The improvement of the financial regulation is at the heart of the Summit of the heads of State. In case of disagreement on other more political topics, it could even be lifeline figure. This ambition, made indispensable by the extent of the damage caused by the excesses of finance is not challenged by the banks. Behind the scenes, some leaders of the profession have recently made their contribution to the debate. This advocacy work culminated ten days ago. On 24 March, 14 large international bankers met in London on Gordon Brown. Among them, representatives of the emerging patterns of Bank of China, the Indian Icici, the Brazilian Itau and Standard Bank, but also some major bankers Western, including Baudouin Prot, the Director General of BNP Paribas.
Sensitive differences
On the question of the regulation itself, there is more taboo subject. The idea that treat the subject of non-regulated entities (rating agencies, "hedge funds"...) is no longer debate. Similarly, the improvement of monitoring of the market as a whole, to prevent systemic risk, and market of OTC in particular (for derivatives clearing house) is accepted. Standards, prudential and accounting, the time is also in the consensus, in particular to limit the cyclical nature of the current repository and think about a relaxation of the use of the "fair value". The creation of a so-called accounting provision intended to allow banks to become over time a mattress day "dynamic" also made its way. Just as the framework for the remuneration of the traders. "But these developments are meaningful only if the same rules are respected on Wall Street, London and continental Europe", says Baudouin Prot, being thus the spokesman of the French banks. Or sensitive differences remain between the large markets on the form that they must take. If the g-20 does not set a relatively strict framework, the risk is great that the harmonization of the regulatory framework remains dead letter.
Restoring confidence
Need to rethink the principles on which will be the finance in the future, some bankers believe it priority intensify measures to restore confidence always dotted currently in banks, of course, but in the markets. "Restoring the circuits of financing of the economy, to both ensure the proper functioning of the banking system and the restart of all segments of financial markets." "Normally, markets provide more than 30 of the funding in Europe and more than 50 in the United States", says Baudouin Prot. To restore confidence, the idea could be inter alia to establish "three months" a classification of large systemic institutions in three categories: healthy, necessary partial nationalization, complete nationalization. For markets, the solution may pass through a larger temporary intervention by central banks to provide liquidity products keys such as securitization or corporate bonds. With, in parallel, the creation of a "free accounting and prudential" regime, to encourage investors to return to these markets. Measures that may need to not remove too early. "It should not reintroduce too strict capital requirements until the economic crisis is overcome," warns Baudouin Prot.
Sign the profession began to switch in the post-crisis, some are already claiming that competition distortions induced by the Bank rescue plans are mitigated, through, for example, the sale by institutions with the help of significant subsidiaries off-market home.
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