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

REUTERS SHOWCASE

Quarterly Results

Quarterly Results

HDFC Bank net profit up 20 percent, lags estimates.  Full Article 

China Economy

China Economy

China's growth slowest since global crisis, annual target at risk  Full Article 

Coal Reforms

Coal Reforms

Factbox - India pushes ahead with coal reforms  Full Article 

Apple Result

Apple Result

Apple's iPhone sales beat Street but iPad volumes slide  Full Article 

Airport Accident

Airport Accident

Total CEO de Margerie killed in Moscow plane accident - airport spokeswoman.  Full Article 

Nadella's Paycheck

Nadella's Paycheck

New Microsoft CEO Nadella's pay tops $80 mln with big stock awards.  Full Article 

Deregulation Impact

Deregulation Impact

Private fuel retailers to dip toe, not dive back, into India  Full Article 

JLR China

JLR China

JLR sees 20 percent growth in China sales this year - exec  Full Article 

An RBI First

An RBI First

RBI releases minutes of financial stability council's Aug meet  Full Article 

Reuters India Mobile

Reuters India Mobile

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