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Archive for 7. Juni 2010

The Battle Over Bank Rules at Basel III

Posted by hkarner - 7. Juni 2010

Business Week, May 27, 2010

Efforts to correct the mistakes that led to the global meltdown are meeting resistance from banks in the U.S. and Europe

By Yalman Onaran, Simon Clark and Joseph Heaven

A week before the Senate passed legislation to overhaul the banking industry, Michel Barnier, the EU’s financial-services commissioner, was in Washington eating scones and sipping coffee with Treasury Secretary Timothy F. Geithner. On the agenda was an issue that may have an even greater global impact than the reform bill: new international rules being considered by the Basel Committee on Banking Supervision.

The Barnier-Geithner meeting is evidence of the growing role of politicians in setting global banking rules. The 36-year-old Basel committee, made up of central bankers and regulators from 27 countries, is responsible for setting international bank capital standards—essentially, the reserve a bank must hold as a buffer against losses, which affects how much money it can risk in the markets. According to an estimate by UBS, banks may need to raise $375 billion of fresh capital to comply with the new rules. JPMorgan Chase (JPM) predicted in February that the rules would cut annual earnings at 13 of the largest banks by $20 billion. Den Rest des Beitrags lesen »

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