Purpose – The purpose of this paper is to examine modern monetary policy as practiced and promoted by the officials of Central Banks, with the Federal Reserve Bank of the USA and the Bank of Japan in leading roles. Design/methodology/approach – Modern monetary policy is assessed for its...

Purpose – The purpose of this paper is to explore the Irish banking crisis and explain how various factors contribute to a collapse in asset prices, an economic recession and the near failure of the banking system. The paper seeks to document the dangers of pro‐cyclical monetary and...

Purpose – The purpose of this paper is to consider the case for regulating financial innovation in light of the recent global financial crisis. Design/methodology/approach – Responsibility for assuring the bank customers are “treated fairly” in the UK currents belongs to the Financial...

Purpose – The purpose of this paper is to evaluate how markets in financial instruments directive (MiFID) and regulation national market system (Reg NMS) affect the competition for order flow among trading venues in, respectively, Europe and the USA. Design/methodology/approach – The paper...

Purpose – The global financial turmoil of 2008 spilled over into the British Isles offshore jurisdictions of Guernsey and the Isle of Man resulting in the collapse of two local subsidiaries of major Icelandic banking groups and consequent depositors' losses. The purpose of this paper is to...

Purpose – The purpose of this paper is to report and comment on a High Court ruling where the Court had to decide certain preliminary issues of law arising out of a mis‐selling claim brought against Royal Bank of Scotland Plc (hereafter “the Bank”) by Titan Steel Wheels Ltd (hereafter...

Purpose – This paper not only aims to trace developments from the inception of the 1988 Basel Accord to its present form (Basel II), but also to highlight flaws inherent in the 1988 Accord and Basel II, by way of reference to developments which occurred during the Northern Rock Crisis....

Purpose – The purpose of this paper is to measure the cultural fit between supervisory authorities and banks, considering cultural gaps as possible stumbling blocks for effective supervision. Design/methodology/approach – The paper uses a text‐analysis approach. The methodological...

Purpose – This paper aims to investigate the effect of UK building society demutualisation on levels of efficiency at the largest five commercial banks in the UK. Design/methodology/approach – This research utilises data envelopment analysis (DEA) within a rarely adopted windows framework to...

Purpose – This paper aims to develop a model to assess the effectiveness and compliance of bank boards, taking into account their unique characteristics, financial industry standards and regulations. Design/methodology/approach – The literature on the roles and effectiveness of boards and...