IMF Supports UK Push on Bank Rules |
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June 6, 2011
The International Monetary Fund has “strongly” backed efforts by the UK and a number of other European countries to retain their power to impose tighter rules, including higher capital requirements, on their local banks.
The International Monetary Fund has “strongly” backed efforts by the UK and a number of other European countries to retain their power to impose tighter rules, including higher capital requirements, on their local banks. The European Union is in the midst of drafting legislation that will apply new Basel III bank standards across the 27-nation bloc. But a battle has broken out over whether the legislation will impose the same “maximum” standards on everyone or whether it will simply set minimum requirements which national supervisors could increase if they wished to meet country-specific circumstances.
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