Financial Regulatory Forum

UK’s Brown sees growing support for bank levy

By Keith Weir

LONDON, Jan 25 (Reuters) – British Prime Minister Gordon Brown said on Monday he saw growing support for some form of international levy on banks to fund support for the industry.

A global transactions tax, floated by Brown at a meeting of the Group of 20 nations in Scotland in November, was on the agenda when Treasury Minister Paul Myners hosted officials from G7 finance ministries, the IMF, World Bank and the Financial Stability Board in London on Monday.

“As a result of the advancement by U.S. President (Barack) Obama and the financial secretary Tim Geithner about their levy on wholesale lending, I think the proposals that I made at St Andrews for an international levy … are now gaining currency around the world,” Brown told a news conference.

“I think you will probably see further moves to get an international agreement about some international levy to deal with the responsibility that banks owe to society,” he said.

The U.S. administration has opposed a tax on financial transactions but earlier this month U.S. President Barack Obama called for a fee to be levied on major U.S. financial institutions to recoup “every single dime” of the billions of dollars spent rescuing the financial sector.

China wants IMF to fix world monetary system, U.S. sees surveillance role

By Simon Rabinovitch and David Lawder
ISTANBUL, Oct 6 (Reuters) – The IMF needs to fix “intrinsic defects” in the world’s monetary system, China said on Tuesday as officials from around the globe wrestled with how best to ward off future financial crises.

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World Bank arm to work with private sector to buy toxic assets

Lars H. Thunell, Executive Vice-President and Chief Executive Officer, International Finance Corporation (IFC) attends a session at the World Economic Forum (WEF) in Davos January 28, 2009. (file photo) By Lesley Wroughton
ISTANBUL, Oct 3 (Reuters) – The head of the International Finance Corp said on Saturday that the group plans to work with private equity funds, debt servicing companies and major banks to soak up toxic assets held by banks in emerging markets.

The IFC, the World Bank’s private-sector lender, said this week it would contribute up to $1.5 billion toward a proposed $5 billion global scheme that would invest in or mobilize investment to buy up distressed assets.

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IMF, World Bank warn global cooperation may falter

World Bank Group President Robert Zoellick enters the room to give a speech about the political and economic impact of the global economic crisis, and its implications for development and globalization, in Washington September 28, 2009. Zoellick sounded a cautionary note about granting greater regulatory power to the U.S. Federal Reserve and said the Dollar's future will "depend heavily on U.S. choices," during a speech on Monday.   REUTERS/Molly Riley   (UNITED STATES POLITICS BUSINESS) By Lesley Wroughton
ISTANBUL, Oct 2 (Reuters) – The International Monetary Fund and the World Bank warned on Friday that the global economic recovery might falter if complacent policymakers lose their will to cooperate.

“The danger today is no longer, fortunately, one of a collapsing world economy,” World Bank President Robert Zoellick told a news conference. “The danger today is one of complacency.

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World Bank’s Zoellick says wary of more Fed power, sees more “options” to dollar

World Bank President Robert Zoellick addresses the media during a news conference at the Second Meeting of Finance Ministers of the Americas and the Caribbean at Vina del Mar July 3, 2009. REUTERS/Ivan Alvarado (CHILE BUSINESS) By Alister Bull
WASHINGTON, Sept 28 (Reuters) – The head of the World Bank on Monday sounded a cautionary note about granting greater regulatory power to the U.S. Federal Reserve and said the dollar’s future will “depend heavily on U.S. choices.”

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World policymakers urge banks to lend, express concern

                World Bank President Robert Zoellick                         By Laura Macinnia and Patricia Zengerle
  (GENEVA/SHINGTON, July 6 (Reuters) – World economic leaders called on commercial banks on Monday to step up lending to revive an economy pitched into recession by failure of the global financial system.  The World Bank, in a letter to Group of Eight nations due to meet this week, said interventions by central banks and governments appeared to have “broken the fall in the global economy,” but 2009 remained a dangerous year. 

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Finance ministers from Americas to meet on economic crisis

    By Rodrigo Martinez
   SANTIAGO (Reuters) – Finance ministers from the Americas and leaders from multilateral lenders will huddle in Chile on Friday to evaluate their responses thus far to the global economic crisis and figure out the way ahead.
   Chilean Finance Minister Andres Velasco told Reuters that turbulence has shown the International Monetary Fund and World Bank need more resources for the slump. (more…)

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