Downing Street Says » Global Banks Meeting

» Tuesday, March 24, 2009

Global Banks Meeting

Asked for a readout of the meeting with chief executives of global banks, the Prime Minister s Spokesman (PMS) said that ahead of the G20 Summit and following on from the G20 Finance Ministers meeting there was clear agreement about the importance of supporting the global economy, restoring lending by dealing head on with troubled assets and rejecting protectionism. The main themes at the meeting were the importance of supporting the global economy through concerted stimulus both through fiscal and monetary policy, by reacting rapidly to restore lending, including by dealing with troubled bank assets and by urgently increasing the resources of the International Monetary Fund (IMF).

The second theme was rejecting protectionism and the third was reforming regulatory systems across the globe, including the development of macro prudential oversight for all systemically important financial institutions.

Finally, ensuring that financial firms governance structures risk management and compensation policies supported financial stability. As part of the discussion Lord Turner highlighted the recommendations from his recent report into the reform of banking regulation and supervision.

Asked if there had been a discussion about remuneration or bankers bonuses, the PMS said that that came under the final theme, which was financial firms governance structures, risk management and compensation policies. That was broadly in line with the emphasis that the Prime Minister had been putting on remuneration, which should support long-term growth rather than short-term risk taking.

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