Central bankers reach deal on new bank regulations

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Top central bankers agreed Sunday on a set of new bank regulations, called Basel III, which are aimed at preventing a repeat of the recent financial crisis, the Bank for International Settlements said.

"The agreements reached today are a fundamental strengthening of the global capital standards," said European Central Bank chief Jean-Claude Trichet, who chairs the group of regulators at the meeting in northern Switzerland.

"Their contribution to long-term financial stability and growth will be substantial. The transition arrangements will enable banks to meet the new standards while supporting the economic recovery," he added.

© 2010 AFP

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