New regulation 'will hinder lending'
Friday 13 January 2012
Delays and uncertainty over new financial regulations risk upending long-term investments such as new mining projects or international trade, the head of Barclays' investment bank has warned.
Jerry del Missier, co-chief executive of Barclays Capital and chairman of the Wall Street lobby group Sifma, said that banks were putting off decisions on where to focus their activity, and that this was dampening the ability of businesses to fund new projects.
Mr del Missier said uncertainty over the regulatory treatment of derivatives meant Barclays was more cautious on offering products used by corporations and their lenders to hedge currency and commodities price risk. "We don't know how to think about the risk and whether to commit to those risks, and that affects the availability of credit," he said.
The coming banking results season is expected to show the effects of a sharp downturn across Wall Street and the City of London.
Mr del Missier also attacked the US "Volcker rule", due to be implemented in July, which bans banks from trading with their own money, except in US government debt. The exemption for Treasuries risks making other countries' debt less attractive, and provoking tit-for-tat retaliation.
Is your name now 'banned' in Saudi Arabia?
Exclusive: World’s most pristine waters are polluted by US Navy human waste
Croatia's second city to close 'worst zoo in the world' after reports of 'nightmare' conditions and 'depressed' animals
Missing Malaysia Airlines Flight MH370: Did jetliner fly into area controlled by Taliban? Net widens after claims final satellite signal could have been sent from the ground
Missing Malaysia Airlines Flight MH370 Q&A by Simon Calder: How far could it have travelled? Who was responsible and what would their plans be? And how can a plane just vanish?
Katie Hopkins continues campaign to become Britain's most hated talking head with poorly timed Bob Crow tweet
Ukip and Nigel Farage on course for remarkable victory in European elections
No EU referendum under Labour: Ed Miliband to reveal that vote on membership is ‘unlikely’ in next Parliament if party wins power
Tony Benn was entirely ineffectual - and usually wrong
The rise of Ukip: Study warns Labour that Eurosceptic party's electoral base now 'more working class than any of the main parties'
Europeans have ‘got whiter’ due to natural selection in past 5,000 years, scientists say
- 1 Is your name now 'banned' in Saudi Arabia?
- 2 Gender-specific books demean all our children. So the Independent on Sunday will no longer review anything marketed to exclude either sex
- 3 Missing Malaysia Airlines Flight MH370 Q&A by Simon Calder: How far could it have travelled? Who was responsible and what would their plans be? And how can a plane just vanish?
- 4 California man Christopher Viatafa surrenders to police after googling own name and discovering himself listed as ‘most wanted’
- 5 'Missing Malaysia Airlines Flight MH370 plane found in Bermuda Triangle!' Viral Facebook links are profiting hackers
iJobs Money & Business
£35000 - £43000 per annum + Bonus and Benefits: Harrington Starr: A global lea...
£50000 - £60000 per annum: Harrington Starr: Linux Systems Administrator - UNI...
£32000 - £36000 per annum + generous benefits: Pro-Recruitment Group: * TAX * ...
£37000 - £40000 per annum + £20000 benefits package: Pro-Recruitment Group: **...