US, EU agree timing of tougher Basel bank rules

Wednesday, 3 November 2010 01:18 - - {{hitsCtrl.values.hits}}

(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

Geithner and Barnier met privately and, according to a statement afterwards, discussed the agreement reached by the Basel Committee on Banking Supervision on 12 September 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 they 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.

Discover Kapruka, the leading online shopping platform in Sri Lanka, where you can conveniently send Gifts and Flowers to your loved ones for any event including Valentine ’s Day. Explore a wide range of popular Shopping Categories on Kapruka, including Toys, Groceries, Electronics, Birthday Cakes, Fruits, Chocolates, Flower Bouquets, Clothing, Watches, Lingerie, Gift Sets and Jewellery. Also if you’re interested in selling with Kapruka, Partner Central by Kapruka is the best solution to start with. Moreover, through Kapruka Global Shop, you can also enjoy the convenience of purchasing products from renowned platforms like Amazon and eBay and have them delivered to Sri Lanka.