Banking & Finance Litigation Update
DLA Piper has released issue 63 of its Banking and Finance Litigation Update. The document is published monthly and covers current developments affecting the group’s area of practice and its clients during the preceding month.
As expected, the Chancellor, George Osborne, announced changes to the remit of the Bank of England in the Budget but the changes were not as radical as they could have been. The changes are intended to increase “monetary activism” by the Monetary Policy Committee to encourage economic growth.
It is expected that the Bank of England’s Monetary Policy Committee will agree with the Financial Services Authority (“FSA”) that the £50 billion capital shortfall it predicted banks would have can be covered in other ways. This follows a four month study conducted by the FSA into banks’ capital at the request of the Committee…
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