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‘Basel III reforms important piece of jigsaw for strength’ – CBI

Thursday July 21st, 2011

The CBI has welcomed the publication of the Capital Requirements Directive (CRD) IV, which implements the Basel III reforms in Europe.

Matthew Fell, CBI Director for Competitive Markets, said: “The Basel III reforms are an important piece of the jigsaw to strengthen the global banking system. They should be implemented in a way that minimises local variations in order to create a level playing field for UK banks, and more importantly to ensure that access to finance is not more expensive for UK businesses than it is for their international competitors.

“Legislators should now focus on scrutinising the impact of the proposed rules on business and the broader economy. The benefits from greater financial stability must be proportionate to the cost that businesses will bear, for example in using day-to-day risk management products such as interest and foreign exchange rate hedging.”

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