Regulator lists 29 banks seen as key to global finance
Global regulators published on Friday a list of the world's biggest banks, which will be required to meet additional capital rules in order to prevent a repetition of the 2008-2009 financial crisis.
These institutions are seen as too big to fail -- if they were to collapse it would present a systemic risk to the whole global economy.
Regulators had agreed in 2010 on tougher rules, the so-called Basel III regulations, requiring all banks to strengthen their capital reserves by raising total core reserves to 7.0 percent from 2.0 percent at the moment.
In addition, regulators decided in 2011 to impose further rules on the world's biggest banks, by asking them to hold 1.0 to 2.5 percent more in core reserves, on top of the 7.0 percent required for all banks.
They are to be implemented by 2019, said the Financial Stability Board.
Regulators will update the list of major banks annually and will published the fresh list every November.
The 29 banks subject to additional restrictions are:
Bank of America
Bank of China
Bank of New York Mellon
Banque Populaire CdE
Group Credit Agricole
JP Morgan Chase
Lloyds Banking Group
Mitsubishi UFJ FG
Royal Bank of Scotland
Sumitomo Mitsui FG
© 2011 AFP