G20: 銀行被告知積穀高達千三億英鎊以防危機

Banks told to hoard up to £130bn in case of crisis: G20 hammers out deal to avoid future bail-outs

By James Chapman
Last updated at 12:01 PM on 28th June 2010

G20 leaders pledge to slash deficits in half by 2013
But leaders agree to 'move at their own pace'
Banks given time to prepare for new rules
World stocks rise on G20 agreement

Banks are to be forced to save enough cash - up to £130billion - to prevent another multi-billion pound bailout by taxpayers.
銀行被迫儲存足夠現金 - 高達千三億英鎊 - 以防止另一個納稅人的多億英鎊救助。
A deal hammered out by world leaders at the G20 summit in Canada last night will mean financial institutions being required to hold huge amounts of 'high quality' capital to act as a cushion against another financial crisis.
The G20 communique agreed that all countries should ensure taxpayers are not stuck with the bill when banks fail - but left it up to individual countries to decide how they want to do that.

New deal: Prime Minister David Cameron with Barack Obama and George Osborne at the G20 Summit where world leaders hammered out a deal where banks will be forced to save enough cash to prevent another financial crisis

In a distinct change of tone from recent summits - and despite U.S. President Barack Obama's concerns that cutting stimulus spending too quickly could hurt the global recovery - the G20 leaders also used their communique on Saturday to commit rich nations to cutting budget deficits in half by 2013.

They also agreed to stabilize deficits by 2016. That was a big win for Britain, which has the largest budget deficit in the G-20.

With the spectre of a Greek-style tragedy hanging over their heads, most leaders agreed on the necessity of chopping down their debt.

But there remained disagreement on how to do so, with leaders eventually agreeing that each country to move at its own pace.

World stocks were creeping up again this morning on the news from the summit - while banks were breathing a sigh of relief at the flexibility they had gained in building the 'cushion' against another financial crisis.

Banking executives had warned that the move will saddle them with billions more in extra costs.

Chancellor George Osborne hailed the agreement to give banks a breathing space to prepare for the new rules, which will not come into force before 2012.

They will be phased in in a concession to France and Germany, who fiercely resisted too stringent a measure amid concerns that their banks are more vulnerable.

Britain agreed that implementing the new regime too quickly would mean choking off bank lending and risking a 'double dip' global recession.
A delay is better than diluting the new rules to meet the original deadline, the Financial Stability Board (FSB), the body overseeing reform, said.
'We'll make sure that this new regulation and the pace of implementation is not going to cause either market disruption or hamper the recovery in any way,' FSB Chairman Mario Draghi told reporters in Toronto.
It marks a victory for intense lobbying by banks and countries such as Japan, Germany and France that say the shift to stricter rules by 2012 would have imposed huge capital-raising burdens on banks and jeopardize lending and economic recovery.

Full details, including what percentage of balance sheets banks will be made to hold, will be thrashed out at the next G20 meeting in Seoul, South Korea, later this year.

But world leaders have already agreed that banks should not be able to load themselves up with more debt to meet the rules.

Instead, most of the capital will have to be held in equity - meaning shareholders, rather than taxpayers, will bear the brunt if there is a repeat of the banking crisis of 2007 and 2008.

The summit communique said: 'The amount of capital will be significantly higher and the quality of capital significantly improved when the new rules are fully implemented.

This will enable banks to withstand, without government support, stresses of the magnitude associated with the recent financial crisis.'

The rules will be enforced by the G20's Financial Stability Board, though potential sanctions against banks which fail to abide by them have not yet been agreed.

Britain failed to persuade all other world leaders to follow its lead on a new banking levy. The coalition introduced a £2billion-a-year supertax on balance sheets in last week's emergency Budget.

France and Germany will follow our example, but other countries - including Canada - have refused.

'Some countries are pursuing a financial levy. Other countries are pursuing different approaches,' the summit's communique said tersely.

Any tax now introduced in Germany, France and Britain will have to be modest or else risk banks shifting operations to more tax-friendly locations.

The summit concluded that the financial sector should make a 'fair and substantial contribution' towards fixing the economic crisis.

Mr Osborne insisted that there would be no 'flight' of banks from the UK to other countries not imposing a bank tax as a result.

'I am confident London remains a good place to come and do financial services,' he said.

'I think we have calibrated it correctly. It is not at a level that drives business abroad but it is at a level that correctly prices the support that the Government offers to banks and the implicit guarantee that we now can see exists.'

He added: 'I think people will have seen a change of tone at the G20, as people have understood the impact of the sovereign debt crisis and the necessity of countries to prove not just to international investors but to their own domestic populations that they have got serious, credible plans to live within their means.'

G20峰會 場外暴力衝突不斷
(路透)2010年6月28日 星期一 18:12




多倫多G-20峰會遭遇"小規模騷亂" 百五人被捕