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http://www.businessweek.com/news/2012-11-21/bundesbank-s-dombret-urges-u-dot-s-dot-not-to-delay-basel-banking-rules

Bloomberg News

Bundesbank’s Dombret Urges U.S. Not to Delay Basel Banking Rules

November 21, 2012

Bundesbank board member Andreas Dombret said U.S. policy makers shouldn’t delay the implementation of global banking rules, known as Basel III.

“There is no alternative to implementing Basel III on a global scale,” Dombret said today in a speech in Frankfurt. “In particular, I call on my colleagues in the U.S. not to unexpectedly question the whole framework in the 11th hour -- after taking part in its negotiation during the entire process.”

Boosting reserves as required by Basel III would help prevent a repeat of taxpayer-funded rescues, while “separating banking functions will not prevent future banking crises,” Dombret said.

“I do not see a clear case for separating banking functions,” he said. “Even if there were a clean organizational separation, the interconnectedness of the financial sector and the resulting systemic importance of individual institutions would not be entirely eliminated.”

To contact the reporter on this story: Stefan Riecher in Frankfurt at sriecher@bloomberg.net

To contact the editor responsible for this story: Craig Stirling at cstirling1@bloomberg.net


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