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BoE's Cunliffe warns against diluting global banking rules
February 8, 2017 / 6:31 PM / 10 months ago

BoE's Cunliffe warns against diluting global banking rules

LONDON, Feb 8 (Reuters) - Bank of England Deputy Governor Jon Cunliffe warned against moves to dilute the banking rules introduced after the global financial crisis, which have come under fresh scrutiny following the U.S. presidential election victory of Donald Trump.

“We’ve made very substantial progress since the financial crisis, increasing the resilience of the financial sector and increasing its ability to support the economy in times of stress both nationally and in Europe and globally, including the U.S.,” Cunliffe told the BBC in an interview on Wednesday.

“Those changes were necessary,” he said. “None of us want to see again the sorts of events we saw between 2007 and 2009 and the costs of those events are still very clear.”

In the United States, Trump last week ordered reviews of the banking rules put in place after the 2008 financial crisis. In Britain, some supporters of Brexit have called for a scaling back of similar rules once the country leaves the European Union. (Writing by William Schomberg; editing by John Stonestreet)

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