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Statoil ASA sold a tanker of Norwegian crude valued at about $63 million to BP Plc on May 9. The deal, along with six others so far this month, wasn’t subject to any oversight by financial authorities, yet would help establish the price for more than half the world’s oil.
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On the same day Cyprus’s parliament rejected a European Union bailout involving a tax on deposits, political leaders in the region reached a deal bringing the euro zone one step closer to a banking union.
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Banker bonus curbs backed by the rest of the European Union imperil efforts to make lenders more resilient in crises, the U.K. said in a new attack following Chancellor of the Exchequer George Osborne’s defeated bid to block the measures.
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The European Union will seek to give regulators the power to impose writedowns on senior unsecured creditors at failing banks as part of measures to prevent taxpayers from footing the bill for saving crisis-hit lenders.
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European banks turning to their governments to raise required capital could trigger a downward spiral of declining sovereign-debt prices and further losses for the lenders.
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The first Basel agreement on global banking regulation, adopted in 1988, was 30 pages long and relied on simple arithmetic. The latest update, known as Basel III, runs to 509 pages and includes 78 calculus equations.
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Banks should improve their defenses against losses caused by rogue traders, client fraud and other so-called operational risks, global regulators said.
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European Union governments and lawmakers agreed to create new banking, securities and insurance supervisors that will start work on Jan. 1, 2011.
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Capital standards designed to fortify the global financial system are eroding as European officials, beset by a debt crisis, rewrite the regulations and U.S. rulemaking stalls.
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Global regulators may trim their list of 29 too-big-to-fail banks earmarked for capital surcharges, according to two people familiar with the talks.
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