Darling wants 'risky' investments on the books
Chancellor criticises institutions that try to hide risk off-balance sheet
Alistair Darling has called for more transparency from financial institutions
that have made risky investments.
Speaking at the opening of
the Labour Party
conference, the chancellor, responding to the crisis at Northern
Rock, said banks needed to be supervised more closely and made to disclose risk
in more detail.
‘We need effective regulation in international markets and far greater
openness to prevent risky investments being hidden off balance sheet,’ Darling
was quoted as saying in the Times.
Darling said governments should not he held responsible for risky decisions,
made by executives, that went wrong.
Further reading:
Treasury MPs take on FSA over Northern
Rock
Bankers sweat over sub-prime
accounting