Most Landesbanks will still enjoy the implicit support of their public-sector owners after 2005.
While some observers believe the queen's signing of the Commonwealth Charter signals her implicit support for gay rights and women's equality, a Buckingham Palace official said the monarch is merely carrying out her official duties.
Or to put it another way, the big issue, of what Lloyds, RBS, HSBC and Barclays need to do for society to repay the implicit support and subsidy they receive from the state, isn't going away.
At the heart of the saga is a message that investors shouldn't assume implicit government support.
France Telecom and Deutsche Telekom have mountains of debt and feeble share prices, but are protected by implicit state support.
Buyers of their debt would again pay up for implicit government support.
This is presumably what the rating agencies think: strip away the implicit government support and Moody's gives Japanese banks among the lowest grades possible.
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Implicit state support was no doubt helpful, but this did not amount to a bail-out: Satyam had to raise bridge finance on its own from private-sector banks.
Many financial specialists agree that reducing implicit taxpayer support for banks would force investors, large depositors and bank executives to take greater care over what they do with their money.
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"We do, however, see the removal of implicit government support for the UK banking sector as being a necessary and important step forward as the sector returns to standalone strength, " RBS said in a statement.
Even though Fannie and Freddie have always been considered, because of their size, to have implicit government support, the Treasury will not have wished to put confidence in that to the test at an auction.
But champions of the emerging markets note that some issuers have explicit or implicit government support and that the biggest private-sector borrowers, including multinationals such as Mexico's Cemex, a cement company, have geographically diverse revenues.
In its interim report published in April, the commission said that, in the build-up to the crisis, lenders and borrowers took on "excessive and ill-understood risks", and that implicit taxpayer support for the banks encouraged "too much risk-taking".
In the longer term the bonus mess underlines the importance of getting the state out of finance: setting a time limit for the explicit guarantees and finding ways to lessen the implicit promise of support through living wills and the like.
Without Fannie and Freddie's implicit guarantee of government support (which turned out to be all too real), would the mortgage-backed securities market and the subprime part of it have expanded the way they did?
The government is now making explicit its implicit (and oft denied) support for the mortgage giants.
That sounds bad, but the banks that have lost access to direct ECB funding can almost certainly still get money from the Greek central bank, which, of course, is ultimately, getting its cash from the ECB (though unlike the more direct form of ECB liquidity support, all the risk implicit in this so-called ELA lending is, formally at least, borne by the Greeks alone).
His implicit threat to quit came at a meeting of party workers as he embarked on a campaign to win support for his plans ahead of a party conference on June 1st.
"The United States supported the transition to democratic government in Pakistan, " Rice said, an implicit acknowledgement that the government under Musharraf was not democratic, although it had staunch U.S. support ever since the Sept. 11 attacks in 2001.
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