FSB's Carney tells banks there is no 'Basel IV' on the way


  • World
  • Monday, 09 Nov 2015

LONDON (Reuters) - Remaining changes to global bank capital rules don't amount to a quantum change in requirements for lenders as claimed by the sector, Financial Stability Board Chairman Mark Carney said on Monday.

Global regulators are revising key capital rules for banks, such as how much they should set aside to cover risks from the assets they trade.

Banks have dubbed this "Basel IV" or a major revamp of the Basel III bank capital reforms rushed through after the 2007-09 financial crisis.

"There is no Basel IV. No, no Basel IV. There is completion of Basel III," Carney told a news conference. "What we are doing is we are ironing out issues that have been identified over time in the application of Basel III."

He also ruled out any attempt by the FSB to roll out at the global level the new Senior Managers Regime on banker accountability which is being introduced by the Bank of England, which he also heads.

However, the way traders in bond, commodity and currency markets are paid will be looked at globally to see if it could be changed to improve behaviour after a series of market rigging scandals, he said.

He also said that financial securities transactions will be amended to make it easier if a bank involved in them fails and needs to be wound up.

(Reporting by Huw Jones, editing by Sinead Cruise)

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