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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Photos Full Coverage Sitemap Central bankers reach deal on new bank regulations AFP - 1 hour 48 minutes ago Send IM Story Print ZURICH (AFP) - – Banks will be required to lift their reserves substantially under "landmark" new rules drawn up Sunday by central bankers and regulators seeking to prevent a repeat of the recent financial crisis. The new regulations, called Basel III, would force banks to more than triple their current reserves and would be phased in from 2013, said a statement issued by the Bank for International Settlements. "The agreements reached today are a fundamental strengthening of the global capital standards," said European Central Bank chief Jean-Claude Trichet, who chairs the group of regulators at the meeting in northern Switzerland. "Their contribution to long-term financial stability and growth will be substantial. The transition arrangements will enable banks to meet the new standards while supporting the economic recovery," he added. Under the new rules to be phased in from 2013, banks would be required to hold more reserves by January 1, 2015, with the so-called core Tier 1 capital raised to 4.5 percent from 2.0 percent at the moment. In addition, banks would be required by January 1, 2019 to set aside an additional buffer of 2.5 percent to "withstand future periods of stress", bringing the total core reserves required to 7.0 percent. This additional reserve "help to ensure that banks maintain a buffer of capital that can be used to absorb losses during periods of financial and economic stress", said regulators. They added that this tool would go towards stopping banks from issuing "discretionary bonuses and high dividends, even in the face of deteriorating capital positions". Certain assets would also no longer be considered as appropriate reserves, and would have to be replaced by better quality assets beginning 2013. Big banks of systemic importance can expect to see further curbs, as regulators also noted in their statement that they "should have loss absorbing capacity beyond the standards announced today and work continues on this issue". "The combination of a much stronger definition of capital, higher minimum requirements and the introduction of new capital buffers will ensure that banks are better able to withstand periods of economic and financial stress, therefore supporting economic growth," said Nout Wellink, who heads the Dutch central bank. The set of new regulations would be submitted for ratification at a meeting of Group of 20 major developed and developing nations in South Korea in November. Banks have been campaigning in recent weeks against what they describe as over-regulation, warning that it could kill off nascent growth in the economy. German banks have been particularly vocal in raising their fears over the past week, but the head of the German central bank Axel Weber said there was sufficient time for banks to adjust to the new rules. "The gradual transition phase will allow all banks to meet the requirements," said Weber. "Even the particular nature of German financial institutions ... have been correctly taken into account," he added. Switzerland's top central banker Philipp Hildebrand said "todays landmark agreement sets a much needed new global regulatory minimum standard for banks" but warned that the package "does not yet comprehensively address the 'too big to fail' problem". "Further efforts will be required in that area at the international and at the national level," said Hildebrand. 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