Banking

House of Lords written question – answered at on 22 November 2010.

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Photo of Lord Myners Lord Myners Labour

To ask Her Majesty's Government what is their assessment of the risk weighting proposed under Basel III for trade finance; and what steps they will take to ensure that it will not disadvantage United Kingdom banks compared with banks based elsewhere.

Photo of Lord Sassoon Lord Sassoon The Commercial Secretary to the Treasury

The Government welcome the endorsement by G20 leaders in Seoul of the Basel reforms to global capital and liquidity standards, which are essential to strengthen financial stability. Basel III introduces a requirement to hold more high-quality capital against all exposures, including trade finance products. The Basel III reforms do not increase the relative capital required for trade finance exposures. G20 leaders have agreed to evaluate the impact of regulatory regimes on trade finance. Detailed questions about the UK's stance at the Basel Committee on Banking Supervision should be directed to the UK representatives-that is, the Bank of England and the Financial Services Authority.

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