Banks Get One-Year Reprieve as G-20 Told to Wait for Measures
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The world’s largest banks won a reprieve of at least a year before facing extra measures that would force them to rein in risk as divisions within the Group of 20 nations delayed an agreement on such rules.
The Financial Stability Board, which brings together G-20 finance ministers, regulators and central banks, told leaders meeting in Seoul earlier today that steps to prevent the collapse of systemically important financial firms will be suggested by the end of 2011. The G-20 had asked for a proposal by the end of this year.