ZURICH: Leading central bankers and national regulators said on Thursday they were aiming to introduce proposals to strengthen international financial requirements on banks by the end of 2012.
The agreed reforms, which have been in the offing for several months, are part of a "comprehensive response" to the financial crisis, the Basel Committee on Banking Supervision said.
"The capital and liquidity proposals will result in more resilient banks and a sounder banking and financial system," said Dutch central bank chief Nout Wellink, chairman of the Basel Committee.
However, the Committee said it was still reviewing possible additional measures on "systemically important institutions," banks that are big enough to have an impact on whole economies and the rest of the financial system if they run into trouble. It will also assess the potential impact of its package of measures and refine them next year.
"The fully calibrated set of standards will be developed by the end of 2010 to be phased in as financial conditions improve and the economic recovery is assured, with the aim of implementation by end-2012," the statement said. "The Committee is mindful of the need to introduce these measures in a manner that raises the resilience of the banking sector over the longer term, while avoiding negative effects on bank lending activity that could impair the economic recovery."
The group of central bankers and national financial regulators from 27 leading economies had alreday approved stregthened regualtion and supervision and revised "Basel II" capital requirements in July and September. AFP
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