Bank’s Miles allays fears over economic costs of Basel III
David Miles, an external member of the Bank of England's Monetary Policy Committee, on Wednesday argued that the higher capital requirements set out by Basel III will not restrict lending to the economy as some have feared, instead saying it will make the banking system more robust in the future.
Speaking at a lecture at the London School of Economics, Miles said that while the new Basel rules – requiring banks to hold common equity of at least 7% of their risk-weighted assets – will mean a
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