BASEL, Switzerland (MNI) – The following is the full text of a
statement issued Sunday by Swiss National Bank Chairman Philipp
Hildebrand following the announcement of new minimum capital
requirements for banks:
“Today’s landmark agreement sets a much needed new global
regulatory minimum standard for banks. Consensus was reached today after
an unprecedented amount of international cooperation in response to the
great financial crisis.
The reform package will ensure that, going forward, banks will hold
much larger buffers of higher quality capital and liquidity. This will
make the global financial system more resilient to future shocks.
Gradual implementation of the new standards will support the economic
recovery.
While the reform package is far-reaching, it does not yet
comprehensively address the TBTF problem. Further efforts will be
required in that area at the international and at the national level.
For Switzerland, the Basel III reform package provides a solid
foundation on which to build a comprehensive national regulatory
response to the TBTF problem.
I remain confident that the Expert Commission on TBTF which the
government has convened earlier this year will converge around a set of
ambitious and effective proposals to tackle TBTF in Switzerland.”
–Frankfurt bureau tel.: +49-69-720142. Email: frankfurt@marketnews.com
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