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Sam was among the first batch of judges trained in Macau's Magistrates Training Centre and was appointed the president of Macau's Court of Final Appeal on the same day the territory was handed back to China on December 20, 1999. Lending is never going to be risk-free. More risky and long-term lending has been hived off to the non-bank sector, such as private equity, where there is little transparency. Tough capital ratios have produced bad outcomes.
But if the UK wants a vibrant and competitive banking sector, that feels able to address lagging private sector investment and lacklustre productivity, there is a strong case for further liberalisation. The decision of the Bank's prudential arm to take the foot off Basel brakes is correct. Sam, who had resigned from his position as president of Macau's highest court the day before, said Wednesday in a press conference that he has "decided to run for the office of the sixth chief executive of the Macau Special Administrative Region".
Macau, a former Portuguese colony-turned-special administrative region under China's "one country, two systems" framework, will hold an election on October 13 in which only around 400 pro-establishment figures are allowed to vote. * Affiliate links: If you take out a product This is Money may earn a commission. These deals are chosen by our editorial team, as we think they are worth highlighting. This does not affect our editorial independence.
Reforms such as improved deposit insurance of £85,000 in the UK, the separation of consumer from casino banking and stronger capital requirements have proved sensible. But as is often the case, the enforcers overdo it.