The New York Times
Sun, September 12, 2010 -- 12:25 PM ET
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International Panel Reaches Accord on New Rules for Banking Industry
Top central bankers and bank regulators agreed Sunday in
Basel, Switzerland, on far-reaching new rules for the global
banking industry that are designed to avert future financial
disasters, but could also dampen bank profits and strain
weaker institutions.
Officials confirmed that financial authorities from 27
countries, including the United States, reached agreement
Sunday afternoon and would release details Sunday evening.
If ratified by the G-20 nations later this year, the rules
will require banks to bolster the amount of low-risk assets
they hold in reserve as a cushion against market shocks.
While the American Bankers Association and other groups have
complained about the provisions, other bankers said the rules
will help avert crises of the kind that nearly plunged the
world into depression in late 2008.
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