Treasury to launch global think tank
Ed Balls to disclose details of new cross-border research centre later today, which will focus on financial regulation
The
Treasury
is preparing to launch a research centre devoted to addressing financial
regulation issues. Ed Balls, economic secretary to the Treasury will unveil the
particulars of the International Centre for Financial Regulation at today’s
meeting of the chancellor’s High-Level City group, held at 11 Downing St.
The ICFR has been founded to pre-empt problems after concerns were
voiced that the spectrum of global financial services may be exposed to serious
risk as the influence of powerhouses such as private equity increases.
Some 12 City corporates including Barclays
and Merrill
Lynch will bankroll the centre to the tune of £100,000 a year for the next
three years. The Treasury will pump £2.5m into the scheme during the same
three-year period. It is hoped that the think tank – which will have its HQ in
London – will become self-sustaining after the initial period by charging
financial services watchdogs from around the world for training.
Standard
Chartered chairman Mervyn Davies has been selected as the chair of the ICFR
executive committee ahead of its launch.
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