Securing Finance: The Paradox of Steuart’s Watch

Liquidity Lost: Sovereignty, Security and the Subprime Mortgage Crisis

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1 Foucault further adds, there is ‘the appearance in this new art of government of mechanisms with the function of producing, breathing life into, and increasing freedom, of introducing additional freedom through additional control and intervention’ (Foucault 2008, 67).

2 ‘The field of interventions for security dispositifs is organized around the following question: “How should things circulate or not circulate?”’. Foucault defines a security dispositif as a ‘heterogeneous ensemble consisting of discourses, institutions, architectural forms, regulatory decisions, laws, administrative measures, scientific statements, philosophical, moral and philanthropic propositions’ (Foucault 1980, 194).

3 The capital requirement of 7% of risk-weighted assets will be comprised of ‘a minimum common-equity target of 4.5% of assets, to be reached by 2015, plus a “conservation buffer” of 2.5% of assets (which can be drawn upon with restrictions in times of stress) to be in place by 2019’. The total tier 1 capital which includes common equity will be 8.5% (The Economist 18-20 September 2010, 89; Basel Committee on Banking Supervision June 2011).

4 For example the German Corporate Governance Code of 2002, the French Financial Security Law of 2003 and the Japanese Financial Instruments and Exchange Act of 2006.

5 Although they could still prepare a client’s tax returns.

6 Although it should be pointed out that a 7 year rotation was supposed to be a commonly adopted standard in the industry anyway.

7 ‘Whilst ESRB recommendations are not legally binding they cannot simply be ignored. Addressees of recommendations must state whether they agree with the recommendation or not. If they agree, the addressees are expected to communicate what action they are taking whilst if they disagree and choose not to act, the reasons for inaction must be properly explained’. Refer to Section 3, point 49 in (House of Commons Treasury Committee November 2011).

8 The ESA is made up of three constitutive elements arising from the transformation of previous committees: the European Banking Authority (EBA); the European Insurance and Occupational Pensions Authority (EIOPA); and the European Securities and Markets Authority (ESMA).

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