BaFin's Sanio: no fix for cross-border failure


Jochen Sanio, the president of BaFin, Germany's financial regulator, on Monday warned that regulators were "light years away" from resolving the failure of cross-border banks.

Sanio told bankers and academics at a Centre for Economic Policy Research conference in London: "Cross-border resolution is the key issue for regulators, but as we stand now, we're not prepared to deal with it. It is the final frontier of regulation, but we're light years away from solving it."

Sanio acknowledged that such

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