Citigroup Inc. Chief Executive Vikram Pandit offered up a scathing review Monday of Basel III, saying the new rules do nothing to reduce pro-cyclicality or to level the playing field among different countries and differently regulated financial institutions.
If adopted as currently drafted, the new standards would likely impede credit availability when, and where, it is most needed, and could shift business to shadow markets that fill a niche akin to the way mortgage brokers exploited regulatory convention prior to the housing bust, Pandit said.
Register or login for access to this item and much more
All Bank Investment Consultant content is archived after seven days.
Community members receive:
- All recent and archived articles
- Conference offers and updates
- A full menu of enewsletter options
- Web seminars, white papers, ebooks
Already have an account? Log In
Don't have an account? Register for Free Unlimited Access