25 June 2012

WSBI pleased with important role for financial inclusion after G20 summit

The World Savings Banks Institute is pleased with the key role that leaders at the recent G20 Summit in Los Cabos attributed to financial inclusion in the pursuit of economic growth. WSBI provides statements linked to Basel III and shadow banking.

WSBI welcomes the confirmation of the key role of the Global Partnership for Financial Inclusion, and stresses the importance of financial education and financial literacy as a key step towards financial inclusion.

In the field of financial stability and financial supervision, WSBI reiterates its calls for an implementation of Basel III that does not hamper bank lending to SMEs, one of the key activities of WSBI members and an important driver of the world economy. With regards to the Basel III framework and to the G-SIFIs agreement, WSBI urges the G20 to assess carefully the global implementation of the related rules, by ensuring a level playing field in order to avoid distortion of competition.

Concerning the Shadow Banking issue, WSBI supports the activities carried out by the FSB, the BCBS and the IOSCO, and considers that further steps should be taken in this field. Indeed it has to be ensured that, as the banking sector is henceforth strictly regulated, there is no further shift to the Shadow Banking area. At last, as the G20 post-crisis agenda comes to its end, WSBI advocates for adopting at international level a more proactive approach to favour the factors of growth and employment, by reflecting for instance on long-term investment.

 “The banking industry, and in particular the savings and retail banks, are paying tribute to the regulatory response to the financial crisis, but they have now to look towards the future and plan a more pro-active strategy to continue to serve efficiently their clients; the G20 can give an impetus at international level in this regard", said Chris De Noose, WSBI Managing Director.

Press release

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