G20 to discuss regulation of national systemically important banks in 2013

G20 will discuss regulation of national systemically important banks in 2013, Russian Finance Minister Anton Siluanov said after a meeting of G20 finance ministers and central bankers.

"This is the next step. We will discuss the issue this year at new meetings of finance ministers and central bankers," he said.

The first step to stricter financial market control is the elaboration of requirements to global systemically important banks, and regulation of national systemically important banks will come next, Siluanov said.

"Our actions are consistent; we are strengthening and building up the supervision over significant fiscal institutes first globally and then on local markets," the minister said.

The G20 has agreed to develop operational resolution plans for all global systemically important banks by late June.

"We ask the FSB [Financial Stability Board] to deliver by the time of the St Petersburg Summit an assessment of progress towards ending the problem of "too-big-to-fail," runs the Moscow meeting communique.

The Russian regulator has recommended local banks, in first turn, the biggest banks, to start drafting operational resolution plans for various scenarios. The recommendation was given in a Russian Central bank letter in late December 2012.

All rights reserved by Rossiyskaya Gazeta.

More exciting stories and videos on Russia Beyond's Facebook page

This website uses cookies. Click here to find out more.

Accept cookies