Anonymous Coward User ID: 1088486 Canada 09/12/2010 01:13 PM Report Abusive Post Report Copyright Violation | World Panel Backs Rules to Avert Banking Crises [ link to www.nytimes.com] BASEL, Switzerland —Top central bankers and bank regulators agreed Sunday on far-reaching new rules for the global banking industry that are designed to avert future financial disasters, but could also dampen bank profits and strain weaker institutions. Officials confirmed that the panel of financial authorities from 27 countries had reached agreement Sunday afternoon and would release details later Sunday. The group includes Ben S. Bernanke, chairman of the Federal Reserve, and Jean-Claude Trichet, president of the European Central Bank. If ratified by the G-20 nations later this year, the rules, known as Basel III, will require banks to bolster the amount of low-risk assets they hold in reserve as a cushion against market shocks. While the American Bankers Association and other groups have complained about the provisions, other bankers said the rules will help avert crises of the kind that nearly plunged the world into depression in late 2008. |
Anonymous Coward (OP) User ID: 1088486 Canada 09/12/2010 01:21 PM Report Abusive Post Report Copyright Violation | Re: World Panel Backs Rules to Avert Banking Crises We have to keep an eye on what the banksters are going to shove down our throats next. |