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It Begins: For The First Time Ever, China Takes Over An Insolvent Bank

It Begins: For The First Time Ever, China Takes Over An Insolvent Bank
Baoshang Bank branch Office in Aoyuncunxiang area , Chaoyang District, northern Beijing
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There was a time when in the years following the financial crisis, every Friday the FDIC would report of one or more small and not small banks failing, as their liabilities exceeded their assets, who were taken over by larger peers with a taxpayer subsidy to cover the shortfall.  And while this weekly event, also known as “FDIC Failure Friday” has faded from the US for now, it has made a grand appearance in China.

China’s financial regulators said on Friday the country’s banking and insurance regulator and the central bank, will take control of the small, troubled inner Mongolia-based Baoshang Bank due to the serious credit risks it poses. The regulator’s control of Baoshang will last for a year starting on Friday, the People’s Bank of China (PBOC) and China Banking and Insurance Regulatory Commission (CBIRC) said on their websites…

To read more visit Zero Hedge.

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