ERM frameworks [55]

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Bullet points include: Wanting to keep money as a viable ‘medium of exchange’, so proposed regulatory changes have focused on banks: (1) Enhance capital adequacy – both quantum and methodology, (2) Ring-fence activities subject to deposit protection schemes, (3) Have existing investors carry more of the burden of a firm failure, (4) Change business behaviours. Implications for others, e.g. insurers and pension funds. Market structure and regulatory focus, e.g. central counterparties, credit ratings, liquidity risk. Market impact, e.g. sentiment, Tier 1/Tier 2 debt, structured vehicles

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