Prudential Regulatory Authority News
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U.K. Chancellor of the Exchequer George Osborne said stability and confidence have returned to the global economy but Group of Seven finance ministers have “much more to do.”
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Austerity policies designed to shrink the size of government budgets are holding back growth in Europe, said Mike Smith, Australia & New Zealand Banking Group Ltd.’s chief executive officer.
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Chancellor of the Exchequer George Osborne will today hail the “resetting” of the U.K.’s financial services regulatory system with a new banking agency with greater powers to replace an “old failed regime” overseen by the Financial Services Authority.
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A lack of suitable Australian infrastructure for sale is encouraging the country’s pension funds to invest in foreign assets, including in China and Europe, according to an association representing the funds.
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The U.S. Securities and Exchange Commission will force state and local government bond underwriters to disclose more information about donations to election campaigns supporting new debt sales.
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Australian home prices will see a modest improvement as consumers remain conservative about their level of indebtedness, Westpac Banking Corp. and National Australia Bank Ltd. forecast.
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Treasurer Wayne Swan announced plans to curb tax concessions for wealthy Australians saving for their retirement amid government efforts to plug a budget deficit and make the A$1.5 trillion ($1.6 trillion) pension system more sustainable.
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Libor ignored the crisis in Cyprus that’s roiling financial markets, showing the global benchmark for $300 trillion of securities remains divorced from reality six months after regulators laid out a plan to fix it.
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Banks in the U.K. don’t need to be afraid of the new finance regulator, its chief executive officer said today, reversing the mantra of the previous top official at Britain’s financial-oversight agency.
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Andrew Bailey will become deputy governor for prudential regulation at the Bank of England as the central bank prepares for its new role as Britain’s financial regulator.
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