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Basel regulators say aware of trade finance issues
A combination of photographs shows (top L-R) a worker silhouetted against an illuminated sign in a branch of HSBC; two people walking out of the headquarters of the Royal Bank of Scotland; (bottom L-R) a Lloyds bank branch near St Paul's Cathedral and a customer using a Barclays ATM, in central London, July 23, 2010.
Credit: Reuters/Andrew Winning/Files
GENEVA |
GENEVA (Reuters) - The Basel Committee on Banking Supervision declined to comment on Thursday on a meeting it had held the previous day with the International Chamber of Commerce (ICC) and Asian Development Bank (ADB) on trade finance.
But in a statement mailed in response to a Reuters inquiry, the Basel regulators said they had received formal comments from the ICC on the impact of proposed new rules, adding: "... in the case of trade finance, we are fully aware of the issues."
Trade finance practitioners say that proposed new banking regulations will push up the cost of trade finance, for which rules are set by the Paris-based ICC, although trade finance is safer than other forms of lending.
(Reporting by Jonathan Lynn; Editing by Stephanie Nebehay)
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