Reuters: Regulatory News: BoE's Haldane says Basel bank rules may need rethink

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BoE's Haldane says Basel bank rules may need rethink Aug 31st 2012, 16:00 LONDON | Fri Aug 31, 2012 12:00pm EDT LONDON Aug 31 (Reuters) - The world's core regulatory response to the financial crisis may need a rethink as the rules, due to start coming into force next January, may be too complicated to work well, a top Bank of England official said on Friday. Andrew Haldane, the BoE's executive director for financial stability said "less may be more" when it comes to financial regulation, calling for a "de-layering" of the Basel III accord to focus more on simpler gauges of bank stability. The accord is a hard-won deal by world leaders to force banks to hold more capital from January so that taxpayers are less likely to have to bail out lenders in the next crisis. Haldane said it may not be up to the task. "The Tower of Basel is at risk of over-fitting -- and over-balancing. It may be time to rethink its architecture," Haldane said in a speech to central bankers meeting in the United States at Jackson Hole, Wyoming.

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