Banks Resist as Regulators Say Basel Is Just a Start

[Joanne98]

Source: Bloomberg

Oct. 11 (Bloomberg) -- National bank regulators risk undermining a fragile economic recovery if they pursue a new round of capital and liquidity rules beyond those agreed internationally, bankers said at gathering in Washington.

Central bankers told executives at weekend meetings in Washington to expect more financial rules, especially for the largest firms, after international regulators set minimum standards in Basel last month. If countries surpass that accord, they will deny banks a level playing field and impede growth, chief executive officers including Deutsche Bank AG’s Josef Ackermann and Standard Chartered Plc’s Peter Sands warned at the event, hosted by the Institute of International Finance.

“There are growing signs that global coordination is fizzling and unilateral actions are pending,” said Ackermann, chairman of the IIF, which represents more than 400 financial institutions. “Global banks will have to comply with the higher rules in every jurisdiction, regardless of their home base. That will steal from credit to companies and hurt job creation.”

Lobbying groups are shifting attention to national regulators after the industry persuaded some international rule makers that proposed rules may stunt economic growth. The Basel Committee on Banking Supervision softened planned capital and liquidity requirements last month, then gave lenders about a decade to comply. Countries such as Switzerland and the U.K., which had pushed for tougher rules, are moving ahead with additional restrictions to rein in their banks.


Read more: http://noir.bloomberg.com/apps/news?pid=20601087&sid=a7g8yT6vJgs8&pos=2

[xchrom]

1. quelle surprise: banksters don't wanna follow rules.

well fraud and corruption didn't just happen in america.

maybe america and europe should seriously start talking jail time? just a thought.

[valerief]

10. That's because banks already are so "accountable" for their "oversights".

:sarcasm:

[w4rma]

2. Define "economic growth". I don't think it means what the banksters think it means. (nt)

[apnu]

8. INCONCEIVABLE! (nt)

[Hubert Flottz]

3. Tell the Douche Bank and the rest of the outlaw banksters that...

Into each and every life a little rain must fall so GET OVER IT!

[MARALE]

4. The US needs to adopt these as well

But that will be tough since the banks have the government here in their grips.

[lonestarnot]

5. Bansters will not win, but they could bring her the rest of the way down.

[Roland99]

6. Increase capital requirements and lower leverage ratios to something sane.

[sabrina 1]

7. They're pretty funny guys. I don't know why people don't just

laugh when they utter such garbage as 'these rules could stunt economic growth'. Are they serious? They were handed the keys to the vault and all the rules were suspended. The result which COULD have been and WAS predicted, was that they run wild and do great damage. But no one with the power to stop it, listened.

So off they went on their spree, and in the end they collapsed the World's economy. So now they say, that 'rules will stunt economic growth'!! Well, no rules stimulated THEIR bank accounts growth, something that needs to be looked into and some of the money recovered btw. The sheer gall they have, after this historical global financial meltdown when they were entrusted with the world's economy, to even open their mouths and utter those words. It just shows that they have become so powerful they do not expect consequences, they expect rewards for their failures and corruption. And why not? Isn't that what they have been getting?

[JDPriestly]

9. Precisely. The free-for-all the banks got into during the early 2000s

already stunted our economic growth. They are just afraid that the middle class will grow instead of them. If the banks knew how to stimulate economic growth, we would be doing well right now. They don''t. They are the problem.

[librechik]

11. Holding our money hostage again

Is there anyone willing to be the good sheriff and round up this gang of criminals?

[The Magistrate]

12. 'Thieves Warn Against Employing Police' Would Seem, Ma'am, The Gist Here