Carney hails progress but Basel III must be completed ‘urgently’

Bank of England governor Mark Carney
Mark Carney: “Toxic forms of shadow banking at heart of the crisis no longer represent global stability risk”

Reforms by the Group of 20 have largely removed threats to the global financial sector, Mark Carney said in his capacity as chairman of the Financial Stability Board (FSB) on July 3.

In an upbeat letter to the G20 government heads, the Bank of England governor said reforms had “addressed the fault lines that caused the global financial crisis”.

The largest banks, forming the core of the global banking system, are now “required to have as much as 10 times more of the highest-quality capital

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