Regulators 'eager to stop banks harming national economies'

31 May 2012

Regulators 'eager to stop banks harming national economies'
Teo Swee Lian - Deputy Managing Director, Monetary Authority of Singapore

Global regulators are eager to make sure national economies are not affected by the collapse of banks in the future.

That is according to Teo Swee Lian deputy managing director of the Monetary Authority of Singapore, who believes such bodies are determined to strengthen both the capital requirements and supervision of financiers whose failure could have an impact on the wellbeing of their sovereign's fiscal system.

Ms Lian has told Bloomberg that the Basel Committee on Banking Supervision is currently going through the process of identifying such banks before then drawing up policies that could be implemented should the need arise.

The official went on to say officials on the panel are hopeful of completing the creation of these measures ahead of the beginning of the implementation of Basel III in 2013.

Indeed, Ms Lian insisted such rules will form an "important part of the policy framework" of the committee.

By Claire Archer

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