U.S. Treasury Secretary Timothy Geithner agreed with European Union financial markets chief Michel Barnier on a December 2011 date to implement new Basel trading book rules, the U.S. Treasury said on Friday. Geithner and Barnier met privately and, according to a statement afterward, discussed the agreement reached by the Basel Committee on Banking Supervision on Sept 12 and its provisions to toughen capital and liquidity standards. “They reaffirmed their intention to implement the agreement in the respective jurisdictions in accordance with the internationally-agreed timing,” the treasury said. “Both sides agreed to a December 2011 implementation for the Basel trading book rules.”
US, EU agree timing of tougher Basel bank rules
Most Popular Articles
Latest Articles
Pennymac posts first-quarter profit of $39M
Loan production income shrank in the first quarter, but the company’s servicing business continues to grow
-
DOJ charges one of America’s top LOs in alleged mortgage fraud scheme
-
Top Producer Review: Features, pricing & alternatives
-
A&D Mortgage names new servicing manager
-
HUD aims to help protect communities from extreme heat
-
Freedom Mortgage founder addresses ’extraordinary’ credit profiles, profitability and products