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Bank regulators are working on capital rules.
He said international regulators were still consulting on capital rules.
On capital rules for banks, Britain wants to be tougher than the others.
Similar(56)
Global banking regulators on the Basel committee, which is working on new capital rules, have proposed setting minimum capital ratios at just 8 percent.
NEW YORK TIMES A Litany of Complaints From Banks on Capital | The Federal Reserve received roughly 1,000 comment letters detailing complaints from banks on proposed capital rules, The Financial Times reports.
The FSA is also working on new capital rules for banks – which could again force them to hold more cash.
European banks are fearful that the US will insist on higher capital rules to be imposed this year at the Basel committee that decides global rules – US banks are looking healthier – and European governments have receptive ears: they are keen not to have to pump in more capital or cope with another banking downturn.
The summit meeting decided on more demanding capital rules that will require weak banks across Europe to raise $150 billion in new capital by June.
Arnold Schilder, executive director of the Dutch central bank and the chairman of the accounting task force of the Basel Committee, the central bank group working on revising bank capital rules, said that would satisfy regulators.
Furthermore, Europe is in no position to lecture the Fed on how to write capital rules given the wobbly state of many of its banks.
Prudential's boss attacked proposed new EU capital rules on Tuesday, saying they risk destroying the insurer's American business and driving its headquarters out of the UK.
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