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发帖数: 462 | 1 BASEL (Dow Jones)--New rules aimed at strengthening banks' capital buffers
are a positive step to help prevent future crises, but they don't solve the
problem posed by the potential failure of large, systemically important
banks, Mario Draghi, chairman of the Financial Stability Board, said Monday.
"Yesterday's agreement certainly reduces the probability of failure of
systemically important financial institutions," Draghi said.
He was commenting on the new and stricter capital rules disclosed Sunday by
the Basel Committee of international banking regulators, which aim to
reinforce banks' capital buffers in order to avoid the repeat of a global
financial crisis.
"But it does not address the moral hazard problem that stems from the fact
that these institutions are just too big or too important to fail," Draghi,
who is also governor of the Bank of Italy, added.
The FSB, which advises the world's 20 largest economies on global financial
reforms, said it will present new proposals destined to tackle the moral
hazard risk posed by too-big-to-fail financial institutions at the next
Group of 20 summit in November in Seoul.
One of the main aims of the reform is to prevent taxpayers having to foot
the bill for the collapse of systemically important institutions, as was the
case at the height of the financial crisis in many developed countries.
Central to the reforms intended by the FSB will be the obligation for
systemically important banks to hold more capital and to be more closely
supervised than other international banks.
"The new capital standards are the minimum requirements for internationally
active banks... But systemically important banks will need more capital than
that," Draghi said.
He set out several stages to deal with systemically important banks, which
will be outlined in Seoul. Among these tasks will be the need to improve the
capacity to deal with such banks if they get into trouble, without creating
great market disruption and depending on the taxpayer.
The FSB also wants to ensure these institutions have greater loss-absorbing
capacity to reduce the possibility of failure. Possible measures include
capital surcharges, contingent capital or a combination of both, Draghi said
.
Finally, the FSB will set out a mutual policy review process, giving
individual jurisdictions the incentive to make progress, to promote
international consistency. Because of differences in local bankruptcy laws,
some rules for the orderly unwinding of systemic banks will have to be
crafted at the national level. But these rules have to be consistent on a
global scale, Draghi said.
This is a "very complex process," he stressed.
He welcomed the new so-called Basel-III package of new bank capital
requirements and said he was confident these rules would be approved by G-20
leaders in Seoul.
"These things don't come all of a sudden from the minds of supervisors and
governors," Draghi said, stressing that they had been under discussion for
some time.
Regulators have allowed a sufficiently long transition period before the new
capital standards come into full effect for banks to have time to adapt to
the new regulation, Draghi added. |
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