You are here: Home - News -

Carney urges G20 to push on with banking reforms amid ‘fatigue’ fears

by: Alice Rigby
  • 10/02/2015
  • 0
Carney urges G20  to push on with banking reforms amid ‘fatigue’ fears
Mark Carney has urged G20 members to continue a "big push" for banking reforms, after suggesting that legislators maybe tiring of financial regulation.

Carney, governor of the Bank of England and chair of the Financial Stability board (FSB), said that political criticism was arising as countries moved from a focus on stability to growth.

At an Institute of International Finance meeting this week Carney said: “I worry about reform fatigue, not surprisingly, both at the FSB and more generally.”

The FSB draws together central bankers and finance ministries from around the G20 and is meeting during a broader G20 summit in Istanbul to discuss further regulation of the finance markets.

The measures already implemented by the FSB have been criticised by the banking industry, criticism that is starting to garner attention in some countries.

But Carney added that much of the board’s reforms would pay off in the longer term.

“Many of the toughest reforms are micro-reforms that can have big political coalitions against them and have payoff very far into the future.”

At November’s meeting, the board agreed to force banks to hold bonds as a defence against economic volatility, preventing governments from having to bail out banks as many did in 2009.

However, banks have argued that the rule would make lending and trading too expensive.

Carney said that there was “no room for complacency”.

He added this would be the final significant measure of the board for some time: “This is the year of implementation… We want to have a big push on this.”

 

There are 0 Comment(s)

You may also be interested in

Business Skills

In this section, we offer short ‘how to’ guides on harder to crack areas of business. From social media, to regulation or niche product areas, we cover it all.

Profiles

Our journalists interview key industry entrepreneurs, strategists and commentators for day-to-day market insight and a strategic view of where the industry is heading. We offer lessons for success and explore the opportunities for your business

Success in Practice

Here, we share case studies fleshing out best practice to help you decide what could work for your business. Take a look at how others approached complex tasks like launching a new mortgage lender, advising on a new product area or deciding to specialise in another. Learn from others mistakes and triumphs.

Marketwatch

Each week, we ask top mortgage and property commentators with a unique perspective to examine a key news headline, market move or regulatory or political issue.

Poll

Vote in our weekly poll here. It’s your chance to tell us what you think and be heard on the top news stories of the week. Review our archive to find out what your industry really thinks and all our coverage of the results.

Top Comments

Be part of the conversation on Mortgage Solutions. We want to hear from you. We have a tool called Disqus to tell us which stories get the most comments each week. Every Friday, the team picks the most thoughtful or opinionated contributions from our readers to enjoy again. Don’t forget to share your favourite stories from the site on social media to keep the conversation going.
Read previous post:
HSBC faces fresh investigations over tax scandal

HSBC is facing investigations at home and abroad following allegations that it colluded with Swiss clients to help them dodge...

Close