Bank capital reform 'eliminates uncertainty': Trichet

13th September 2010, Comments 0 comments

An agreement on new global bank capital requirement rules removes uncertainty and helps to consolidate the economic recovery, the head of the European Central Bank said Monday.

"In the present (state) of the global recovery, uncertainty is the enemy," said Jean-Claude Trichet, speaking on behalf of central bankers meeting at the Bank for International Settlements.

"With this decision, we eliminated uncertainty in large areas, which is a major contribution in consolidating the global economy,"

BIS regulators on Sunday agreed new rules that would require banks to raise the minimum capital reserves that they hold against losses.

© 2010 AFP

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