The British government has rejected calls for a tougher approach to bank regulation, including making banks limit how much they can invest.
Responding to public concerns about reckless bankers needing bailouts with taxpayers’ cash, the Parliamentary Commission on Banking Standards had pushed for stricter rules rather than waiting for Europe-wide regulation:
The head of that panel of UK lawmakers, Andrew Tyrie MP, said: “It’s we who need to sort out what’s best for Britain. We need to work out what’s right for our industry, not wait for a lowest common denominator decision from the Basel group.”
The Basel Committee on Banking Supervision is overseeing European reforms.
The British government’s view is that there is no immediate need for stricter limits on risk-taking by banks.
Greg Clark, Financial Secretary to the UK Treasury said London would resist calls to impose far stricter rules on how much banks can leverage their capital for investments and lending, insisting that there is no need to do so before 2018.
The British government is forcing banks to limit leverage to 33 times their capital, in line with international regulations, and rejected Monday’s call from the Parliamentary Commission on Banking Standards to stiffen the rules to curb risk-taking even more.
“Our view is that at this time we should follow the international approach, to press for countries to have a power to set a higher ratio for 2018 following a review in 2017,” said Clark.
The British Bankers’ Association has said London should work with other European countries to coordinate reforms.
- 1Kremlin ‘considering stimulus plan for Russian economy’
- 2To Russia with cash: Chinese tourists offset fall in Western visitors
- 3Budapest gets bitcoin taxis
- 4International Energy Agency says oil glut is poised to worsen
- 5Top European Uber executives on trial in France for running an illegal taxi operation
- 1euronews live TV - News | euronews : the latest international news as video on demand
- 2International news | euronews, latest international news
- 3Most Istanbul blast victims ‘were German’, says Turkey
- 4Partnering to grow Europe
- 5Madrid to appeal Catalan road to independence from Spain
- 6Thousands in Bucharest blame corruption for Friday’s nightclub blaze
- 7Hope vs harsh reality: challenges to global education goals in the 21st century
- 8Moldova: protesters storm Parliament
- 9Extras : euronews : the latest international news as video on demand
- 10Merroussis clinches the 33rd Athens Authentic Marathon
- 11Norway sends Syrian refugees back to Russia
- 12‘National’ funeral for Celine Dion’s husband ‘over the top’
- 13International breaking news | euronews online world breaking news in video
- 14Jorge Lorenzo clinches his third MotoGP title in Valencia
- 15latest Learning World - All Programmes | euronews : the latest international news as video on demand
- 16Benzema questioned in French sex tape case
- 17Special Reports : euronews : the latest international news as video on demand
- 18French language revolution in France
- 19Brussels remains on high alert: ‘multiple operations underway’ across Belgium
- 20world Weather | euronews: world ten day weather forecast
latest economy news
Japan’s yen for zen in the financial markets
Eurozone GDP growth still weak, Greece in recession again
Kremlin ‘considering stimulus plan for Russian economy’
French and German finance chiefs discuss economic weakness and eurozone recovery
To Russia with cash: Chinese tourists offset fall in Western visitors
Wires > Business
- 23:50 CET Exclusive – Boeing nears decision to self-fund more F/A-18 fighters
- 22:54 CET Presses to fall silent at Independent as paper goes online-only
- 22:43 CET Mattel names new head of Barbie business
- 21:59 CET BoJ’s Nakaso defends negative rates, says not meant to pinch banks
- 21:47 CET Google says will not participate in 2016 U.S. airwaves auction
- 21:45 CET Analysis – Tougher lending standards pose risk to outlook for Fed
- 21:39 CET Apple to launch new iPhone, iPad in March – 9to5mac
- 20:36 CET ECB in talks with Italy over buying bundles of bad loans – Treasury