금융규제체계개편론 - 은행의 업무범위에 대한 국제적 논의를 중심으로 -
Financial Reform and the Banking Business Regulation
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It is a topic of hot debate how to regulate the permissible activities of banks after the global financial crisis. The US introduced the Volcker Rule strictly restricting the proprietary trading and private funds-related business of commercial banks. The UK Vickers Commission recommended the structural separation, or ring-fencing, of retail banking business from wholesale/investment banking business. This Article explores those issues from the standpoint of the specialty of banking business, the regulation of shadow banking, and the role of banks in developing capital markets in Korea. In spite of their negative impacts on real economy through excessive size and risk-taking, banks’ functions such as deposit-taking, payment settlement business and credit extension to individuals and SMEs are positive and essential for our economic life. The answer is simple and clear. We must find the structure to prevent banks’ excessive size and risk-taking from hindering positive and essential banking functions. This Article proposes a UK-style ring-fencing of retail banking from wholesale/investment banking as a way to reconcile the special roles of banking business with the purpose of controlling risks inherent in banks. We should reconsider the scope of permissible activities of financial investment firms in that they can do payment settlement business in its broad sense.
Abstract
It is a topic of hot debate how to regulate the permissible activities of banks after the global financial crisis. The US introduced the Volcker Rule strictly restricting the proprietary trading and private funds-related business of commercial banks. The UK Vickers Commission recommended the structural separation, or ring-fencing, of retail banking business from wholesale/investment banking business. This Article explores those issues from the standpoint of the specialty of banking business, the regulation of shadow banking, and the role of banks in developing capital markets in Korea. In spite of their negative impacts on real economy through excessive size and risk-taking, banks’ functions such as deposit-taking, payment settlement business and credit extension to individuals and SMEs are positive and essential for our economic life. The answer is simple and clear. We must find the structure to prevent banks’ excessive size and risk-taking from hindering positive and essential banking functions. This Article proposes a UK-style ring-fencing of retail banking from wholesale/investment banking as a way to reconcile the special roles of banking business with the purpose of controlling risks inherent in banks. We should reconsider the scope of permissible activities of financial investment firms in that they can do payment settlement business in its broad sense.
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