Four resolution authorities in four different leading countries to isda, International Wall dealer association. Changing master agreements to facilitate bank resolution. When they realize if any one of them, fdic, the bank of england, bofa in germany or swiss authorities were to try to resolve one of the their major banks, under the isda master agreement, all of the foreign counter parties to swap agreements which number as you know in the trillions, would be able to immediately close out their contracts, net it and run. They are not constrained in the way others are by a stay. Secondly, they are concerned that if the u. S. Were to put a major bank in resolution and shift it to a bridge bank which is what title ii permits, this bank should be very healthy but a change in control under the isda master agreement would give opportunity for the counterparty declare a default and try to act. It would also be true if they exercised a default across clause. All of these things could make it v
The government and a bank because perhaps that settlement is not the result of each party looking at their options and the evidence of the other side but rather simply the governments overwhelming power. A bank can not really afford to take on the government in this way or take on its supervisor and as a result you wonder, unless theres a lot of information around what actually happened, you wonder whether there is really an arms length kind of settlement. The same question arises where the settlement has occurred and we dont have very much information about the evidence that the government had to create the settlement. And why the, or why the bank agreed to the settlement. Theres a lack of transparency in these cases. And again, because of the fact that the government has so much power with respect to the bank, the lack of transparency raises questions about the rule of law. Are we really dealing with a situation in which the government has found something that is extraordinarily trou
Tax bills for single-family homes could rise alongside a larger dip for apartment buildings as the city looks at an unconventional way to address density in Edmonton.
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