LONDON – How rules are applied to banks and the calculation of their liquidity buffers should be reviewed following recent turmoil in the banking sector, Klaas Knot, chair of the G20’s Financial Stability Board said on Thursday.
The fallout from the collapse of Silicon Valley Bank, a U.S. bank that U.S. regulators did not deem to be “systemic” and therefore required to comply with more onerous liquidity rules, was felt in Europe.In Switzerland, the government forced a takeover of ailing Credit Suisse by UBS, rather than closing it down using “resolution” tools regulators introduced after the 2008 global financial crisis.
Knot, who also heads the Dutch central bank, said the FSB has begun evaluating how the U.S. and Swiss authorities responded to these events.
Source: Financial Digest (financialdigest.net)
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