Financial firewalls to keep banks from cracking

The business and economy minister has unveiled another proposal to prevent potentially catastrophic bank failures. Henrik Sass Larsen (Socialdemokraterne) is calling for the establishment of “firewalls” between departments of the country’s six banks officially identified as “systematically important financially institutions” – better known as “too big to fail”. The measure, which Larsen did not describe in detail, would prevent losses in one part of a bank’s operations from causing the entire company to crack. Larsen said financial firewalls were an alternative to splitting up major financial institutions, as his party proposed in 2008 but now says it rejects. – Berlingske Business





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