G-20 finalises tools for ending 'too big to fail' banks

London

GLOBAL regulators set out their "final tools" on Monday for ending the phenomenon of "too big to fail" banks, seeking to draw a line under a period of intensive rule making after a financial crisis that tarnished the sector and weighed heavily on taxpayers.

Mark Carney, chairman of the Financial Stability Board (FSB), which coordinates regulation across the Group of 20 economies (G-20) to plug gaps highlighted by the 2007-09 financial crisis, said many of the key reforms have been implemented decisively and promptly. "As a consequence, the financing capacity to the real economy is being rebuilt and significant retrenchment from international activity has been avoided," Mr Carney said in a letter to G-20 leaders ahead of their summit next week.