Promisingly, the Chinese bank regulator announced draft rules in May to allow domestic and foreign institutions to set up consumer-finance firms to offer personal loans for consumer-goods purchases.

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Because politicians must first draft legislation, the Bank of England's supervisors will not join the organisation until next spring.

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The draft memorandum requires the Bank of Spain to provide regular updates on ailing banks to the European Commission, the European Central Bank and the IMF.

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But other analysts were wary because the draft lacked detailed instructions on bank reform, tax and accounting issues, and on how bad loans would be reduced.

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And former Chancellor Alistair Darling will give his thoughts on bank regulation to the Joint Committee on the Draft Financial Services Bill.

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Blaming the bank's hawkish stance on inflation for prolonging the downturn, the government has lent support to a draft law prepared by its junior coalition partners that would broaden the bank's remit to include promoting growth and fighting unemployment.

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Next month, the Securities and Investments Board, Britain's chief markets watchdog, plans to publish draft guidelines on the responsibilities of senior bank managers.

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When Robert McNamara arrived at the World Bank, one of the first things he did was to draft a five-year plan, which aimed at doubling lending.

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An early draft of the disengagement plan included about a dozen more settlements in the middle of the West Bank, which in the end were left intact.

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