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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...

last month

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. ...

last month

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...

last month
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BIS Warns of a Global Debt Crisis and a Lack of Policy Response Options: Time to Update the BoE’s Policy Toolkit?

bank for international settlements

The Bank for International Settlement (BIS) has just warned that the global economy faces a “gathering storm” brought on by too much borrowing. With high levels of private debt relative to income, increasing financial volatility and poor prospects for growth there are growing concerns about the lack of policy response options available to central banks.

Raymond AitkenCentral Banks are complicit in the manipulation of financial markets including stock markets, commodities, gold and currency markets, not to mention the oil and energy markets which have been the object of a carefully engineered “pump and dump” speculative onslaught. SOURCE: Central Bank Governo...

March 2016

Raymond AitkenReference: "central banks are running out of policy options and markets are beginning to notice"; the very existence of central banks and "financial markets" is the problem. As Buckminster Fuller advised us: "You never change something by fighting the existing reality. To change something, build a n...

March 2016

Raymond AitkenHere is a better explanation by Prof. Ismael Hossein-Zadeh, of why "Despite exceptionally easy monetary conditions, in key jurisdictions growth has been disappointing and inflation has remained stubbornly low.": Financial Bubble Implosions. Asset Price Inflation and Social Inequality - http://www.gl...

March 2016
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my wag* BoE can create the money....at not cost.* money is put on Govt's books...no cost* money is paid out to contractors for infrastructure work....no cost* money multiplies in system.....commodities: steel, concrete etc AND in workers: food, housing and other expenditures that add value to economy* rin...

March 2016

ShaneNow you're just lying.Credit does not mean journal entries. The trust of a legal contract is dependent on the organization enforcing it.Credit means what credit means. It means TRUST."Is my credit good here?" does not mean "do you use double entry accounting here?"This is a big reason why civilizati...

March 2016

WIll SonHi,Can someone explain to me the laws surrounding collateral that banks use to back loans.So if the bank creates credit and it based on underlying collateral, do they have the rights to the asset in loan failure?If I receive a home loan from a bank, and cannot make repayments, do the banks receive t...

February 2016
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Marco SabaSeoul G20 summit in 2010: "if people can move money out of the banks into cash, it is not possible to steal their money to bail out the banks..."...

February 2016

James MurrayGreat article Fran.One more cutting stroke against the banks' "too big to fail" nonsense.If only Osborne can be persuaded to try loosen the stranglehold the banks have on the BoE and so take the first crucial step to democratize money....

February 2016
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Tony HarveyThe talk freezes before resuming often and after about 12 mins 25 secs freezes permanently. I can't get it beyond there. I am using a modern computer and operating system at a public library. Anyone else experiencing this?By the way I have read Prof John F Weeks' ascerbic book right through 'How Mai...

February 2016
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