Financial Stability Board, chaired by Bank of England Governor, unveils proposals for ending 'Too Big To Fail' banks

Mark Carney has pledged that taxpayer money should never again be used to prop up banks. The Governor of the bank of England, in his position as chairman of the international Financial Stability Board (FSB), has unveiled proposals for forcing creditors to bear banks' losses. Mr Carney said agreeing global rules on dealing with losses at "systemically important banks" was a "watershed" moment. "Once implemented, these agreements will play important roles in enabling globally systemic banks to be resolved without recourse to public subsidy and without disruption to the wider financial system," he said. The UK taxpayer spent tens of billions in the financial crisis saving Royal Bank of Scotland, Lloyds, Northern Rock and Bradford & Bingley, and more than half a decade later, the Treasury is still sitting on heavy losses.