RegulationAccounting StandardsBudget 09: Darling wants single set of accounting rules for banks

Budget 09: Darling wants single set of accounting rules for banks

Treasury paper on financial regulation reform will contain recomendations for a single set of accounting rules to see what risks the banks are taking, says Darling

The chancellor has said a Treasury paper on financial regulation will call
for a single set of accounting rules to help the government see what risks banks
are taking.

Alistair Darling said that this was a key part in building trust in the
banking system, and harnessing the strengths of the financial services sector
for the benefit of society.

‘I will shortly publish a Treasury paper with my recommendations for
wide-ranging reform,’ the chancellor said.

‘They will propose action to reform corporate governance and remuneration at
banks to avoid undue risk taking.’

To improve regulation of capital and liquidity so banks do not over-extend
themselves.

To increase transparency, to achieve a single set of accounting rules – so
that we can see the risks banks are taking.’

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