SNP Treasury Spokesman and Member of the Treasury Select Committee, Stewart Hosie MP, has welcomed the announcement that banks across the world have agreed new capital reserve rules to ensure the financial instability witnessed over recent years is not repeated. 

 

Commenting, Mr Hosie said:

 

“This is an important next step in rebuilding confidence in the banking system. 

 

“Any regulation on this scale will require time to put in place but I do have concerns that these rules will not be in place until 2019. Given the tumultuous years the banking sector has come through, there may well be shocks over the next 10 years. 

 

“Questions do remain over how balance will be ensured across the world and I await the details of this plan with interest. It is essentiual there is a coordination of the implementation of these new rules to avoid short term distortion of competition in international banking."