Latest news with #BankingRegulation
Reuters
22-07-2025
- Business
- Reuters
Bank of England's Bailey defends bank rules after Reeves attack
LONDON, July 22 (Reuters) - Bank of England Governor Andrew Bailey said on Tuesday he did not agree with finance minister Rachel Reeves' description of regulation as a "boot on the neck of businesses" and he defended rules for the banking sector which are overseen by the BoE. Bailey told lawmakers that the central bank was open to making changes to the detail of post-financial crisis financial regulation to help the government's economic growth push. But he favoured keeping rules on banks in areas such as ring-fencing - which separates consumer lending operations from more volatile investment banking - and said Britain was not imposing tougher regulation than elsewhere. "I do think that the ring-fencing regime is an important part of the structure of the banking system," he said, noting the rules made it easier to deal with troubled banks. Reeves last week promised "meaningful reform" of the ring-fencing rules, something sought by the leaders of several major lenders in Britain. Asked by a lawmaker about Reeves' describing regulation as a "boot on the neck" of businesses, Bailey said: "I don't use those terms. Let me say that ... it's not a term I use" before adding: "We can't compromise on basic financial stability. That would be my overall message." Bailey was speaking to the House of Commons' Treasury Committee alongside two other members of the BoE's Financial Policy Committee, Randall Kroszner and Carolyn Wilkins. Kroszner, a former U.S. Federal Reserve official, said he saw no specific clash at this stage between financial stability and the relaxation of regulations planned by Reeves. "But always the devil is in the detail," Kroszner said. Bailey also told the committee that a rise in British government borrowing costs - especially for long-dated bonds - was not out of line with increases in other countries. "We have seen steepening of yield curves going on now," Bailey told the Treasury Committee. "I think the important thing to say is that is a global phenomenon. It's not in any sense unique to this country. In fact, the pattern in this country is not in any sense out of line with what we've seen in other markets, and we've seen steeper increases in some other markets." Rising borrowing costs were being driven by concerns about the impact on global trade from tariff policy decisions and uncertainty about the scale of future public borrowing, he said. U.S. President Donald Trump has imposed tariffs on imports of many goods and has also won approval in Congress for tax cuts that are forecast to push up U.S. public debt.
Bloomberg
12-07-2025
- Business
- Bloomberg
Turkish Regulator Expands Scope of Retail Loan Restructuring
Turkey's banking regulator allowed more citizens to restructure debt as tight monetary policy hurts low-income households dependent on card spending. Retail credit card debt and consumer loans may be restructured with a period of as long as 48 months, the Banking Regulation and Supervision Agency said in a statement late Friday. Citizens who failed to make periodic payments toward their card debt and those unable to repay the principal or interest on consumer loans can benefit from debt restructuring. People who previously have restructured debt are also eligible, according to the statement.
Zawya
10-07-2025
- Business
- Zawya
CBUAE imposes a financial sanction of AED 3mln on a bank
Abu Dhabi: The Central Bank of the UAE (CBUAE) imposed a financial sanction on a bank of 3,000,000, pursuant to Article 14 of the Federal Decree Law No. (20) of 2018 on Anti-Money Laundering and Combating the Financing of Terrorism and Financing of Illegal Organisations and its amendments, and Article 137 of the Decretal Federal Law No. (14) of 2018 Regarding the Central Bank & Organisation of Financial Institutions and Activities and its amendments. The sanctions result from the CBUAE's examinations, which revealed the bank's failure to comply with the Central Bank instructions, which stipulated in the Decree Federal Law No. (20) of 2018 on Anti-money Laundering and Combating the Financing of Terrorism and Illegal Organisations and its amendments. The CBUAE, through its supervisory and regulatory mandates, works to ensure that all Banks and their staff, abide by the UAE laws, regulations and standards adopted by the CBUAE to safeguard the transparency and integrity of the banking sector and the UAE financial system.
