Regulation
ECB sets stage to tackle ‘addicted banks’
European Central Bank publishes toughened rules that will allow it to limit individual banks’ access to short-term funds and exclude asset classes
RBNZ advances new regulatory framework
Reserve Bank of New Zealand broadens financial oversight over non-bank activity; says expiry of retail deposit guarantee scheme will balance risks
Ireland’s Elderfield rules out senior debt haircuts
Holders of senior debt must not be forced to shoulder losses, but issuing banks could negotiate with them, says Central Bank of Ireland’s Matthew Elderfield
Vietnam proposes lifting gold ban to stem inflation
State Bank of Vietnam head of foreign exchange Nguyen Quang Huy says restrictions on gold imports may be lifted if domestic prices are unsustainable; move could help contain inflation
Swiss to make UBS and Credit Suisse pay for systemic status
Swiss commission proposal beefs up Basel III for Credit Suisse and UBS with 19% capital requirement and other measures to tackle 'too big to fail' problem
Bank of Spain's Roldán highlights Basel III flaws
Basel III’s architecture, hybrid capital and liquidity buffers among potential pitfalls; views shared by BaFin's Sanio
BaFin's Sanio: no fix for cross-border failure
Jochen Sanio says supervisors nowhere near to solving “key issue” highlighted by crisis; flags lack of communication on Lehman Brothers
Basel liquidity rules hit fresh objections
A reworking of part of the liquidity coverage ratio is rejected by the Basel Committee
Basel II grievances stir transatlantic tensions on new accord
BNP Paribas chairman Michel Pébereau slams United States’ failure to implement Basel II across the board; says Basel III will unfairly impair Europe
Trinidad and Tobago’s central bank faces legal action over bankrupt insurance giant
Disgruntled policyholders of failed insurance giant Clico demand compensation from Central Bank of Trinidad and Tobago over what they see as deficiencies in oversight
Weber, Blankfein praise Basel III leverage cap
Bundesbank president Axel Weber and Goldman Sachs chairman Lloyd Blankfein laud Basel III’s inclusion of leverage ratio, as opposition mounts
Too big to fail solution essential, says Weber
Bundesbank president Axel Weber says financial system will be unsafe unless too big to fail problem is solved
Meirelles flags travails of financial reform
Central Bank of Brazil governor Henrique Meirelles says reform must be unified; Chinese, Indian ambassadors note shortcomings of G20
No alternative to bail-in capital: Bank's Tucker
Bank of England's Paul Tucker attacks bankers' concerns that bail-in capital will rattle investors; Sweden's Ingves says conversions achievable
Look to markets for head supervisors: De Larosière
Jacques de Larosière says heads of new European Supervisory Authorities should think like market participants and have their respect
Nigeria limits state bond holdings; cleans up microfinance
Central Bank of Nigeria places limits on banks’ holding of state government bonds; revokes over a quarter of microfinance licences after serious problems revealed in sector
Banks fear soaring regulatory compliance costs: industry survey
Survey of financial firms shows three quarters of respondents expect costs of complying with Basel III, Dodd-Frank to exceed costs in past three years
Norges Bank sues Citi over subprime-related losses
Norges Bank alleges bank was deceitful over true nature of health; condemns Citi’s subprime mortgage, CDO practices
UK banking commission moots reforms
Commissioners stress they have an open mind as to which structure will best suit British banking industry