UK Treasury minister Myners says that UK banks should write “living wills”. These would be plans to wind themselves up in the case of bankruptcy, according to an interview with Reuters.
Umm, isn’t that your job, Minister?
He also wants banks to increase their capital by several times current levels. While that may be a good idea in theory, it will cut profits for years to come.
EUR/GBP is consolidating gains in the 0.8808 area after reaching 0.8814. GBP/USD trades at 1.6612 as cable lages EUR/USD owing to the strength in the cross.
