World Economic Forum in Davos, showed that the proposals to strengthen financial sector regulation and create an insurance fund for banks are becoming more widely supported.
Deutsche Bank Chairman Josef Ackermann said in a Financial Times interview in Davos, which supports the idea of creating a European fund, which could be used to support as appropriate the largest financial institutions, bankruptcy which would create systemic risk.
“Of course, the money in the fund should go mainly to banks,” - he said.
British bank Barclays President Bob Diamond also cautiously supported the creation of a fund.
“I think each of the G20 countries would like to have an insurance scheme that would allow to cover the costs associated with the collapse of banks in the future” - he said, speaking at a forum in Davos.
At the same time voiced by many bankers argue against excessive regulation of the banking sector and the imposition of restrictions, which ultimately could negatively affect the economy as a whole did not find understanding.
idea of creating a special insurance fund for banks owned by U.S. President Barack Obama, who proposed such a way to cover the costs of the budget to save the financial system. He advanced the idea of limiting operations of banks in the market.
French President Nicolas Sarkozy said in Davos on the support of the proposals of the American president, setting the general accusatory tone in the financial sector. This tone was actively supported by many other politicians.
“If the big banks believe they can stop the regulators, then they are deceiving themselves. They have no political support - told reporters a U.S. Congressman Bernie Frank. - We are determined to impose a very strict regulation.”
British Finance Minister Alistair Darling, who was quoted by the agency Bloomberg, said that in the interests of banks “to withdraw from the front pages and do what they are entitled to - to lend to the economy.”
financial crisis has fundamentally changed the relationship between banks and governments, as well as the taxpayers” money have been spent to rescue the financial system, stated the head of the European Central Bank President Jean-Claude Trichet.
bankers for their part believe that the need to stop looking for blame and focus on concrete steps and their constructive discussion.
If regulators try to completely eliminate the risk of banking crises, the result would be “a very inefficient system, and I think we are moving towards this,” says the head of the Italian Unicredit, Alessandro Profumo.
Leader HSBC Stephen Green said that banks now feel better than a year ago, but lost a huge part of the public trust. He fears, as it controls, tightening requirements for banks, not emptied the water with the child.
“I think that the relationship between governments and banks have changed irreversibly, - told The Wall Street Journal head of the bank Standard Chartered, Peter Sands. - I think the banks themselves have done worse. We did not hear the tone chb99anges.”
Saturday bankers, headed by J. Ackerman met behind closed doors with leaders of the Ministry of Finance, Central Bank”s governing bodies to discuss changes in the financial sector.
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