Kuwait- US, IMF welcome approval of Basel III

(MENAFN- Kuwait News Agency (KUNA)) WASHINGTON, Dec 8 (KUNA) -- The US and International Monetary Fund (IMF) both welcomed approval of Basel III, the long awaited banking rules that between opposing US and European views that aim to strengthen the regulation, supervision and risk of the banking sector.

US Treasury Secretary Steve Mnuchin said in a statement, "the reforms standardize the approach, improve the quality and consistency of bank capital requirements, and will help level the playing field for US firms and businesses operating internationally.

In a separate memo, IMF spokesperson Gerry Rice said, "The IMF welcomes the finalization of the Basel III reform package, which provides greater assurance that the key risks to which the banking system was exposed in the financial crisis are being suitably addressed, and urges national authorities to move swiftly to implement these reforms in a timely and consistent manner." (end) ak.mb

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