Operated by International Institute of Certified Professional Accountants
Verein associated with International Institute of Certified Public Accountants IICPA
incorporated in the State of Delaware and Michael Schemmann, PhD, CPA, ICPA, Managing Director
Brochure - incl. Deutsche Bank
Brochure - incl. UBS AG (German)
But it is difficult to explain, and it provokes violent prejudice by coming into conflict with the deep instincts by which the
love of money protects itself.
John Maynard Keynes (1924), "A Tract on Monetary Reform." "Public Finance and the Value of Money."
If a commercial bank, savings bank, or other financial service institution (the "bank") has been audited by professional
accountants and licensed by us to display the 100PERCENT.MONEYSM logo, it means that in the auditor's opinion the bank meets
the 100PERCENT.MONEYSM Standards,
which include, but are not limited to, a commitment and practice to keep its customer deposits effectively one hundred percent liquid in legal tender money and its
equivalent at all times, having segregated its deposit taking business one hundred percent
from all other activities, including lending, trading, investing, foreign exchange, or other business(es), in such a way that the bank's customer deposits are
NOT a part of the assets (or other categories of classification, as the case may be) in the bank's voluntary or involuntary process of liquidation, association,
merger, bankruptcy or other proceedings.
The standards set by 100PERCENT.MONEYSM guided by the British ring-fencing provisions of the Financial Services (Banking Reform) Act 2013
(see Bank of England, "Prudential Regulation Authority, retrieved 2017-07-23
online) aim to "minimise disruption to the
continuity of the provision of core services" of ring-fenced banks (RFBs). "They are also intended to ensure that RFBs,
and groups containing RFBs, can be resolved in an orderly manner with minimal disruption to the provision of core services. The Act defines three ‘core services’:
- facilities for the accepting of deposits or other payments into an account which is provided in the course of carrying on the core activity of accepting deposits;
100PERCENT.MONEYSM auditing and licensing does not mean that the business’s products or services have been evaluated or endorsed by
the auditor or licensor, or that the auditor or licensor has made a determination as to the bank’ product quality or competency in performing services.
- facilities for withdrawing money or making payments from such an account; and
- overdraft facilities in connection with such an account."
Banks are under no obligation to seek 100PERCENT.MONEYSM licensing, and some banks are not licensed because they have not sought
Image and article: Albert Steck,
NZZ 10.06.2017 (fair use) |
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