Basel Committee upholds timeline for imposing liquidity rules‎

Related news Facebook LinkedIn Twitter Bitcoin should face tough capital rules, Basel Committee says How should banks allocate capital for crypto? Keywords Banking industry,  Basel Capital AccordCompanies Basel Committee on Banking Supervision James Langton The regulators reiterated that the central principle underlying the proposed LCR is to ensure that banks have a stable funding structure, and a stock of high-quality liquid assets that should be available to meet its liquidity needs in times of stress. “Once the LCR has been implemented, its 100% threshold will be a minimum requirement in normal times. But during a period of stress, banks would be expected to use their pool of liquid assets, thereby temporarily falling below the minimum requirement,” they note, adding that they have asked the Basel Committee to clarify the LCR rules to state explicitly that liquid assets accumulated in normal times are intended to be used in times of stress. It has also been asked for additional guidance on the circumstances that would justify the use of these assets. The GHOS also reaffirmed its commitment to introduce the LCR as a minimum standard in 2015, and it expressed support for the Basel Committee’s plans to finalize key aspects of the LCR. It directed the committee to finalize, and subsequently publish its recommendations in these areas by the end of 2012. “The aim of the Liquidity Coverage Ratio is to ensure that banks, in normal times, have a sound funding structure and hold sufficient liquid assets such that central banks are asked to perform only as lenders of last resort and not as lenders of first resort. While the Liquidity Coverage Ratio may represent a significant challenge for some banks, the benefits of a strong liquidity regime outweigh the associated implementation costs,” said GHOS chairman, and governor of the Bank of England, Mervyn King On the subject of implementing the new Basel regime generally, the GHOS also endorsed the Basel Committee’s approach to monitoring and reviewing implementation. The Committee intends to monitor, on an ongoing basis, the status of countries’ adoption of the Basel rules. It will review the compliance of national rules and regulations with the international minimum standards in order to identify differences that could raise prudential concerns, or worries about ensuring a level playing field. It will also review the measurement of risk-weighted assets to ensure consistency across banks and jurisdictions. Each Basel Committee member country has committed to undergo a detailed peer review of its implementation of all components of the Basel regulatory framework. And, it plans to publish the results of those assessments. The initial peer reviews are to assess implementation in the European Union, Japan and the U.S., and they will start in the first quarter of 2012. “The focus on implementation represents a significant new direction for the Basel Committee. The level of scrutiny and transparency applied to the manner in which countries implement the rules the Committee has developed and agreed will help ensure full, timely and consistent implementation of the international minimum requirements,” said King. “Raising the resilience of the global banking system, restoring and maintaining market confidence in regulatory ratios, and providing a level playing field will only be achieved through full, timely and consistent implementation,” stressed Stefan Ingves, chairman of the Basel Committee and governor of the Swedish Riksbank. Global banking regulators met over the weekend to contemplate proposed new liquidity requirements for global banks, and mechanisms to ensure the new minimum standards imposed by the Basel III capital regime are adopted equally by local regulators. The oversight body of the Basel Committee on Banking Supervision, known as the Group of Governors and Heads of Supervision, met to discuss the committee’s proposals for imposing a liquidity coverage ratio (LCR) on banks, and its strategy for assessing implementation of the Basel regulatory framework. OSFI seeks to step up sector’s cyber resilience Share this article and your comments with peers on social media read more

Union picketing JW Marriott hotel on Ocean Avenue

first_imgHomeNewsUnion picketing JW Marriott hotel on Ocean Avenue Jan. 30, 2018 at 6:00 amNewsUnion picketing JW Marriott hotel on Ocean AvenueKate Cagle3 years agocity of santa monicaCouncilmember Kevin McKeowndaily pressdowntown santa monicaNewsSanta Monicasanta monica daily presssanta monica newsunions The National Labor Relations Board has filed a complaint against J.W. Marriott Santa Monica Le Merigot Hotel on Ocean Avenue alleging management threatened employees, reduced their hours and reprimanded them for attempting to organize. According to the complaint obtained by the Daily Press, the hotel promised employees increased benefits and improved working conditions in October of 2016 if they refrained from organizing. The hotel allegedly pressured housekeepers to clean 15 rooms a shift and withheld holiday bonuses from eight employees who had engaged in union activity.The hotel’s manager, Columbia Sussex Management, LLC, has until Feb. 9 to respond to the complaint. The Daily Press contacted both Marriott hotels and Columbia Sussex for comment but did not hear back.Employees voted in November 2016 to join Unite Here Local 11, the union that represents thousands of hotel workers in Santa Monica and across the Los Angeles area. “We’ve been trying to negotiate with Columbia Sussex managers, but it’s hard to trust the process when they break the law,” said housekeeper and Union Committee member Filadelfia Alcala in a press release from Unite Here. “After we won the vote for the Union the managers started writing up and firing my coworkers. Now, many housekeepers who first pledged for the Union have been fired, forcibly transferred from their job, or written up.”On Monday, about six Le Merigot employees joined a 7:00 a.m. picket line of two dozen Unite Here members outside the beachfront hotel. The union is still negotiating a contract with the management. Spokesperson Danielle Wilson says they have not voted to strike or boycott but those options remain on the table.“The picket line is to inform guests and the community about the unfair labor practices that the NLRB is bringing against the hotel,” Wilson said. “They are not allowed to discourage being affiliated with a labor organization.Earlier this month, workers at the hotel filed claims with the California Labor Commissioner alleging thousands of dollars in lost wages and rest and meal break violations, according to Wilson. The press release from Unite Here included a statement from Santa Monica City Councilmember Kevin McKeown, who is running for reelection this year.“These are the workers whose difficult daily labor enables our thriving hospitality sector, and Santa Monica supports their right to fair, dignified working conditions,” McKeown said. “Both federal and state agencies have been notified of the workers’ struggle, and the employees of Le Merigot are likewise under Santa Monica’s protective wing.”Unite Here Local 11’s picketing tactics recently drew the attention of the Center for Union Facts, a Washington, D.C. based advocacy group founded by lawyer and former lobbyist Richard Berman. Earlier this month, the interest group launched eyeson11.com, where local residents complained about early morning bullhorns. Tourists have complained via travel websites like TripAdvisor about Unite Here picketing at Santa Monica hotels. [email protected] :city of santa monicaCouncilmember Kevin McKeowndaily pressdowntown santa monicaNewsSanta Monicasanta monica daily presssanta monica newsunionsshare on Facebookshare on Twitteradd a commentKate CagleSenior ReporterSenior reporter for the Santa Monica Daily Pressview all postsWhat’s The Point: Helping Haiti With A Humble HeartSanta Monica sees 12 percent spike in crimeYou Might Also LikeFeaturedNewsBobadilla rejects Santa Monica City Manager positionMatthew Hall10 hours agoNewsCouncil picks new City ManagerBrennon Dixson21 hours agoFeaturedNewsProtesting parents and Snapchat remain in disagreement over child protection policiesClara Harter21 hours agoFeaturedNewsDowntown grocery to become mixed use developmenteditor21 hours agoNewsBruised but unbowed, meme stock investors are back for moreAssociated Press21 hours agoNewsWedding boom is on in the US as vendors scramble to keep upAssociated Press21 hours agolast_img read more