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Bank of England: UK banks to lose their status as ‘gatekeepers’ to the payment system

Gatekeeper to the payments system

In a significant breakthrough, the Bank of England (BoE) has just announced it will be adopting a policy change that Positive Money has been arguing for over the last 2 years. The BoE will finally allow non-bank ‘payment service providers’ (PSPs) to hold accounts at the BoE, so that they can compete with existing banks to provide current (checking) accounts. This will break the stranglehold that large UK banks have over the provision of payment accounts - and represents a step towards further changes that would limit the ability of banks to create money.

MarkBut BenAt least there will be more choice of conditions for a loan. A client can approach a PSP who has an affinity for the clients loan. In that they will take a genuine interest in the success of the loan, producing a better service or product that the loan was for.YoursMark ValenteGet Outlook for...

3 weeks ago

Ben DysonNo, they currently have to back their customers' funds with deposits at a commercial bank, and aren't allowed to hold loans or other risky assets on their balance sheet. So unlike they can't create new money by creating new deposits backed by new loans. ...

3 weeks ago

Ben DysonCarney said that they would make the accounts available 'over time', probably as they redesign their RTGS settlement system. So unfortunately I don't think the accounts will be available within the next 12 months, but it's certainly worth contacting them now to express an interest. Ben...

3 weeks ago
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ruminerYellen wants to give the impression that she knows what she's talking about, yet all her words amount to a lot of repetition, revealing little knowledge. I think her role is an evolution of the role of a witch-doctor....

4 weeks ago

CorneliusFBSounds like "extreme" means never....

4 weeks ago

P_a_u_lDon't get the taboo of mixing fiscal and monetary policy. Its pretty obvious what the dire needs are and, rather than indiscriminate "helicopter" money, wouldn't make sense to inject that money where society needs it most? It will always filter and multiply its way to the general public anyway. L...

5 weeks ago
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DAVIS MILLERHello we offer Loan, International Project Finance, Bank Guarantee and SBLC to both individuals and companies worldwide. Our interest rate is 2% per year.We also sponsor and finance all kinds of Projects locally and internationally. So if you have any good project and you need an investor just infor...

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theGreatFuzzyThing is bitcoin, with it's trustless blockchain, can help rid us of much of that fraud[1].[1] http://www.coindesk.com/can-tr......

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theGreatFuzzyInteresting. I was thinking about buying a book from the Ubuntu Shop but then I thought hang on.......

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A History of Public Money Creation – Summary

Screenshot 2016-06-09 14.21.18

Throughout history, governments have used their ability to create money to fund public spending. While none of these policies were called, “People’s QE”, "Strategic QE", “Sovereign “Money Creation”, or “Helicopter Money” (what Positive Money collectively refers to as Public Money Creation), they shared the common trait of using newly created state money to finance government spending, rather than relying on commercial banks to create new money through lending.

Colin"We need to be clear on what are our 'killer' arguments and answers that deal with the common objections. ...Teachers in schools do this every day ... using tried and tested forms of words ... . "Bravo. The Banking 101 video course needs remade as it confuses money creation with mere accounting thro...

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SteveBOnce again Frank frames the discussion in a way that conforms to the thinking that sees 'growth' as THE metric of success in economic or monetary policy.Admittedly a valuable collection of articles to dispel myths long overdue for debunking, but in my view it is all outdated in a world that we shoul...

last month

James MurrayVince,I see what you mean, and captive greatly that tactic. The sort of 'killer argument' I was taking about is, for instance, "Yes, the Governments in Weimar Germany and 1980s Zimvabwe did print far too much money so that there was far too much paper currency chasing too little to buy - and hence i...

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Could fintech companies save us from the instability the banks create?

Screenshot 2016-06-08 11.11.58

At school or university, we’re told that money is created by the central bank. But that is not actually the case: the commercial banks are the ones creating money. The same banks that love to take risks and helped cause a global financial crisis a few years ago. Could fintech companies save us from the instability they create?, reads an article written by Ben Dyson, founder of Positive Money, in the issue #04 of Tea after twelve magazine.

Adrian costain Ben can you comment on the degree to which the initial recommendations of the CMA Retail Banking inquiry supports this initiative. If it doesn't go far enough - then there may still be time to influence their final recommendations. Also, do.all the.necessary enabling powers lie with the BoE or doe...

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