The US Federal Reserve on Tuesday previewed a scaled-down version of its proposed capital requirements for America's largest banks, after its original Basel III guidelines faced major opposition.
Under the new proposal, the eight biggest US banks, the so-called global systemically important banks – such as Goldman Sachs, Bank of America and JP Morgan Chase – would need to increase their capital by 9 per cent to act as a buffer against financial shocks, compared to a 19 per cent increase under the earlier proposal.
Other large banks, that are not considered global systematically important, would have to increase their capital by between 3 per cent and 4 per cent.
Banks with assets of between $100 billion and $250 billion would be exempt from the mandates other than a requirement to recognised unrealised gains and losses.
“It is critical that banks have the capacity to continue lending to households and businesses through times of stress. Bank capital is a key component of this resilience,” Fed vice chairman for supervision Michael Barr said at the Brookings Institution in Washington.
The new proposal is part of the Basel III endgame accord, an international regulatory framework for banks first agreed on after the 2007-2008 global financial crisis. The UAE implemented the Basel III endgame in 2017.
The Fed, the Office of the Comptroller of the Currency and the Federal Deposit Insurance Corporation presented their initial proposal last year. It was criticised by myriad interests during the initial comment period.
The Financial Services Forum, a lobbying group for banks, said the Fed's 2023 proposal would mean higher borrowing costs and fewer loans for consumers and businesses. Others opposed to the rules said the move would hurt small businesses, homebuyers and minorities, while also harming energy projects and capital markets.
Wall Street also led a furious lobbying campaign against the proposals, flooding TV airtime with adverts attacking the proposed changes. Chief executives of the eight largest US banks also testified before Congress in December 2023 to challenge the reforms.
Following the criticism, Mr Barr and Fed Chairman Jerome Powell said there would be “broad and material” changes to the proposal. Mr Powell also attended a closed-door meeting with a group of banking executives in an effort to avoid a protracted legal battle over the proposal.
The US regulators' proposal has much stronger capital requirements than bank regulators in the EU. The Bank of England plans to publish its “near final” interpretation of the Basel III regulations on Thursday.
“The record of comments on the proposal includes a substantial amount of detailed and significant comments from a diverse range of industries – almost all of which express reservations about at least some aspects of the proposal,” Latham and Watkins said in a February report.
Mr Barr said the changes “reflect the feedback we have received from the public, improve the tiering of the proposal, and better reflect risks”.
He did not say when the Fed would officially put the new proposal forward. Banks would have one year to begin the implementation process once the rules are finalised. The original date was July 2025.
The complete changes to the proposal could be released as soon as September 19, Bloomberg reported.
COMPANY%20PROFILE
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How to wear a kandura
Dos
- Wear the right fabric for the right season and occasion
- Always ask for the dress code if you don’t know
- Wear a white kandura, white ghutra / shemagh (headwear) and black shoes for work
- Wear 100 per cent cotton under the kandura as most fabrics are polyester
Don’ts
- Wear hamdania for work, always wear a ghutra and agal
- Buy a kandura only based on how it feels; ask questions about the fabric and understand what you are buying
Afghanistan fixtures
- v Australia, today
- v Sri Lanka, Tuesday
- v New Zealand, Saturday,
- v South Africa, June 15
- v England, June 18
- v India, June 22
- v Bangladesh, June 24
- v Pakistan, June 29
- v West Indies, July 4
THE BIO:
Sabri Razouk, 74
Athlete and fitness trainer
Married, father of six
Favourite exercise: Bench press
Must-eat weekly meal: Steak with beans, carrots, broccoli, crust and corn
Power drink: A glass of yoghurt
Role model: Any good man
FIGHT%20CARD
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Thanksgiving meals to try
World Cut Steakhouse, Habtoor Palace Hotel, Dubai. On Thursday evening, head chef Diego Solis will be serving a high-end sounding four-course meal that features chestnut veloute with smoked duck breast, turkey roulade accompanied by winter vegetables and foie gras and pecan pie, cranberry compote and popcorn ice cream.
Jones the Grocer, various locations across the UAE. Jones’s take-home holiday menu delivers on the favourites: whole roast turkeys, an array of accompaniments (duck fat roast potatoes, sausages wrapped in beef bacon, honey-glazed parsnips and carrots) and more, as well as festive food platters, canapes and both apple and pumpkin pies.
Ruth’s Chris Steakhouse, The Address Hotel, Dubai. This New Orleans-style restaurant is keen to take the stress out of entertaining, so until December 25 you can order a full seasonal meal from its Takeaway Turkey Feast menu, which features turkey, homemade gravy and a selection of sides – think green beans with almond flakes, roasted Brussels sprouts, sweet potato casserole and bread stuffing – to pick up and eat at home.
The Mattar Farm Kitchen, Dubai. From now until Christmas, Hattem Mattar and his team will be producing game- changing smoked turkeys that you can enjoy at home over the festive period.
Nolu’s, The Galleria Mall, Maryah Island Abu Dhabi. With much of the menu focused on a California inspired “farm to table” approach (with Afghani influence), it only seems right that Nolu’s will be serving their take on the Thanksgiving spread, with a brunch at the Downtown location from 12pm to 4pm on Friday.
From Zero
Artist: Linkin Park
Label: Warner Records
Number of tracks: 11
Rating: 4/5
ONCE UPON A TIME IN GAZA
Starring: Nader Abd Alhay, Majd Eid, Ramzi Maqdisi
Directors: Tarzan and Arab Nasser
Rating: 4.5/5
The five pillars of Islam
UAE currency: the story behind the money in your pockets
Mohammed bin Zayed Majlis
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
UAE currency: the story behind the money in your pockets
Our family matters legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
T20 World Cup Qualifier
October 18 – November 2
Opening fixtures
Friday, October 18
ICC Academy: 10am, Scotland v Singapore, 2.10pm, Netherlands v Kenya
Zayed Cricket Stadium: 2.10pm, Hong Kong v Ireland, 7.30pm, Oman v UAE
UAE squad
Ahmed Raza (captain), Rohan Mustafa, Ashfaq Ahmed, Rameez Shahzad, Darius D’Silva, Mohammed Usman, Mohammed Boota, Zawar Farid, Ghulam Shabber, Junaid Siddique, Sultan Ahmed, Imran Haider, Waheed Ahmed, Chirag Suri, Zahoor Khan
Players out: Mohammed Naveed, Shaiman Anwar, Qadeer Ahmed
Players in: Junaid Siddique, Darius D’Silva, Waheed Ahmed
'Fantastic Beasts: The Secrets of Dumbledore'
Rating: 3/5
Directed by: David Yates
Starring: Mads Mikkelson, Eddie Redmayne, Ezra Miller, Jude Law
The Pope's itinerary
Sunday, February 3, 2019 - Rome to Abu Dhabi
1pm: departure by plane from Rome / Fiumicino to Abu Dhabi
10pm: arrival at Abu Dhabi Presidential Airport
Monday, February 4
12pm: welcome ceremony at the main entrance of the Presidential Palace
12.20pm: visit Abu Dhabi Crown Prince at Presidential Palace
5pm: private meeting with Muslim Council of Elders at Sheikh Zayed Grand Mosque
6.10pm: Inter-religious in the Founder's Memorial
Tuesday, February 5 - Abu Dhabi to Rome
9.15am: private visit to undisclosed cathedral
10.30am: public mass at Zayed Sports City – with a homily by Pope Francis
12.40pm: farewell at Abu Dhabi Presidential Airport
1pm: departure by plane to Rome
5pm: arrival at the Rome / Ciampino International Airport
