Financial Regulatory Forum

Myners: living wills

    LONDON, Dec 16 (Reuters) – Britain is aware of the rising cost of greater regulation for financial firms and will strike “the right balance” between cost and benefit of reform, Treasury minister Paul Myners said on Wednesday.
   Myners on Wednesday launched a consultation document on disaster recovery plans that investment banks should follow to ensure orderly wind-ups in any future crises. [ID:nLDE5BE2C5]
   Speaking at the London offices of Thomson Reuters he said: “These measures involve costs, either directly or indirectly, and these costs will accumulate.
   “On this concern I can assure you that the government is very alive to this risk and committed to ensuring that the totality of reform is proportionate and that the costs and benefits are carefully weighed. The consultation we are launching today will direct us toward conclusions that strike the right balance,” he said.
   (Reporting by Steve Slater and Clara Ferreira-Marques) ((steve.slater@reuters.com; +44 207 542 4367; Reuters Messaging: steve.slater.reuters.com@reuters.net))
 Keywords: BRITAIN BANKS/WILLS 
  
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 Wednesday, 16 December 2009 09:11:46RTRS [nWLA0882] {EN}ENDS