The Spanish savings banks (SSBs) built-up excess capacity and risk concentration influenced by many stakeholders’ interests, including politicians in their decision-making bodies. SSBs were not subject to typical market discipline mechanisms, and blurred competences between the central government and the autonomous provoked the crisis of the Spanish financial system. Read the full analysis by the IMF in the attached documents.
As reported by FC Business, Football League clubs took a huge step to self sufficiency when they agreed to the implementation of Financial Fair Play (FFP) regulations last week. Based on the UEFA model, Championship clubs will have until the 2014/15 season to get their house in order or face stiff penalties.
Leagues One and Two will also introduce a version based on limiting a club’s spending on player wages as a proportion of total turnover. A similar rule has been in place in the League Two for a number of years now. Continue Reading
The UK and London will remain the world’s leading international and Islamic financial centres, said British Ambassador Iain Lindsay at a UK roundtable discussion at the WIBC.
‘Islamic finance, like every other type of financial activity, benefits from the UK’s combination of experience, variety of skills, geographic location, infrastructure, transparency and openness,’ he said.’ The UK recognises the tremendous opportunities that Islamic financial services have to offer. Continue Reading