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Norway warns of weakened Basel III

Thursday 25 November 2010 - by Will Henley

The central bank of Norway has called for "stricter standards" than those imposed by the Basel III agreement, warning of a "competition to weaken the requirements as far as possible".

Svein Gjedrem, governor of Norges Bank, claimed that some governments and banks around the world do not want to obey "stringent standards".

Gjedrem said: "These countries' governments are more concerned that their banks have framework conditions at least as favourable as competitors from other countries.

"This attitude leads to a competition to weaken the requirements as far as possible."

The governor, speaking at Norges Bank's Symposium, insisted that Norway was committed to higher capital ratios.



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