Exact(12)
The clause applies to the president and covers even ordinary, fair market value transactions with foreign states and their agents that result in any profit or benefit.
Instead it increased its market share as rivals pulled out of granting new loans as the financial markets went into freefall in 2008 Bank of Scotland failed to take "reasonable care" to manage high value transactions that were showing signs of "stress".
Other guidelines include: - disabling SIM cards and phones as soon as possible after a phone is reported lost or stolen; - requiring verification, such as through a PIN code, on any contactless payment above £10; - requiring additional security if more than a certain number of low value transactions are carried out.
Cummings, who retired in January 2009 following the Lloyds rescue after a career that began at Bank of Scotland when he was just 18, was found to have failed to "exercise due skill, care and diligence" in running the corporate banking division and failed to manage "high value transactions" as they showed signed of stress as the banking crisis took hold.
The full details of the Volcker rule will not be finalised until the second half of 2011, but regulators will probably either ban outright or, more likely, limit in value, transactions where banks are clearly placing a bet rather than facilitating a trade for clients.
There are fewer high value transactions, but these tend to be made on plastic.
Similar(48)
Contactless payments were introduced in the UK in 2007 for low-value transactions.
Instead, branches are for the big-value transactions we are not (yet) happy to do on a smartphone.
Contactless payments were introduced in the UK in 2007 for low-value transactions and originally had a limit of £10.
Some payment providers charge hefty fees, arguing that this is the only way to make the economics work given few subscribers and low-value transactions.
The dollar is widely used in Cambodia, and preferred to the domestic riel currency for high-value transactions such as paying rents and salaries.
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