New rules from Basel for banks worldwide
Basel, Switzerland (GenevaLunch) - Central bank governors, meeting in Basel Sunday 10 January, “welcome the substantial progress” made by the Basel Committees on Banking Supervision (BCBS), they said in a press release issued Monday. The group has charged the BCBS to come up with details rules, a set of tougher standards for banks, by the end of 2010, in response to the global banking crisis of 2008-2009. The standards would affect banks worldwide.
The new regulations were outlined in a report by the Committee in mid-December 2009.
They call for stricter rules on liquidity risk, among other measures that would strengthen banks’ resilience in a fast-moving global economy.
The governors and banking supervisory bodies make up the oversight body of the BCBS, which is housed at the Bank for International Settlements in Basel.
Reaction to the Basel Committee’s stronger role has been mixed, with financial media from around the world speculating on what the new rules might mean in practice, while national media tend to focus on the implications for their own individual banks.
Background, BIS documents, December 2009, on Strengthening Resiliance and Framework for Liquidity Risk Measurement
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News story, GenevaLunch, 11 January 2010.
Filed under: Business
Tags: banks, Basel, Basel Committee on Banking Supervision, central bank governors, liquidity, regulations, risk