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:

Religion and Politics

REUTERS SHOWCASE

Fund Raising

Fund Raising

Flipkart raises $700 million in fresh funding.   Full Article 

Reforms Push

Reforms Push

Modi may order insurance, coal reforms if vote delayed - officials.  Full Article 

Reuters Exclusive

Reuters Exclusive

India looks to sway Americans with nuclear power insurance plan  Full Article 

To Boost Growth

To Boost Growth

Crank up public spending to revive growth - chief economic adviser.   Full Article 

Bold Steps

Bold Steps

SpiceJet rescue plan marks bold bet on Indian aviation recovery.   Full Article 

New Airline

New Airline

Tata, Singapore Air venture Vistara to take off on Jan 9.  Full Article 

Online Sales

Online Sales

Knock knock. Who's there? Amazon's best-selling holiday author.  Full Article 

Hacking Attack

Hacking Attack

N.Korea says did not hack Sony, wants joint probe with U.S.  Full Article 

Reuters Poll

Reuters Poll

BSE Sensex to hit 32,980 by December 2015  Full Article 

Reuters India Mobile

Reuters India Mobile

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