Global banks are close to deal on new capital rules, says French central bank chief
Tokyo — A deal to complete post-financial crisis capital rules for banks around the globe may be reached on Thursday, the French central bank governor said on Monday, indicating he is ready to accept a compromise. France has been a key hold-out for completing the Basel 3 rules but people familiar with the negotiations have said the Group of Governors and Heads of Supervision (GHOS), due to meet in Frankfurt on Thursday, would not gather unless a deal had been informally agreed. "I am confident we are about to finalise a fair and reasonable agreement at our GHOS meeting next Thursday," French central bank chief Francois Villeroy de Galhau said in a speech at a university in Tokyo. While much of the Basel accord is already implemented and a final deal has been near several times, a deal this week would end years of effort to harmonise banking rules. Villeroy, who is also a European Central Bank policy maker, said the key task was now to implement the deal and ensure regulation was not...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.