Reuters - Bank regulation takes back seat to ...

Blue_Horseshoe · February 25, 2015, 7:36pm

From Reuters, 25th Feb 2015; Bank regulation takes back seat to kick-starting economy

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](https://www.reuters.com/article/2015/02/25/us-banks-regulator-reform-idUSKBN0LT1I720150225)

Blue Horseshoe

BoyRacer · February 26, 2015, 6:24am

IMF points to failures in Ireland bank bailout - Vincent Boland → ft.com/cms/s/0/5f3131a4-a7ca … ab7de.html
January 29, 2015

The failure of policy makers to impose losses on some bank creditors at the height of Ireland’s financial crisis was a mistake that forced Irish taxpayers to foot a bill that should have been borne by the wider eurozone, according to the International Monetary Fund.
The failure to “bail-in” unsecured creditors to a bank rescue that cost Irish taxpayers €64bn and bankrupted the country was based on the view that doing so would have serious adverse “spillover” effects in other eurozone countries, even though such risks were “not obvious”.
Moreover, the level at which Irish bank bonds were trading at the time implied that holders of senior unsecured bank bonds were expecting to take a haircut on their bond holdings, according to the fund.
The IMF’s observations, in areport published on Thursday that is effectively its verdict on its role in the €67bn Irish bailout, are likely to reignite arguments in Ireland about the cost and consequences of the bank rescue, the most catastrophic financial event in recent Irish history. They are the most succinct yet on the episode. The report is also likely to inform how the fund handles future bailouts.
The IMF said that as a result of the failure to impose losses on bank creditors, “many in Ireland question why Irish taxpayers should be the ones covering the cost of addressing such euro area-wide concerns. A bail-in or other solution that would have ‘mutualised’ these costs would likely have resulted in more equitable burden sharing.”

there is more

Is the legislation already there for a bail-in?