Financial Crisis: Reforms, HSBC Holding Plc Business Model Compliance

This report provides an in-depth analysis of the financial crisis, focusing on the key laws, regulations, and contracts enacted post-2008 by the UK and other key players to address the crisis. It critically reviews the reforms and their contribution towards stabilizing the financial system and various banking institutions. Furthermore, the report evaluates the extent to which these reforms have impacted HSBC Holding Plc's business model and their level of compliance, covering aspects such as the Dodd-Frank Act, interest rate management, quantitative easing, and the Financial Services Act 2013. The analysis includes the role of fiscal and monetary policies, the impact on government spending, and the strategies employed by financial institutions and investors to mitigate the crisis's effects. The report also discusses the importance of fiscal expansion and its contribution to economic recovery.

Financial Crisis

TABLE OF CONTENTS
INTRODUCTION ..........................................................................................................................1
MAIN BODY...................................................................................................................................1
Identifying the key laws, regulations and contracts that were enacted post the 2008 financial
crises by the UK and other key players in the financial system to end the financial crises........1
Critical review of reforms for the contribution towards stabilizing financial system and
different banking institutions .....................................................................................................5
Evaluating the extent to which these reforms have had an impact on HSBC holing plc
business model and their level of compliance/non-compliance to these reforms.......................8
CONCLUSION..............................................................................................................................11
REFERENCES..............................................................................................................................13

INTRODUCTION
Financial crises is concerned with having the panic situation in which banks run during
the investors tend to withdraw the money in turn adverse impact on the financial system. It is
important to give emphasis on the cause of the financial crises of 2008 that has happened h due
to the collapse of US housing bubble. There was collapse of housing market fuelled by the
number of reasons which includes interest rate, insufficient regulations, easy credit, toxic
subprime mortgage. This has largely affected the working of the financial sector in the negative
manner. This has led to the global imbalance and mainly affected the working of the people as
their financial stability get affected due to the improper flow of money in market. The factors
that are identified contributors in the financial crises comprises systematic failure, much risk,
etc. The current report will focus on identifying the key laws and contracts were enacted post the
2008 financial crises by the UK authorities. The study will focus on giving insights about the
other key players in the financial system to end the financial crises. There will be critical review
of the conducted reform that have contributed towards stabilizing the financial system and the
different banking institutions post 2008 crises. Current report will pay attention on evaluate the
extent to which reforms have had an impact on business model and level of compliance to it by
focusing on HSBC Holding Plc which is one of the publicly listed company.
MAIN BODY
Identifying the key laws, regulations and contracts that were enacted post the 2008 financial
crises by the UK and other key players in the financial system to end the financial crises
Financial crises 2008 is one of the adverse situation that has negatively affected the
working procedure in globe. There are various aspects of financial system that influenced due to
irrelevant functioning pattern in 2008 that has negatively influenced the economy of UK. For
overcoming this situation, it was important for the company to pay attention on having reliable
actions so that better working scenarios can be achieved. For this objective, UK has paid
attention on developing certain laws so that reliable influence in desirable manner to uplift
economy can be exerted (Ismail, 2020). The reason behind implementing the new legislation and
contract is to eliminate deregulation in the financial industry.
The one of the significant law that is passed for overcoming the negative impact on the
financial system is Dodd Frank Act for the particular industry. The particular act is concerned
with establishing the regulatory measures in the financial service industry by keeping consumer
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and t the economy safe from banks and insurance company that can behave risky. The excessive
risk taking is highly focused by the particular act which can be mitigated in respect to overcome
the prevailing situation and rise in the potential crises. This was helpful in ensuring that proper
level of prevention for mortgage companies and pay day lenders so that exploiting consumer can
be avoided. There is basically attention is provided on having systematic risk regulation,
Volcker rule, derivatives, consumer protection and resolution authority. In addition to this, the
particular act was taken into the consideration so that abusive financial service practice can be
eliminated so that higher ability to accomplish the objective of consumer protection can become
possible.
The other course of the action which is taken into the consideration by the for
eliminating impact of global financial crises on the UK economy (Giese and Haldane,2020). The
government of UK concentrated on interest rate management and quantitative easing that
stimulates economy back into shape. For the interest rate management central bank of UK has
focus on ensuring that reduced bank rate from 5-0.5% so that providing assistance in recovering
economy via meeting the inflation targets. Mentioned financial crises has four distinct stages
that includes meltdown of subprime mortgage market, spillovers into credit market, liquidity
epitomized and commodity bubble. Capital to the risk weighted assets increased from banks
from 4.5% to 14.3. which is taken into the process for overcoming the prevailing challenge.
There was implementation of as comprehensive bank resolution regime that has
provided the tools to the authorities manage the financial crises by bail in shareholders and
creditors failed bank (Notteboom, Pallis and Rodrigue, 2021). In order to meet the objective of
avoiding any rise of such situation so that proper level of bail in tool can be taken into utilization
for absorbing losses of failed firm and capitalize the firm using own resources. This is one of the
crucial method that is implemented for loss absorbing debt instruments suitable for this purpose.
In addition to this, it has helped in accomplishing the appropriate capability to get the favorable
processing in UK,
Financial services Act 2013 has been imposed that is basically related with the banking
reform. The particular act is concerned with core retail banking services which enables to have
resolution authority to resolve activities related to this and investment activities. Ths is basically
executed for the four different kinds of the financial institutions such as commercial banks,
brokerage firms, insurance companies and investment banks. This is basically provision about
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financial service and market to make provision about debt respite schemes so that required level
of help to save accounts. This is taken into the action for overcoming irrelevant aspect so that
money creation process for boosting GDP of economy has become possible.
Quantitative easing has been emphasized by involving the purchase of financial assets
that majority being UK government bonds on the secondary market via money creation. This
process is basically related with the portfolio switch where government shifts the portfolio from
the bond owners balance sheet to BOE to assets purchase facility. In addition to this, there is
focus has been provided on increasing in central bank reserve held at commercial banks backing
the new created deposits. This is basically exerted by paying attention on four main
transmission channels.
An assets price channel the purchase of financial assets by central bank leads to rise in
assets prices that rise in assets price, generating wealth effect so that assuming current
expenditure and fall in corresponding rate of interest rate, reducing borrowing cost and allowing
private industry to have debt and consumption & investment expenditure for inclining. In
addition to this, a portfolio re balancing channel by replacing interest bearing government bonds
with zero interest deposits so that central bank stimulates demand regrading higher yielding real
economy financial position so that permitting agents to re balance their portfolio to the desired
composition. Bank lending channels for inclining the supply regarding increasing the liquidity of
the banking system, enabling them to grant new loans to borrowers and thus fostering spending
and investment (The effectiveness and impact of post-2008 UK monetary policy, 2022).
Expectations channel to market, firm and hotel that central bank plan n to reduce interest rates
and incline the money supply so that reducing long term risk premiums and thus leading to
borrow thus fostering spending and investment. This refers to having the appropriate level of
impact in turn accomplishing the objective to get the greater influence in improvement in
economy can be derived.
The regulation that the government had to follow or use for the being able to manage the
government spending were related to the tax policies and its influences on the economic
conditions (Faria-e-Castro, 2021). The Fiscal policy has been considered to be largely based on
the ideas of the John Maynard Keynes which has been able to provide proper argument towards
the ways in which they would allow the business cycle towards the stabilization and regulation
of the economic output that has been able to provide the factors what can be providing the
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factors that can bring new consideration towards the development of strategies. It has been
found that the regulation of the monetary policy has been considered to be the factor which is
responsible for the dealing with the money that is considered to be the major requirements that
depends on the level of interest rates and on the other hand the fiscal policy of the government
for dealing with the taxation and also its spending on the economy. Monetary policy is also one
of the key ways which has been determined towards the ways in which the central bank would
be able to direct the influence of quantity and money towards the economy of the contrast of the
fiscal policy and its benefits.
Financial institution was able to gain the access to a jump start that gave the organization
the growth that was necessary for the mitigation of the impact of the vulnerable groups. Some
top investors which have played a very essential role in controlling the global financial crisis has
been considered to be the factors which has helped with the help of recommendations for
stabilizing the economy. It can be understood that the philosophies and action of successful
investors without first getting a handle on the financial crisis (Thow and et.al., 2018). It has been
found that the great recession that followed afterwards was considered to be the factor that
helped in remaining stamped in the investors and companies that provided the growth that was
required. Panic has also been the factor which has helped me to ensure that the people were able
to believed that they would be ale to lose their securities during the financial crisis. It was the
time when the people were selling more and more chances for increasing their position in the
market at a big discount.
This is also considered to be the factor which will be included with the purchase of
shares that interest rate and also included with the warrants for the addition of the investment in
the option for the securities at a given rate of premium (Yuelan and et.al., 2019). This is also
considered to be the agreement that was struck between the both the bank and also dealing with
the these financial organization in the upcoming future. It is also the economies that has been
able to place a great part towards blaming the lax of mortgage for lending the policies which has
helped n allowing the consumers to borrow far more than they need to manage the predatory
lenders. The management of the invested gurus is helpful for the creation of the bundle for the
resale of investment that can provides the agencies for giving those mortgage bundle a top-level
of investment for ratings.
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Critical review of reforms for the contribution towards stabilizing financial system and different
banking institutions
The use of the Fiscal policy for the stabilization of the financial system and the banking
institutions was very important. In this policy the government was able to use the government
spendings and taxations for the influencing of the economy that the government was able to
typically use. This fiscal policy was considered to be the promotion of the strong and sustainable
growth for the reduction of the poverty (Rickman and Wang, 2020). In this financial crisis the
government was able to undertake measures that were related to the unprecedented and
concerted fiscal expansion. Fiscal expansion was the strategy that was used after the financial
crisis that had the aim to increase the economic spending for owing to the actions that were
taken by the government. This expansion has been the factor which has been able to generate the
own economic spending in a way that it was able to tackle the government actions. Some
activities that were the part of this fiscal expansion by the organization was to utilize the fiscal
policy for tax cuts and increasing the government spendings. It is also the factor which was able
to increase the aggregate demand for the contribution of the deficits for drawing down the
budget and surplus.
For stabilization of the economy this policy has been considered to be the best is due to
the taxation of public expenditure and public borrowing. It has been found that the instruments
for the economic stability for the economic development is also sometimes considered to be the
major factors that has been able to provide the economy growth in the terms of budgetary
experience for better representation of the fiscal policy (Fatás, 2019). During the implementation
of the fiscal policy the major instruments for the fiscal policy is also considered to be the key
factor that has been able to provide taxation, public expenditure and public borrowing. The UK
government used this policy instruments for the economic stability for the economic
development for the budgetary policy for the representation of sometimes the term budgetary
policy for the representation of the fiscal policy. The control over the inflation during this time
was very essential as it was helpful for the reduction of the expenditure and raising taxes for
curing the recession expansionary fiscal policy towards the control of inflation and contraction
fiscal policy. Adaptation of the expansionary fiscal policy has been considered to be the deficit
in the budget that is present for controlling the inflation (Barnes and Hicks, 2018). This
reduction in the government spendings has been found to be the major expenditure towards the
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increase of tax and will have a surplus budget amount. The main reason for utilization of the
expansionary fiscal policy is towards the adaptation of the suitable changes that government is
able to utilize in their spendings and taxes. This is also the policy for adapting to the
expansionary fiscal policy that bring the deficit that is helpful for curing the recession and
unemployment that is involved with the aim of this policy towards the changing the aggregate
demand of the economy.
The reason why the UK government utilized these operations in the financial crisis. The
cause of this as a factor was to raise the demand of the goods and services. Major degree of
using this practices was to increase the overall output and prices of the organization. It can also
be said as the practices which is helpful for the business to manage the degree of the higher
demand for increasing the output and prices which has been depending on of the state of the
business cycle. This is one of the most important tool for the government which allows the
business to generate stimulations which allows the business to slow down the factors which
bring the heat up to the ongoing debate of the effective performance of the short run. The
monetary policy of the government during the financial crisis was one of the major factors
which was the major factor that was able to bring the financial growth to the global financial
crisis (Twinoburyo and Odhiambo, 2018). The factors which affected the monetary policy is
considered to be poor financial performance of the economy during the financial crisis of 2019.
Being able to find the way in which the monetary policy is conducted is across different
countries which has been considered to be the factor which has had the open-mindedness in the
discussion about past and its willingness to develop an evolution in the process of the
organization for better management of the specific factor that helps in financial and economic
turbulence and conclusion of the challenges that has been able to develop the financial policies
and procedures. The response of the different bank panic of the first half of the nineteenth
century was related to the bank of England and the way it was able to adapt to the responsibility
for the doctrine. The global standard of the convertibility of the serving as the economy nominal
anchor which was used for the ensuring the trust in a currency for the establishment of the
central banks for the private banks and the governments issuing the banknotes that was often
strongly committed towards the price stability in the economy (Twinoburyo and Odhiambo,
2018). Application of this policy has been considered by the central banks for the restoration of
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the accompanied by the brief period of price and stability of the mid 1960. The unemployment
that has been considered to be the permanent factor for the reduction o the expenses has been
considered to be the high inflation results that has provided the accommodative monetary policy.
The increase in the inflation has an expectation has been able to increase.
The experiences that was able to develop as the worst economic and financial criis since
the ware period was the reason due to which there was further sharpening of the way in which it
was able to conduct monetary policy. Due to the direction that was helpful for me to expect and
hope the monetary policy allowed the central bank to stabilize the primary objective of the
central banks. The major solidity of the primary objective of central banks has been considered
to be the biggest factor that influenced the solidly anchored inflation in the economy and also its
impacts on the people. The utilization of the monetary policy has been considered to be the
factor which has been found to be the major factor which has been able to add to the new factors
that are able to develop the federal reserve of the nation. Inflation is the biggest reason for
sustainable increase in the general level of prices that has equivalent planning for the decline of
the value for increasing the purchasing power of the money (Rudebusch, 2018). The supply of
the money and its credit has been considered to be the increase in the rapid development of the
economy over the given period.
The major goals which are related to the monetary policy of the economy towards the
promotion of the employee stability has been considered to be the stability of the prices for the
moderate long-term interest rates. The implementation of the effective monetary policy. In order
to maintain the stress and stabilize the support of the different condition for the better economic
growth after the influence of the policy for the promotion of the maximum employment stability
prices and moderate long-term interest rates. It is also considered to be the implementation of the
effective monetary policy that has been able to find the stability of the prices for supporting the
conditions for a long term economic growth and maximum employment. The majority tool of
which has been considered to be the factor that has helped the market in the buying and selling
of government securities (Altavilla and et.al., 2019). It has been found that the securities that has
been able to deal with the business on a given particular day. The choice which has been able to
improve as the part of the different securities dealers was related to the maximization of the
primary dealership and also the competence of the basis of price and open market for the
operations towards being flexible and also more frequent tool for the monetary policy. This
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policy for the management of the financial crisis has been known for the inclusion of the federal
funds rate target and also the explanation of the decision and vote tally. This has been
considered to be the inclusion of the names of the voters and preferred action of those which
have a dissent towards the implementation of the policy action. The commitment of the issues is
considered to be the directive guides for helping with the market operations. The conduction of
the open market operation after the use of this policy by the central bank has been said to be
much more effective.
Evaluating the extent to which these reforms have had an impact on HSBC holing plc business
model and their level of compliance/non-compliance to these reforms
For overcoming the negative impact of the financial crises there are number of actions
which are executed by the authorities which has impact on the overall functioning of the
organizations. HSBC is one of the successful company that is operating as the public company
has adopted the distinct form of course of the actions which are basically imposed by the
government in respect to have higher productiveness. There are distinct form of the reforms
which are executed by the government and ensured that proper reliability in overcoming adverse
influence on the overall processing of firm. In order to become successful, the mentioned public
company has focused on having the reliable operating practices that can permit in coordinating
with prevailing changes so that greater adherence to reforms can be derived.
The major course of action taken by the bank for having reliable action includes
reduction in the cash reserve and statutory liquidity ratio (Adrian, Kiff and Shin, 2018.). These
changes in the business model has helped firm to promote higher liquidity in the market so that
overcoming the significant action to have reliable outcomes. In the particular banking
organization there is requirement of having impact in the business model regrading debt
management, allowance and available funds. The major course of the action which was Dodd
Frank Act that are held to possess standard liquidity and available assets in respect to mitigate
risks. The particular act is concerned with having the bank to hold companies with more than
$50 million assets to abide by stringent capital and liquidity standards. In addition to this, having
stringent capital and standards of liquidity is coordinating with the established new restrictions
on incentive compensation so that systematic banking structure can be derived.
In the business model of HSBC Holding Plc much emphasis has been provided on
having the relevant transparency to swap funds and hedge fund market to ensure that investors
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can get appropriate comply with the prevailing requirements. The financial reforms are
concerned to be the costly which has hampered the working procedure of specified organization
and required to be focused on having the appropriate level of transparency. The main reason v
behind the adoption of the greater transparent procedure is to get the surety that financial market
can work effectively and help participants to make informed decisions. As being a successful
organization in the banking sector the particular enterprise is needed to coordinate with BCBS
margin rules, central securities depositories regulations, deposit guarantee scheme directive,
Dodd frank act, Dodd Frank Vocker rule, EMIR, FMSB, IBOR reforms, etc. These are needed
to be coordinated which has the significant impact in turn accomplishing the requirements of
government needs so that higher efficiency in respect to comply with its norms has become
possible.
HSBC model of business get affected in the positive manner as UK government
emphasized on having improvement in the loss absorbing capacity and outline for ring-fencing
of retail and wholesale banking activities (Yuan, Zhong and Lu, 2022). This has impacted in
the reduced level of the government bailouts. In addition to this, due to the implementation of
this there is execution of vastly enhanced stress testing processes, new resolution regimes, to
bolster bank resilience so that failure occurring in the overall processing can be eliminated.
There are distinct form of the reforming actions are taken into the consideration in turn
accomplishing the overall subject matter of having smooth functioning in the financial system.
Long lasting changes to the economy and financial environment has shifts in the competitive
landscape for services. There are large penalties and other legal charges stemming from illegal
or inappropriate bad debt and losses on trading and investment position. In addition to this,
there is higher focus is provided on having sustained low interest rates that is basically
comprised interest income as well as dampened market volatility which squelched trading
volumes and therefore revenue. These all has resulted into the profitability dynamics along with
business lines of the HSBC which has showed that de leveraged operating profitability is
derived.
Due to the implementation of the fiscal policy by the central bank in UK during the
financial crisis a wide range of reforms covering the industry, trade taxations, external sector and
financial markets have been carried out. The sustainable and gradual pace of these reforms were
the factor that helped them to avoid the crisis and also been the factor that has actually fuelled
9

growth as they were pointed out in annual report of HSBC. The growth of GDP in the last few
years were the factors which were responsible for the recording the pre-reformed period that had
a moderate effect the operations of this bank in the last few decades. This lead to the
deregulation of the interest rates of the bank. It affected the interest rate on deposit and also
lending and bank was able to enjoy a little more freedom towards the determination of their
rates. The adoption of the different norms in terms of the capital adequacy was related to the
asset classification income recognition and provision of the exposure limits towards the
investment of the fluctuating profitability. The level of the government equity in the banks also
reduced due to the allowance of the access capital market for raising the additional capital.
On the basis of this, it can be interpreted that due to the changes in business model
profitability were less than compared to the pre crises. This has forced the organization to pay
attention on having consumer banking and increased in relative revenue share can be derived.
This has enabled the particular organization to get the significant approach to have sustainable
working activities. It has permitted the firm to shift towards wealth management in turn
accomplishing the organizational objectives of higher profitability and sustainability can be
achieved (Choi, 2022). For responding in the positive manner business mix sufficient to migrate
to a different business model so that diversify revenue sources can be achieved to get the
appropriate outcomes. In the previous model of HSBC which is personal financial service and in
current universal banking approach has been taken into the procedure so that higher
productiveness can be derived. This has helped in gaining the proper understanding that lower
profitability than domestic incumbents as decline in return is found (Barber, 2021). The return to
the investment and corporate bank model were the hardest hit in the crisis hand faced the most
significant tightening. With respect to this, it can be justified that there is shift from the market
based service to personal service banks for which universal approach of banking has been taken
into the consideration.
These changes in the business model of the particular organization in the provision of
service along with various organization have broadly been in the line with having strengthened
regulation aimed at declining the systematic risk. In addition to this, having the unintended
consequence of diminished international activity in credit & lending have been avoided. The
alteration in the business model of the particular firm is to have the framework that can capture
four dimensions line of businesses, geographic orientation, international funding structure and
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branches & subsidiaries structure of foreign operations. Building the framework by having the
relevant practices the consumer banking, wealth management, commercial, corporate h banking,
markets and transaction service so that significant cash management and settlement via having
proper clearing services mainly for corporate and financial institution customers can be derived.
On the basis of this it can be articulated that financial crises reforms so that significant
level of improvement in the overall functioning in turn accomplishing the competitive edge to
have better working actions. In addition to this, it is articulated that financial reforms has
resulted into the required level of the changes in the business model so that proper and
systematic financial activities can be derived. These impacts tend to ensure that proper level of
efficiency in monitoring and controlling of the overall working procedure of liquidity can be
ascertained. On the basis of this, it can be interpreted that there are various aspects which has
been altered due to the application of these mentioned course of certain in turn attaining reliable
modifications to uplift its performance has become possible.
There are different types of the aspects which are arisen due to the implication of
increased unemployment, loss of income and inclined vulnerability. With help of the mentioned
course of the action various actions are taken into the practice so that ability to eliminate the
non crucial aspects has been become possible by HBC by complying with the same. The firm
has basically focused on having good performance in turn attaining positive outcomes to reduce
its adverse impact via ensuring relevant coordination has been done. This Is indicating that in the
business model of the HSBC there are different form of the changes which are implemented as
mentioned so that higher effective outcomes to bring greater stability achieving in financial
system has been exerted.
CONCLUSION
With the help of this project it can be concluded that the growth during the financial
crisis of 2008 the economy of UK fell very significant for which the central government had to
take effective measures in order to mitigate the impacts of financial crisis on the people. There
were different regulations and laws which were kept in the mind by the central government in
order to understand the implementation of the different economic policies. It has been found that
this study has been able to discuss the different factors that are responsible for the development
of strategies which can be used during the learning practices of the organization. This project
was successfully able to identify the key issues and regulations along with the contracts which
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were enacted post the 2008 financial crisis by UK, US and EU authorities. Some key players in
the financial system that played a very important role in the financial crisis was also highlighted.
This project has also been able to provide the critical analysis of the review of the extent to
which the reforms where taken in order to develop the contribution of this policy towards
stabilization of the financial system and also the different banking institutions after the financial
crisis of 2008. In this project HSBC has been selected to analyse the extent to which these
reforms have had the impact on their business model and their level of compliance or non-
compliance towards the reformation of these needs.
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Faria-e-Castro, M., 2021. Fiscal policy during a pandemic. Journal of Economic Dynamics and
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Fatás, A., 2019. Fiscal policy, potential output, and the shifting goalposts. IMF Economic
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Ismail, N., 2020. Rolling back the prison estate: the pervasive impact of macroeconomic
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Rudebusch, G., 2018. A review of the fed’s unconventional monetary policy. FRBSF Economic
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Thow, A.M., and et.al., 2018. Fiscal policy to improve diets and prevent noncommunicable
diseases: from recommendations to action. Bulletin of the World Health Organization.
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Twinoburyo, E. N. and Odhiambo, N. M., 2018. Monetary policy and economic growth: A
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Yuelan, P., and et.al., 2019. The nexus of fiscal policy instruments and environmental
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Barber, A., 2021. HSBC: Learning Without Change?. In UK Banks and the Lessons of the Great
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Choi, C.C., 2022. Currency reform and the 1934 financial crisis in Shantou. Strenuous Decades:
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The effectiveness and impact of post-2008 UK monetary policy. 2022. [Online]. Available
through: <https://www.ucl.ac.uk/bartlett/public-purpose/sites/public-purpose/files/iipp-
pb-03-qe-16-08-2018.pdf>
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