LONDON -(Dow Jones)- U.K. Treasury Minister Mark Hoban Tuesday hit out at attempts by some of the world's largest economies to water-down the implementation of the new "Basel III" standards for bank capital and liquidity.
"It is incredibly disappointing to see resistance on the implementation of Basel, including from some G-20 [Group of 20] signatories," Hoban said in a speech to the Atlantic Council in Washington. "Yes, the global economy is suffering the aftershocks of the crisis, but that is no reason to shy away from fundamental reform."
Hoban didn't mention the guilty countries by name, but the words come less than a week after the European Commission, the European Union's executive body, unveiled draft legislation aimed at implementing the Basel III accords into law in Europe.
U.K. regulators have fretted that the draft will restrict their ability to impose additional capital requirements on, for example, retail banks. The EU's internal market directorate, headed by the Frenchman Michel Barnier, rejects this.
Observers have argued that the Commission's draft omits to lay out a timeframe for implementing Basel III's introduction of a leverage ratio by 2018. It also appears to allow banks more scope to count their investments in insurance companies as capital, an act that favors the French "bancassurance" model in particular.
Source: http://www.nasdaq.com
"It is incredibly disappointing to see resistance on the implementation of Basel, including from some G-20 [Group of 20] signatories," Hoban said in a speech to the Atlantic Council in Washington. "Yes, the global economy is suffering the aftershocks of the crisis, but that is no reason to shy away from fundamental reform."
Hoban didn't mention the guilty countries by name, but the words come less than a week after the European Commission, the European Union's executive body, unveiled draft legislation aimed at implementing the Basel III accords into law in Europe.
U.K. regulators have fretted that the draft will restrict their ability to impose additional capital requirements on, for example, retail banks. The EU's internal market directorate, headed by the Frenchman Michel Barnier, rejects this.
Observers have argued that the Commission's draft omits to lay out a timeframe for implementing Basel III's introduction of a leverage ratio by 2018. It also appears to allow banks more scope to count their investments in insurance companies as capital, an act that favors the French "bancassurance" model in particular.
Source: http://www.nasdaq.com
No comments:
Post a Comment