• From The BBC:

    Central bankers have backed new measures to strengthen supervision of the global banking industry.A meeting of the Bank for International Settlements (BIS), which consists of the world’s central banks, pledged to increase bank’s capital requirements. The plans should “substantially reduce the probability and severity of economic and financial stress,” the BIS said. But the BIS did not set out a timeline for implementation of the proposals. The measures will be outlined in detail by year-end and be introduced in a way “that does not impede the recovery of the real economy”. The BIS meeting comes just after the finance ministers from the Group of 20 richest nations meeting in London backed a system that rewards long-term performance rather than short-term risk-taking. But they could not agree on specific limits on the amounts individual bankers get paid. Tier oneThe BIS, established in 1930 in the aftermath of the Great Depression, consists of 55 member central banks and is based in Base…

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    Posted by Jon @ 7:20 am

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