The Duetarian Banking act.

I, as the chief of Duetaria's banks, propose that we unite all the banks into one united corporation. I say this because instead of all the banks working together to serve the populace of Duetaria, they are squabbling over minor issues and worsening their relationships with each other by supporting different WA delegates. If we unite them into one and ban providing money for WA delegates we can live up to the standards that Duetarians expect!
I propose the following act:

a) All banks in Duetaria become property of the state they are in and members of the Duetarian banking organization. The organization will run the banks as (depending upon their sovereign state's wishes) as either profit or non-profit organizations.
b) The Duetarian banking organization will be based in Karkelbania because of its WA delegate neutral standing and because of its founder status.
c) The head of the organization will be voted into power by the member countries. The men and women inside the organization must have no previous or current affiliation with any Government of any country Duetarian or other.
d) In times of banking crisis all banks will provide the money the organization asks them to provide, the same goes for natural and un-natural disasters.
e) All banks must run ethical policies as dictated by the organization. This includes not providing loans to terrorists or accepting money from them etc
f) Banks are not allowed to sponsor any candidate for WA delegate election or national election.
g) Banks that brake the rules of the organization will be broken apart.
h) Any bank that refuses to be part of the organization and owned by the state will be seized by force.

Well these are the principles of the act, it was written for the betterment of the great Duetarian people so if you have any suggestions or questions I welcome them. I will soon ask King Wake to call an election upon the act.

I King Wake I think that President Shortman's proposal is a fine one. I have one question, do you plan to enforce the rules by a private army of the Organization as that is who they will be run by or of the state they are in as the bank would become property of the state?

The Banking Organization would serve the people as a non-power holding institution so would not have its own a private army. As a people serving institution it would rely upon the heads of the countries', the WA delegate's and King Wake's and his descendants' support to enforce this. As it is useful to all people I doubt that anyone would truly object to it.

Minister to the Treasury Gwyneth Paltrow rises to the podium and clears her throat loftily.

"Firstly, can I just apologise for the absence of Miss Adams from today's meeting in connection with the Banking Act. My chancellor has been taken ill at her country home of Gisellington, and will not return to work for perhaps three days."

Curious murmurs fill the room briefly, until Paltrow taps the podium with her fountain pen briskly. The attending financial ministers turn back to her.

"Effectively, Luschia will support the establishment of the Nationalised Banking system, but with one amendment: we disagree with the clause that all banks in each nation should be turned over to the Public Sector. Instead, we propose that each nation will set up its own National Bank without interfering directly in private finances. The National Banks, furthermore, will have no role in setting interest rates (as, for example, the Bank of Luschia or the Grand Ducal Ravenburger-Morovian Bank both do) - they will function, as President Shortman proposed, as a mass welfare organisation, separated from the Global Stock Exchange and funded exclusively by governmental resources. We also suggest that the Banking Organisation should be run by one Governor and three Lieutenant-Governors responsible for administrative decisions and policy implementation, whilst one neutral Secretary of Banking and Finance decides upon the organisation's policies after consultations with heads of government in Duetaria. There will be de-centralised national heads of each National Bank in every Duetarian capital as well."

General applause greets Paltrow's speech, until Darmsburger Commerce Secretary Volhard gets to his feet and places one brief question to the council.

"As a matter of interest, why are the Potato Farmers proposing a motion that is in spirit so similar to the Welfare Proposals of Ravenburg-Morovia and Romardia, when they expressly disagree with all delegatory decisions suggested by Ravenburg-Morovia?"

Treasury Minister Paltrow, rumoured to be on the verge of replacing Chancellor Adams

Lord President Nicholson wrote:
"Effectively, Luschia will support the establishment of the Nationalised Banking system, but with one amendment: we disagree with the clause that all banks in each nation should be turned over to the Public Sector. Instead, we propose that each nation will set up its own National Bank without interfering directly in private finances. The National Banks, furthermore, will have no role in setting interest rates (as, for example, the Bank of Luschia or the Grand Ducal Ravenburger-Morovian Bank both do) - they will function, as President Shortman proposed, as a mass welfare organisation, separated from the Global Stock Exchange and funded exclusively by governmental resources. We also suggest that the Banking Organisation should be run by one Governor and three Lieutenant-Governors responsible for administrative decisions and policy implementation, whilst one neutral Secretary of Banking and Finance decides upon the organisation's policies after consultations with heads of government in Duetaria. There will be de-centralised national heads of each National Bank in every Duetarian capital as well."

Harris McGinlly the Karkelbanian Chancellor rises to his feet. "Marm, do you not grasp that the point of the act is to destroy, or at least that is my impression, the 'big business' ideology of banking? This leads to unethical policies, price dropping, low rate mortgages etc. And we all know what this leads to." There is a rumble of agreement. "Aye, you remember the great Economic collapse of Siberia that happened during the Lower Schlowian war that led us to find a new land. Did we not set out to find a land where this sort of thing could be avoided? Where the poor were looked after and we slept safely in our beds without the threat of invasion? IS this not what the Welfare act and the Karkelbanian military reforms did? Is this not what the banking act and the upcoming Karkelbanian arms treaty will continue to provide?"

Lord President Nicholson wrote:
"As a matter of interest, why are the Potato Farmers proposing a motion that is in spirit so similar to the Welfare Proposals of Ravenburg-Morovia and Romardia, when they expressly disagree with all delegatory decisions suggested by Ravenburg-Morovia?"

"Oh and on your other comment, please do not make this obviously innocent act that is intended to better our lives into a chance for you to once again flout your welfare reforms act like you were holding a sign reading 'Well we once said something which helped people, so if you try as well we'll stamp on you'!" The crowd errupts with laughter as McGinlly sits down.

Hochkatzenburg stands and points out:

"We cannot destroy wholesale privatised business - this will wipe out competitive markets. Instead, if we found a bank that regulates welfare and provides a huge support infrastructure for the poverty-stricken, then private firms can continue to enrich the economy and national banks can begin to make the poor rich and the rich richer."

The council nods its approbation at this pronouncement.

Grand Duke Henry wrote:Hochkatzenburg stands and points out:

"We cannot destroy wholesale privatised business - this will wipe out competitive markets. Instead, if we found a bank that regulates welfare and provides a huge support infrastructure for the poverty-stricken, then private firms can continue to enrich the economy and national banks can begin to make the poor rich and the rich richer."

The council nods its approbation at this pronouncement.

"I am sure that Shortman is not proposing an end to competitive business but to then end of it in banking, it makes no allocation to the Stock market. Also does it not state in the Act:

The BAnking Act wrote:
The organization will run the banks as (depending upon their sovereign state's wishes) as either profit or non-profit organizations.

?" Heart sits down again, his attention to detail triumphs again.

"Banks run the Stock Exchange and regulate it, if we want 'attention to detail', Mr Heart," comments Hochkatzenburg acidly.

Grand Duke Henry wrote:"Banks run the Stock Exchange and regulate it, if we want 'attention to detail', Mr Heart," comments Hochkatzenburg acidly.

"Maybe this should not be how it is run and would be a worthy topic of discussion for the Organization?" states McGinlly as Heart sits down.

Does not anyone else believe that the Grand Duke is beginning to deviate off the point? The stock exchange was not mentioned in the Banking Act and if it is passed will, as His majesty King Wake said, be discussed by the organization and might have an act passed on this issue.

The problem I think the Grand Duke is having is accepting that the Banking act will benefit everyone and he is kicking himself because he didn't think of it first. Anyone who works in the Grand Duke's economics department may find that they will be fired in the next few days for no reason, as we all know that Grand Duke is always quick to pass on the blame to someone who he never sees so the problem is no longer his.

"Any act," begins Finance Minister Sohm, "That seeks to encompass all of the banking system must alter the Stock Exchange - nationalised economies never work, and we need look no further than the former USSR to see this. Moreover, the Potato Farmers might have had this laudable idea before us, but from where did its inspiration come? Undoubtedly, the joint Romardo-Ravenburger Welfare Act. Let us face it: the Treasury in Ravenburg-Morovia will suffer from no reshuffle in the coming days. I move to pass the Banking Act with the tweaks suggested by Ravenburg-Morovia and Luschia, and backed up by Romardia."

Wearily Gwyneth Paltrow walks back up to the podium and delivers Luschia's final word on the subject of the Banking Act.

"The Government locum tenens of Lord President Nighy wishes to make clear its whole, unwavering support for the Banking Act proposed by President Shortman. However: it is hugely necessary, in our view, that we make the entire act easier to implement if the National Bank exists as a Welfare organisation in tandem with private banking firms. Therefore, I move that we pass the Act by founding the National Bank of Duetaria separately from our privatised firms."

Lord President Nicholson wrote:

"Effectively, Luschia will support the establishment of the Nationalised Banking system, but with one amendment: we disagree with the clause that all banks in each nation should be turned over to the Public Sector. Instead, we propose that each nation will set up its own National Bank without interfering directly in private finances. The National Banks, furthermore, will have no role in setting interest rates (as, for example, the Bank of Luschia or the Grand Ducal Ravenburger-Morovian Bank both do) - they will function, as President Shortman proposed, as a mass welfare organisation, separated from the Global Stock Exchange and funded exclusively by governmental resources. We also suggest that the Banking Organisation should be run by one Governor and three Lieutenant-Governors responsible for administrative decisions and policy implementation, whilst one neutral Secretary of Banking and Finance decides upon the organisation's policies after consultations with heads of government in Duetaria. There will be de-centralised national heads of each National Bank in every Duetarian capital as well."

McGinlly rises. "We in Karkelbania now agree to some of these terms. We do agree now that some banks should be able to remain in the private sector but that they must be answerable to the Organization upon ethical policy etc. The Governor must be neutral by experience, intent and relation. He will be elected and he will be able to appoint his Lieutenants, each state in the region will be able to propose one candidate for a position of a Lieutenant and the Governor will pick his three favorite of the group. Also the organization will set interest rates and there will be a different rate for each state."

Sohm stands.

"All of that sounds practical and intelligent, apart from one minor clause: why not have the pre-existing banks, such as the Bank of Luschia, set interest rates as the Bank of England does currently. That way, the National Bank could monitor interest rates, but not totally control them, so that the economy is not completely dependent upon the centralised Duetarian bank."

Grand Duke Henry wrote:Sohm stands.

"All of that sounds practical and intelligent, apart from one minor clause: why not have the pre-existing banks, such as the Bank of Luschia, set interest rates as the Bank of England does currently. That way, the National Bank could monitor interest rates, but not totally control them, so that the economy is not completely dependent upon the centralised Duetarian bank."

Well the National bank monitoring on them and reporting need of change is assumed I think in my proposal

Gottlieb Daun, Margrave of Sohm, walks swiftly ('quam celerrime') up to the dais.

"Well then - we are decided. The Banking Act can, I trust, be speedily passed with the two additional clauses: 1), that private banks will remain and 2), that the Duetarian Bank can monitor, but not autonomously change, interest rates."

Wake enters and bangs his ceremonial scepter on the ground "And so this law is passed! The shortlist will be prepared shortly first we would like to ask each country to put forward their candidates for election to Governor, after that they may present their candidates for Lieutenants."

Mettenburg and Sohm have prepared the following press statement:

"Our Government has declined to proffer any individuals to take a hand in manning the National Bank. Instead, we are planning to support Luschia and Romardia in their decisions on this topic."

We put forward Fred Gripes as our candidate. He has worked on the stock exchange, in national and international banks, he runs several of his own businesses, he has a masters degree in economics and business from Duetaria University and has studied under the late great Simon Sidey. He has full support of the Trade union and the international banking and stock exchange governing body.

Can I just say that private banks will be allowed but some of their power will be taken away, like running the stock market and will not be part of the Trade union.

Luschia proposes the following Officers of the Board of Commission for the National Bank:

1. Senator Richard Templer (b. 1959) as Governor
Templer has enjoyed a long and distinguished career as Chairman of the Senatorial Committee for National Financial Affairs (1999-02) , prior to being Economic and Financial Spokesperson for SocialistMovement. He is currently a senator representing the fourth party in Luschia (the Socialist Free Feline Party), and so has no extra-banking influence on Luschian policies.

2. Hugh McNamara (b. 1957) as Secretary of Banking and Finance
A hugely respected force in trans-national financial policy within Luschia, McNamara has served as a Financial Advisor to two successive Lord Presidents: Kevin Spacey (1999-02) and Sir Jack Nicholson (2002-05). As well as being General Editor of Finances Today and Governor of the Bank of Luschia (2005-present), McNamara has recently appeared on the LBC News.

Karkelbania proposes long time head of renowned international bank 'D3C Banking' Sir Hugh Trackington. Sir Hugh spent many years before his appointment to the 'D3C' as owner of his own business 'Kareklbanian Super Manufacturing' which he brought up from scratch making his first million at the age of Fifteen.

Gwyneth Paltrow rises and walks briskly to the podium. "My Treasury wishes to ask this of the Grand Council: when will the Decision be made as to who shall be Governor of the Bank of Duetaria?"

He has a good point we have all been discussing this for ages and as far as i know virtually everone has put forward their own candidate.