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Brussels and the IMF call for the new financial regulations to be implemented soon

The European Commission and the agency directed by Christine Lagarde conclude the Basel III design

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Brussels and the IMF call for the new financial regulations to be implemented soon

The European Commission and International Monetary Fund yesterday concluded culmination of Basel III — regulations aimed at reinforcing quality assets of banks and ir resistance — after last reforms of this package were endorsed on Thursday Postcrisis regulatory. The agencies called for countries to implement standard without delay, which implies changes in way entities calculate risk of ir assets.

Through a statement, IMF expressed its satisfaction with latest package of regulatory reforms, believing that it "provides greater assurance that key risks to which banking system was exposed in financial crisis are being addressed adequately. " It encouraged national authorities of European Union to "act quickly to implement se reforms in a timely and consistent manner."

In same line, Vice-President responsible for financial stability, Valdis Dombrovskis, said he considers "essential" that all major jurisdictions "implement all elements of this Agreement". He assured that " Commission will now undertake a thorough and detailed impact assessment".

ECB president Mario Draghi called Basel III endorsement "fundamental milestone," believing that new rules "will strengn capital framework and improve confidence in banking systems."

For its part, S P agency valued that final pact of Basel III reforms would contain less restrictive aspects to those initially envisaged (in terms of capital ratios) and to allow for its implementation (postpone three years application of Some rules). The banks went up in bag yesterday. In Spain, y led CaixaBank (2.75%), Sabadell (2.71%), Bankia (2.6%) and Santander (1.6%) elevations.

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