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IMF says banks get round new regulations
Source: Agencies |
September 26, 2012, Wednesday
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Print Edition
Print Edition
BANKS are getting round new rules intended to make a still vulnerable industry safer while countries are distracted by the continuing financial crisis, the International Monetary Fund said yesterday.
The IMF's latest Global Financial Stability Report said banks will adjust to new costs from tougher regulation to curb excessive risk taking, with deep-pocketed lenders likely to consolidate market share at the expense of smaller rivals.
The IMF regularly reviews how countries implement financial reform pledges made by the Group of 20 leading economies in 2009 at the height of the financial crisis.
It said that even five years after the start of the financial crisis in 2007 the global financial system is still not well and many rules have yet to bed down or even be agreed.
"Innovative products are already being developed to circumvent some new regulations ... The new banking standards may encourage certain activities to move to the non-bank financial sector, where those standards do not apply," the report said.
It cites new insurance and investment products like exchange traded products, customized derivatives and synthetic debt obligations.
The IMF's latest Global Financial Stability Report said banks will adjust to new costs from tougher regulation to curb excessive risk taking, with deep-pocketed lenders likely to consolidate market share at the expense of smaller rivals.
The IMF regularly reviews how countries implement financial reform pledges made by the Group of 20 leading economies in 2009 at the height of the financial crisis.
It said that even five years after the start of the financial crisis in 2007 the global financial system is still not well and many rules have yet to bed down or even be agreed.
"Innovative products are already being developed to circumvent some new regulations ... The new banking standards may encourage certain activities to move to the non-bank financial sector, where those standards do not apply," the report said.
It cites new insurance and investment products like exchange traded products, customized derivatives and synthetic debt obligations.
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