EDM Calling for Separation of the Banks
Early Day Motion
EDM 531
SPECULATIVE BANKING
05.01.2010
Michael, Alun
That this House notes the enormous damage that the international banking crisis has done to jobs, businesses and public finances and to some of the world's poorest people; recognises the substantial and continuing resources provided by taxpayers to support banks; acknowledges that an important part of this crisis was caused by a number of traditional deposit taking retail banks becoming involved either directly or indirectly with speculative, casino-style, investment banking; welcomes the support of all political parties for continuing to provide a government guarantee for retail deposits held in banks; further notes that when banks are systemically important it is the taxpayer rather than the shareholder who carries the ultimate risk; supports much stronger regulation of banks to help prevent such a crisis in the future; recognises that, given constant financial innovation, regulation on its own will never be completely successful in always preventing massive losses on speculative `casino-type' investment banking; further acknowledges that in a bank that combines speculative investment banking and traditional retail banking, massive losses on the speculative side would threaten its retail deposits thus necessitating taxpayers to rescue such a combined bank; and therefore calls on the Government in its forthcoming banking legislation to separate speculative casino banking from traditional retail banking and, as well as leading by example, to encourage a similar approach internationally.
89 Signitures:
Michael, Alun
McFall, John
Durkan, Mark
Dismore, Andrew
Caton, Martin
Austin, John
Palmer, Nick
Reed, Andy
Russell, Bob
Simpson, Alan
Skinner, Dennis
Harvey, Nick
Havard, Dai
Holmes, Paul
Hopkins, Kelvin
Howarth, George
Hughes, Simon
Illsley, Eric
Jenkins, Brian
Linton, Martin
McCafferty, Chris
McCartney, Ian
McDonnell, John
Meacher, Michael
Murphy, Denis
Olner, Bill
Osborne, Sandra
Brown, Russell
Burgon, Colin
Cable, Vincent
Cairns, David
Campbell, Ronnie
Carmichael, Alistair
Chaytor, David
Clapham, Michael
Clarke, Tom
Cook, Frank
Cruddas, Jon
Cryer, Ann
Dobson, Frank
Drew, David
Etherington, Bill
Flynn, Paul
Galloway, George
Gapes, Mike
George, Andrew
Gerrard, Neil
Godsiff, Roger
Ainger, Nick
Hamilton, David
Hancock, Mike
Benton, Joe
Stunell, Andrew
Truswell, Paul
Vis, Rudi
Wareing, Robert N
Williams, Betty
Williams, Roger
Wishart, Pete
Hosie, Stewart
Smith, Angela C (Sheffield Hillsborough)
Davies, Dai
Mason, John
Roy, Lindsay
Keetch, Paul
Meale, Alan
Cohen, Harry
Cummings, John
Dean, Janet
Dobbin, Jim
Williams, Stephen
Hunter, Mark
Sheridan, Jim
Iddon, Brian
Jones, Lynne
Breed, Colin
Campbell, Gregory
Turner, Desmond
Prosser, Gwyn
Corbyn, Jeremy
McCrea, Dr William
Simpson, David
Murphy, Paul
Francis, Hywel
Leech, John
Riordan, Linda
Keen, Alan
Sharma, Virendra Kumar
Heyes, David |
Alun Michael MP, 26/01/2010 |
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