U.S., EU agree timing of tougher Basel bank rules

WASHINGTON Fri Oct 29, 2010 11:36pm IST

Related Topics

WASHINGTON (Reuters) - U.S. Treasury Secretary Timothy Geithner agreed with European Union financial markets chief Michel Barnier on a December 2011 date to implement new Basel trading book rules, the U.S. Treasury said on Friday.

Geithner and Barnier met privately and, according to a statement afterward, discussed the agreement reached by the Basel Committee on Banking Supervision on Sept 12 and its provisions to toughen capital and liquidity standards.

"They reaffirmed their intention to implement the agreement in the respective jurisdictions in accordance with the internationally-agreed timing," the treasury said. "Both sides agreed to a December 2011 implementation for the Basel trading book rules."

They also agreed that systemically important global financial firms must boost their capacity to absorb losses and face stricter supervision and regular stress tests, Treasury said.

Geithner and Barnier also said that the were committed to ensuring that all over-the-counter derivatives reforms, on both sides of the Atlantic, were applied in a coordinated way, the U.S. Treasury said.

(Reporting by Glenn Somerville, editing by Andrew Hay)

FILED UNDER:
Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.

  • Most Popular
  • Most Shared

Market Eye

REUTERS SHOWCASE

Bullish on Equities

Bullish on Equities

Bullish on Indian equities, but gains seen 'less sharp'- Goldman Sachs  Full Article 

Streamlining Operations

Jet Streamlines

Jet Airways chairman says looking to restructure debts, talking to bankers  Full Article 

Political Economy

Political Economy

Analysis - Watch what markets don't do as world politics turns nasty   Full Article 

Photo

Honda's India Thrust

Honda's India unit to account for 25 pct of Asia Pacific sales by March 2017 - exec   Full Article 

Short of Expectations

Short of Expectations

Apple revenue lags Street's view despite strong China growth  Full Article 

Mircosoft Results

Microsoft Results

Microsoft revenue rises, profit falls as Nokia absorbed  Full Article 

Relief For Sahara

Relief For Sahara

Supreme Court could allow Sahara boss to conduct asset sale talks, company says.  Full Article 

Photo

Food Scandal

Five held in China food scandal probe, including head of Shanghai Husi Food   Full Article 

Reuters India Mobile

Reuters India Mobile

Get the latest news on the go. Visit Reuters India on your mobile device.  Full Coverage