Global regulators today published a list of the world's biggest banks, which will be required to meet additional capital rules in order to prevent a repetition of the 2008-2009 financial crisis.
These institutions are seen as too big to fail - if they were to collapse it would present a systemic risk to the whole global economy.
Regulators had agreed in 2010 on tougher rules, the so-called Basel III regulations, requiring all banks to strengthen their capital reserves by raising total core reserves to 7% from 2% at the moment.
In addition, regulators decided in 2011 to impose further rules on the world's biggest banks, by asking them to hold 1-2.5% more in core reserves, on top of the 7% required for all banks. They are to be implemented by 2019, said the Financial Stability Board.
Regulators will update the list of major banks annually and will published the fresh list every November. The 29 banks subject to additional restrictions are:
Bank of America, Bank of China, Bank of New York Mellon, Banque Populaire, Barclays, BNP Paribas, Citigroup, Commerzbank, Credit Suisse, Deutsche Bank, Dexia, Goldman Sachs, Group Credit Agricole, HSBC, ING Bank, JP Morgan Chase, Lloyds Banking Group, Mitsubishi UFJ FG, Mizuhu, Morgan Stanley, Nordea, Royal Bank of Scotland, Santander, Societe Generale, State Street, Sumitomo Mitsui, UBS, Unicredit Group and Wells Fargo.
Canadian to take over from Draghi at FBS
Canadian central bank chief Mark Carney will take over the helm of banking regulator the Financial Stability Board, German Chancellor Angela Merkel said today.
Carney will replace Mario Draghi, who recently took over as the new chief of the European Central Bank, Merkel said.
Switzerland's top central banker Philipp Hildebrand has also been appointed the FSB's vice-chairman, she added.
