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Tuesday, October 23, 2012

BAFT-IFSA: Basel III Proposals Would Harm International Trade

The federal banking agencies should revise their Basel III proposals to minimize the harm posed to international commerce and trade-finance availability, BAFT-IFSA, an ABA subsidiary, said yesterday in a comment letter. BAFT-IFSA President and CEO Tod Burwell stated:
Certain recommendations in the proposed rulemakings, and the wider Basel framework, could result in reduced trade flows at a time when they are essential to support economic and job growth.
Burwell pointed to two aspects of the proposed rules that would adversely affect international trade financing: the inclusion of off-balance sheet exposures in the calculation of the supplementary leverage ratio, and the calculation of the asset value correlation.

Burwell also emphasized the need for further clarity on the waiver of the one-year maturity floor for trade-finance assets.

Read more.
Read the comment letter.

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