The chair of the world’s banking watchdog has said he supports US proposals to impose more stringent requirements on banks than their UK and EU counterparts that have met with fierce opposition from Wall Street.
“What is on the table is full implementation of Basel III,” Pablo Hernández de Cos, chair of the Basel Committee on Banking Supervision and governor of the Bank of Spain told the FT of the US proposals to adopt the final stage of the global financial reforms aimed at plugging holes exposed by the crisis of 2008. “By their very nature Basel agreements only set minimum regulatory standards.”
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