The SIFI designation has been adopted in other nations, through the Basel Committee on Banking Supervision.
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The IMF said the reform programme would also lead to changes in banking supervision and transparency.
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The effort put into reforming finance, company accounting and banking supervision in developing countries is essential.
That is a stiffer target than the 7% recommended by the international Basel Committee on Banking Supervision.
The lack of unified euro-zone banking supervision also created a problem that the currency-area theorists failed to foresee.
The removal of banking supervision from the Bank of England that occurred in 1997 is now being reversed.
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That, coupled with Russia's poor record of banking supervision, suggests that bail-outs will be plentiful and bankruptcies few.
Some economists argue that those countries should learn from Chile's open market economy, tight banking supervision and capital controls.
Leaders have agreed to a parallel growth pact, albeit modest, and to work on other measures, such as common banking supervision.
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National central banks will continue to be in charge of banking supervision.
As long as the Spanish government controls its banking system through national banking supervision, recapitalizing Spanish banks is like giving money to the Spanish government.
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The group is called the Basel Committee on Banking Supervision (BCBS).
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Meanwhile, only about one-third of Basel Committee on Banking Supervision member nations are likely to enact Basel III reforms by the intended deadline in January.
But this is true only so long as the regulator does not rigidly apply the crude capital standards set in 1988 by the Basel committee on banking supervision.
Mr. ROGER COLE (Director, Federal Reserve's Division of Banking Supervision and Regulation): I will say that given what we know now, yes, we could have done more sooner.
These new rules which are far stricter on capital and liquidity come from the Basel Committee on Banking Supervision (BCBS), and are known as the Basel III accords.
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Banking supervision might also one day become a pan-European responsibility.
If the ECB turns out to be any good at banking supervision, it might in the future prevent eurozone banks becoming as dangerously bloated as those in Ireland and Spain.
The Basel Committee on Banking Supervision, which includes representatives from 27 countries, now wants banks to hold 4.5% common equity against assets plus another 2.5% buffer, for a total of 7%.
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In practice, that will not happen until the European Central Bank (ECB) is put in charge of euro-area banking supervision, which may take a lot longer than the planned six months.
The Basel committee on banking supervision , which sets capital standards for banks around the world, published a consultation document on December 17th that was more stringent than many bankers had expected.
Goldman Sachs and Morgan Stanley separately said they anticipate a new global regulation from the Basel Committee on Banking Supervision that requires they disclose aggregate dollar amounts clawed back in a given year.
Sadly, much of her excellent work was destroyed under the Tony Blair government when chancellor Gordon Brown's profligacy wrecked the public finances and his ill-advised changes to banking supervision severely damaged the financial system.
The Swiss Federal Banking Commission, the body responsible for banking supervision, had been critical of various banks' efforts to search for funds suspected of involvement in money laundering, but concedes that procedures have since been tightened up.
The European Union and the United States have taken some legislative action, followed by a broad agreement reached last month at the Basel Committee for Banking Supervision that should be finalized by the end of this year.
The proposals are based on the work of the Basle committee on banking supervision, which represents bank supervisors in the big industrial countries, and has spent several years designing a new framework to set minimum capital standards for internationally active banks.
Central bankers who make up the oversight body of the Basel Committee on Banking Supervision announced new capital standards for banks on Sunday, aimed at reducing the risk of another financial crisis that comes from a drying up of banks' liquidity.
Unlike the politicians at Copenhagen, the central bank governors and heads of banking supervision who form the oversight body of the Basel Committee on Banking Supervision - which decides these vital rules for banks - well, they don't exactly court the media.
The UK won't cede its national banking supervision powers to the ECB, but other eurozone "outs" might (although Sweden and the Czech Republic seem, like the UK, to have decided to stick with their national supervisors, for the time being at least).
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