Planned global banking rules need changes

Click For Larger Image & Read More
Planned global banking rules need changes
 © In-Cyprus 2020
A planned reform of global banking rules being discussed by the United States, Europe, Japan and other major economies risks negatively affecting European banks and needs to be changed, the EU financial services commissioner said on Thursday.

The Basel Committee, a body of banking supervisors from nearly 30 countries, set the year-end as the deadline to conclude an overhaul of existing banking rules – known as Basel III – meant to make the sector safer. It has been criticised by opponents for increasing the capital banks must hold against risk.

“As things stand, the proposals Basel has issued for consultation would imply significant capital requirement increases in all areas,” EU commissioner Valdis Dombrovskis told a banking conference in Brussels on Thursday.

He said work remains to be done on a number of areas to avoid changes that would lead to a significant increase in the capital requirements for Europe’s banking sector.


Read all latest: Cyprus Coronavirus News Updates - Live

This article was automatically added to our system 29-9-2016

Planned global banking rules need changes


The contents of this article including any associated images are © In-Cyprus 2020
Views & opinions expressed in this article are those of the author and/or In-Cyprus .

Advertise Here

  Trending Cyprus News

Advertise Here

Article Tags: planned, global, banking, rules, changes,