Basel III 'most significant' reform in decades: Santander
The head of Spain's Banco Santander, the eurozone's biggest bank, hailed the proposed new banking rules known as Basel III as "most significant" for the global financial system in decades.
"It is a very important reform which will have a profound effect," Santander chairman Emilio Botin told an international banking conference in Madrid.
It is "possibly the most significant for the international financial system in many decades," he said.
"Firstly, because it affects the most basic components of financial health: capital and liquidity. And secondly, because of the G20's commitment to adopt it in an agreed manner."
On Sunday, the Basel Committee on Banking Supervision unveiled tougher capital requirements for banks intended to protect against financial crises that will be presented for approval to the Group of 20 (G20) developed and developing nations in November.
The changes require banks to build stronger buffers of high-quality assets to protect against future losses.
© 2010 AFP