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
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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\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')) {

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Controversy around the bail-in clause aside, FRDI Bill&rsquo;s clauses 58 and 62(1) regarding governance of a firm declared critical are inherently conflicting

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                            <div align="justify">-Livemint.com<br /><br /><em>Controversy around the bail-in clause aside, FRDI Bill&rsquo;s clauses 58 and 62(1) regarding governance of a firm declared critical are inherently conflicting<br /></em><br />Much has been said and written about the Financial Resolution and Deposit Insurance Bill, 2017. The FRDI Bill was scheduled for discussion in Parliament this winter session but will now have to yield to more immediate concerns such as the Gujarat election results and the Central Bureau of Investigation special court&rsquo;s verdict on 2G spectrum allocation. In addition, the joint committee of both Houses is yet to submit its report on the bill.<br /><br />Public discussions on the FRDI Bill have focused on the formation of a resolution corporation and its bail-in powers in the event of a financial company going bust. The said corporation will monitor financial services companies, in coordination with regulators, and resolve them in case of failure. Bail-in implies using the company&rsquo;s various existing liabilities&mdash;different debt categories or deposits not covered by deposit insurance (all deposits over Rs1 lakh)&mdash;to resolve impending failure. This is different from bailout, which implies external help, such as government using taxpayer money.<br /><br />There may be some merit in constructing a resolution regime, given the financial system&rsquo;s broader linkages. But there are other equally larger issues that also need highlighting, especially because they explain how we got here.<br /><br />First, there is a need to discuss the relevance of an imported idea, a palliative designed for a different disease in a different body. Soul-searching after the 2008 financial crisis and its broader systemic impact through economic linkages led to the idea of a resolution corporation. It was felt necessary to design shock absorbers to insulate the economy and other financial sector institutions in the event of one single organization going bust, &agrave; la Lehman Brothers. The idea was discussed in various global governance institutions and rules were framed.<br /><br />Some of the global credit rating agencies have been following up assiduously on the progress of implementation. Eyebrows are raised at jurisdictions, especially emerging economies, continuing to defer a resolution regime or designing a custom-built framework suited to their economy. In the meantime, the US, the epicentre of the crisis&mdash;which used taxpayer money to bail out all banks, including ensuring hefty bonus payouts to bankers&mdash;continues to enjoy the highest credit rating. Irony has, of course, been missing from the global credit rating lexicon.<br /><br />In India, the idea of a resolution corporation was advocated in 2013 by the Financial Sector Legislative Reforms Commission. This was followed up in 2014 with a Reserve Bank of India (RBI) working group report on crafting a resolution regime for financial institutions. Finally, in 2016, a Union finance ministry committee submitted a draft code on the resolution of financial firms.<br /><br />Please <a href="http://www.livemint.com/Opinion/ZAc5cm4mkrry3xdzW1t5jM/Time-to-go-to-FRDI-Bills-roots.html" title="http://www.livemint.com/Opinion/ZAc5cm4mkrry3xdzW1t5jM/Time-to-go-to-FRDI-Bills-roots.html">click here</a> to read more. <br /></div>                                                           
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    <h1 class="cat-box-title">Time to go to FRDI Bill&#039;s roots -Rajrishi Singhal</h1>
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                            <div align="justify">-Livemint.com<br /><br /><em>Controversy around the bail-in clause aside, FRDI Bill&rsquo;s clauses 58 and 62(1) regarding governance of a firm declared critical are inherently conflicting<br /></em><br />Much has been said and written about the Financial Resolution and Deposit Insurance Bill, 2017. The FRDI Bill was scheduled for discussion in Parliament this winter session but will now have to yield to more immediate concerns such as the Gujarat election results and the Central Bureau of Investigation special court&rsquo;s verdict on 2G spectrum allocation. In addition, the joint committee of both Houses is yet to submit its report on the bill.<br /><br />Public discussions on the FRDI Bill have focused on the formation of a resolution corporation and its bail-in powers in the event of a financial company going bust. The said corporation will monitor financial services companies, in coordination with regulators, and resolve them in case of failure. Bail-in implies using the company&rsquo;s various existing liabilities&mdash;different debt categories or deposits not covered by deposit insurance (all deposits over Rs1 lakh)&mdash;to resolve impending failure. This is different from bailout, which implies external help, such as government using taxpayer money.<br /><br />There may be some merit in constructing a resolution regime, given the financial system&rsquo;s broader linkages. But there are other equally larger issues that also need highlighting, especially because they explain how we got here.<br /><br />First, there is a need to discuss the relevance of an imported idea, a palliative designed for a different disease in a different body. Soul-searching after the 2008 financial crisis and its broader systemic impact through economic linkages led to the idea of a resolution corporation. It was felt necessary to design shock absorbers to insulate the economy and other financial sector institutions in the event of one single organization going bust, &agrave; la Lehman Brothers. The idea was discussed in various global governance institutions and rules were framed.<br /><br />Some of the global credit rating agencies have been following up assiduously on the progress of implementation. Eyebrows are raised at jurisdictions, especially emerging economies, continuing to defer a resolution regime or designing a custom-built framework suited to their economy. In the meantime, the US, the epicentre of the crisis&mdash;which used taxpayer money to bail out all banks, including ensuring hefty bonus payouts to bankers&mdash;continues to enjoy the highest credit rating. Irony has, of course, been missing from the global credit rating lexicon.<br /><br />In India, the idea of a resolution corporation was advocated in 2013 by the Financial Sector Legislative Reforms Commission. This was followed up in 2014 with a Reserve Bank of India (RBI) working group report on crafting a resolution regime for financial institutions. Finally, in 2016, a Union finance ministry committee submitted a draft code on the resolution of financial firms.<br /><br />Please <a href="http://www.livemint.com/Opinion/ZAc5cm4mkrry3xdzW1t5jM/Time-to-go-to-FRDI-Bills-roots.html" title="http://www.livemint.com/Opinion/ZAc5cm4mkrry3xdzW1t5jM/Time-to-go-to-FRDI-Bills-roots.html">click here</a> to read more. <br /></div>                                                           
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Controversy around the bail-in clause aside, FRDI Bill&rsquo;s clauses 58 and 62(1) regarding governance of a firm declared critical are inherently conflicting

Much has been said and written about the Financial Resolution and Deposit Insurance Bill, 2017. The FRDI Bill was..." />
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    <h1 class="cat-box-title">Time to go to FRDI Bill&#039;s roots -Rajrishi Singhal</h1>
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                            <div align="justify">-Livemint.com<br /><br /><em>Controversy around the bail-in clause aside, FRDI Bill&rsquo;s clauses 58 and 62(1) regarding governance of a firm declared critical are inherently conflicting<br /></em><br />Much has been said and written about the Financial Resolution and Deposit Insurance Bill, 2017. The FRDI Bill was scheduled for discussion in Parliament this winter session but will now have to yield to more immediate concerns such as the Gujarat election results and the Central Bureau of Investigation special court&rsquo;s verdict on 2G spectrum allocation. In addition, the joint committee of both Houses is yet to submit its report on the bill.<br /><br />Public discussions on the FRDI Bill have focused on the formation of a resolution corporation and its bail-in powers in the event of a financial company going bust. The said corporation will monitor financial services companies, in coordination with regulators, and resolve them in case of failure. Bail-in implies using the company&rsquo;s various existing liabilities&mdash;different debt categories or deposits not covered by deposit insurance (all deposits over Rs1 lakh)&mdash;to resolve impending failure. This is different from bailout, which implies external help, such as government using taxpayer money.<br /><br />There may be some merit in constructing a resolution regime, given the financial system&rsquo;s broader linkages. But there are other equally larger issues that also need highlighting, especially because they explain how we got here.<br /><br />First, there is a need to discuss the relevance of an imported idea, a palliative designed for a different disease in a different body. Soul-searching after the 2008 financial crisis and its broader systemic impact through economic linkages led to the idea of a resolution corporation. It was felt necessary to design shock absorbers to insulate the economy and other financial sector institutions in the event of one single organization going bust, &agrave; la Lehman Brothers. The idea was discussed in various global governance institutions and rules were framed.<br /><br />Some of the global credit rating agencies have been following up assiduously on the progress of implementation. Eyebrows are raised at jurisdictions, especially emerging economies, continuing to defer a resolution regime or designing a custom-built framework suited to their economy. In the meantime, the US, the epicentre of the crisis&mdash;which used taxpayer money to bail out all banks, including ensuring hefty bonus payouts to bankers&mdash;continues to enjoy the highest credit rating. Irony has, of course, been missing from the global credit rating lexicon.<br /><br />In India, the idea of a resolution corporation was advocated in 2013 by the Financial Sector Legislative Reforms Commission. This was followed up in 2014 with a Reserve Bank of India (RBI) working group report on crafting a resolution regime for financial institutions. Finally, in 2016, a Union finance ministry committee submitted a draft code on the resolution of financial firms.<br /><br />Please <a href="http://www.livemint.com/Opinion/ZAc5cm4mkrry3xdzW1t5jM/Time-to-go-to-FRDI-Bills-roots.html" title="http://www.livemint.com/Opinion/ZAc5cm4mkrry3xdzW1t5jM/Time-to-go-to-FRDI-Bills-roots.html">click here</a> to read more. <br /></div>                                                           
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Time to go to FRDI Bill's roots -Rajrishi Singhal

Published on Dec 28, 2017   Modified on Dec 28, 2017

-Livemint.com Controversy around the bail-in clause aside, FRDI Bill’s clauses 58 and 62(1) regarding governance of a firm declared critical are inherently conflicting Much has been said and written about the Financial Resolution and Deposit Insurance Bill, 2017. The FRDI Bill was scheduled for discussion in Parliament this winter session but will now have to yield to more immediate concerns such as the Gujarat election results and the Central Bureau of Investigation special court’s verdict on 2G spectrum allocation. In addition, the joint committee of both Houses is yet to submit its report on the bill. Public discussions on the FRDI Bill have focused on the formation of a resolution corporation and its bail-in powers in the event of a financial company going bust. The said corporation will monitor financial services companies, in coordination with regulators, and resolve them in case of failure. Bail-in implies using the company’s various existing liabilities—different debt categories or deposits not covered by deposit insurance (all deposits over Rs1 lakh)—to resolve impending failure. This is different from bailout, which implies external help, such as government using taxpayer money. There may be some merit in constructing a resolution regime, given the financial system’s broader linkages. But there are other equally larger issues that also need highlighting, especially because they explain how we got here. First, there is a need to discuss the relevance of an imported idea, a palliative designed for a different disease in a different body. Soul-searching after the 2008 financial crisis and its broader systemic impact through economic linkages led to the idea of a resolution corporation. It was felt necessary to design shock absorbers to insulate the economy and other financial sector institutions in the event of one single organization going bust, à la Lehman Brothers. The idea was discussed in various global governance institutions and rules were framed. Some of the global credit rating agencies have been following up assiduously on the progress of implementation. Eyebrows are raised at jurisdictions, especially emerging economies, continuing to defer a resolution regime or designing a custom-built framework suited to their economy. In the meantime, the US, the epicentre of the crisis—which used taxpayer money to bail out all banks, including ensuring hefty bonus payouts to bankers—continues to enjoy the highest credit rating. Irony has, of course, been missing from the global credit rating lexicon. In India, the idea of a resolution corporation was advocated in 2013 by the Financial Sector Legislative Reforms Commission. This was followed up in 2014 with a Reserve Bank of India (RBI) working group report on crafting a resolution regime for financial institutions. Finally, in 2016, a Union finance ministry committee submitted a draft code on the resolution of financial firms. Please click here to read more.

Livemint.com, 27 December, 2017, http://www.livemint.com/Opinion/ZAc5cm4mkrry3xdzW1t5jM/Time-to-go-to-FRDI-Bills-roots.html

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

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• Economists Hit Out Against Move to Privatise Public Sector Banks

 

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