Dealing with Distress in Financial Conglomerates.docVIP

Dealing with Distress in Financial Conglomerates Dr. Thomas F. Huertas Director, Wholesale Firms Division and Banking Sector Leader Financial Services Authority, United Kingdom An address before the 5th Annual International Seminar on Policy Challenges for the Financial Sector: International Financial Conglomerates – Issues and Challenges June 1- 3, 2005 Washington, D.C. Sponsored by The World Bank, International Monetary Fund, and Federal Reserve Board Abstract In dealing with distressed conglomerates, the less the public authorities do, the better. Markets are capable of providing fund