could have serious repercussions for the economy. Doing so optimises the prospect of salvaging the viable part of an institution. The tool of bail-in becomes most advantageous when resolution authorities fail to find a willing buyer for a failed financial institution, and effecting a full or partial transfer of the firm proves difficult.<br /><br />Please <a href="http://www.firstpost.com/business/frdi-bill-dispelling-some-myths-about-bail-in-and-other-issues-to-allay-depositors-concerns-4258241.html" title="http://www.firstpost.com/business/frdi-bill-dispelling-some-myths-about-bail-in-and-other-issues-to-allay-depositors-concerns-4258241.html">click here</a> to read more. <br /></div>                                                           
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                            <div align="justify">-Firstpost.com<br /><br />The Financial Resolution and Deposit Insurance (FRDI) Bill proposes to create a framework for overseeing financial institutions such as banks, insurance companies, non-banking financial services (NBFC) companies and stock exchanges in case of insolvency.<br /><br />The 'Resolution Corporation', proposed in the draft bill, would look after the process and prevent the banks from going bankrupt. It would do this by &quot;writing down of the liabilities&quot;, a phrase some have interpreted as a &quot;bail in&quot;.<br /><br />The draft bill empowers Resolution Corporation to cancel the liability of a failing bank or convert the nature of the liability.<br /><br />Finance Minister Arun Jaitley recently said the government's massive Rs 2.11 lakh crore capital infusion plan in banks was to strengthen banks and there was no question of any lender failing.<br /><br />Here is a ready reckoner:<br /><br /><em>* What is bail-out?<br /></em><br />Bail-outs mean injection of funds into a distressed financial institution, most typically done by Governments. The first major bail-out of a &lsquo;too big to fail&rsquo; bank happened when the US government recapitalised the Continental Illinois Bank in 1984. Bail-outs can happen through capital injections&nbsp; (state funds injected into the bank in exchange for shares), and/or through government guarantees to third parties some or all of the liabilities of the failed bank, and/ or through government guarantees to the failing bank itself the value of some the bank&rsquo;s doubtful or distressed assets.<br /><br /><em>* What is bail-in?<br /></em><br />Bail-in was a tool developed post the global financial crisis, in response to developing a tool of resolution that would give the benefits of a bail-out, but at a lower or no cost to the common tax-paying person. The tool is to be used in conjunction with other resolution tools. Very simply put, the tool seeks to recapitalize a failing institution by writing off some or whole of its debt, and converting debt into equity. This has an impact on the bank&rsquo;s balance sheet (due to reduced interest liabilities on the debt). If debt is converted into equity, the bank sees an increase in its capital, again meeting regulatory capital requirements. Thus, debt holders become equity holders.<br /><br /><em>* Can bail-in be used to convert all debt into equity, or cancel all debt?<br /></em><br />No, while there are jurisdictions which allow statutory compulsory bail-in, including the EU, the UK, and the US, in India, the now controversial Financial Resolution and Deposit Insurance Bill, 2017 (FRDI) does not allow this. It states that the only those liabilities can be cancelled where the instrument creating it contains a provision to the effect that the parties to the contract agree to the liability being eligible for a bail-in, and the cancellation will have to respect the hierarchy of claims. Further, only those liabilities can be bailed-in which are specified by regulations in advance, to be permissible to be subject to bail-in. Drafting of any such regulation will be done with the regulator (RBI for banks), and be subject to public consultation.<br /><br /><em>* Why is it useful?<br /></em><br />Regulators across the world see it as integral to addressing the &lsquo;too big to fail&rsquo; problem, since for large banks and other large financial institutions, it is not in the public interest for them to enter insolvency due to the interconnectedness of the banking system (the insolvency of one bank can cause wide spread problems in financial markets) and the range of essential services they provide to customers and other industries. Disruption to these services could have serious repercussions for the economy. Doing so optimises the prospect of salvaging the viable part of an institution. The tool of bail-in becomes most advantageous when resolution authorities fail to find a willing buyer for a failed financial institution, and effecting a full or partial transfer of the firm proves difficult.<br /><br />Please <a href="http://www.firstpost.com/business/frdi-bill-dispelling-some-myths-about-bail-in-and-other-issues-to-allay-depositors-concerns-4258241.html" title="http://www.firstpost.com/business/frdi-bill-dispelling-some-myths-about-bail-in-and-other-issues-to-allay-depositors-concerns-4258241.html">click here</a> to read more. <br /></div>                                                           
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FRDI Bill: Dispelling some myths about bail-in and other issues to allay depositors' concerns -Shohini Sengupta

Published on Dec 15, 2017   Modified on Dec 15, 2017

-Firstpost.com The Financial Resolution and Deposit Insurance (FRDI) Bill proposes to create a framework for overseeing financial institutions such as banks, insurance companies, non-banking financial services (NBFC) companies and stock exchanges in case of insolvency. The 'Resolution Corporation', proposed in the draft bill, would look after the process and prevent the banks from going bankrupt. It would do this by "writing down of the liabilities", a phrase some have interpreted as a "bail in". The draft bill empowers Resolution Corporation to cancel the liability of a failing bank or convert the nature of the liability. Finance Minister Arun Jaitley recently said the government's massive Rs 2.11 lakh crore capital infusion plan in banks was to strengthen banks and there was no question of any lender failing. Here is a ready reckoner: * What is bail-out? Bail-outs mean injection of funds into a distressed financial institution, most typically done by Governments. The first major bail-out of a ‘too big to fail’ bank happened when the US government recapitalised the Continental Illinois Bank in 1984. Bail-outs can happen through capital injections  (state funds injected into the bank in exchange for shares), and/or through government guarantees to third parties some or all of the liabilities of the failed bank, and/ or through government guarantees to the failing bank itself the value of some the bank’s doubtful or distressed assets. * What is bail-in? Bail-in was a tool developed post the global financial crisis, in response to developing a tool of resolution that would give the benefits of a bail-out, but at a lower or no cost to the common tax-paying person. The tool is to be used in conjunction with other resolution tools. Very simply put, the tool seeks to recapitalize a failing institution by writing off some or whole of its debt, and converting debt into equity. This has an impact on the bank’s balance sheet (due to reduced interest liabilities on the debt). If debt is converted into equity, the bank sees an increase in its capital, again meeting regulatory capital requirements. Thus, debt holders become equity holders. * Can bail-in be used to convert all debt into equity, or cancel all debt? No, while there are jurisdictions which allow statutory compulsory bail-in, including the EU, the UK, and the US, in India, the now controversial Financial Resolution and Deposit Insurance Bill, 2017 (FRDI) does not allow this. It states that the only those liabilities can be cancelled where the instrument creating it contains a provision to the effect that the parties to the contract agree to the liability being eligible for a bail-in, and the cancellation will have to respect the hierarchy of claims. Further, only those liabilities can be bailed-in which are specified by regulations in advance, to be permissible to be subject to bail-in. Drafting of any such regulation will be done with the regulator (RBI for banks), and be subject to public consultation. * Why is it useful? Regulators across the world see it as integral to addressing the ‘too big to fail’ problem, since for large banks and other large financial institutions, it is not in the public interest for them to enter insolvency due to the interconnectedness of the banking system (the insolvency of one bank can cause wide spread problems in financial markets) and the range of essential services they provide to customers and other industries. Disruption to these services could have serious repercussions for the economy. Doing so optimises the prospect of salvaging the viable part of an institution. The tool of bail-in becomes most advantageous when resolution authorities fail to find a willing buyer for a failed financial institution, and effecting a full or partial transfer of the firm proves difficult. Please click here to read more.

Firstpost.com, 14 December, 2017, http://www.firstpost.com/business/frdi-bill-dispelling-some-myths-about-bail-in-and-other-issues-to-allay-depositors-concerns-4258241.html

Tagged with: Bail-in Bank Deposits Financial Resolution and Deposit Insurance (FRDI) Bill Bail-out Banking Reforms

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• Economists Hit Out Against Move to Privatise Public Sector Banks

 

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