ON THE MONEY
STUART THEOBALD: VBS collapse was about fraud, not a lack of regulation
Bank regulation faces a constant tension between systemic soundness and competitive innovation
22 July 2024 - 05:00
As the VBS mess slowly catches up with the perpetrators, few have asked what we can learn from how the bank was regulated.
VBS was a mutual bank, a somewhat odd type of bank which works under its own regulatory regime. Created in the wake of the great rationalisation of building societies in the 1990s, the key feature of mutual banks is that their depositors are also their owners...
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