Barclays calls for regulatory speed up
Tuesday 2 August 2011 - by Jacqui Street
Barclays has called for a regulatory hurry-up after one of its rivals sounded a warning yesterday over the pace of banking regulation.
Diamond says Barclays will "continue to engage proactively" with the Independent Commission on Banking and UK government over ring fencing proposals "to ensure a rational and carefully evaluated set of reforms emerge".
On Tuesday, HSBC group chairman Douglas Flint warned: "The pace and quantum of regulatory reform continues to increase at the same time as the global economy appears to be losing momentum in its recovery."
Flint said HSBC was concerned about regulation coinciding with eurozone indebtedness, inflationary pressures and commodity price increases, as well as asset price bubbles and budget discipline in the US.
Although the Barclays chief admits "the scale of regulatory change remains challenging" he says the bank "looks forward to the finalisation of new banking regulations over the coming months".
Diamond insists Barclays easily met the European Banking Authority's stress tests and says the bank would meet Basel III requirements.
"Our capital, liquidity and funding position is rock solid," he says.
The Barclays results identify a number of regulatory reforms which may "materially impact on our businesses and earnings" including Basel III and emerging proposals for Systemically Important Financial Institutions.
Barclays also says the US Dodd Frank Act and consumer protection act "contains far reaching regulatory reform although the full impact will not be known until implementing rules are made by government authorities".
|Login||Register||Most read||Most commented|
Will markets in 2012 have a tougher time than 2011?