CORRECTED-FSB to issue shadow bank rules by November -paper
(Corrects Carney's first name to Mark from Paul)
BERLIN, April 25 (Reuters) - The Financial Stability Board (FSB) will issue recommendations on regulating the shadow banking sector by November, and on how to curtail the influence of credit rating agencies by the end of the year, FSB Chairman Mark Carney told a German newspaper.
In an interview with the Frankfurter Allgemeine Zeitung published on Wednesday, Carney said the public sector, including central banks, had to play a leading role in analysing credit.
"Credit analysis capacity in the private sector is not as deep or as broadly spread as it should be, and it will take time to build that up. And we've got to provide the incentives for that to happen," said Carney, who is also governor of the Bank of Canada.
The FSB is the regulatory arm of the world's top economies represented at the G20.
Asked about new funding pledges by some of the world's major economies to the International Monetary Fund -- a step the U.S. and Canada did not participate in -- Carney said the government believed the IMF had sufficient resources given current risks.
"The Canadian government signalled that if that changed, if they felt the resources weren't adequate, then we'd be fully prepared to help address it."
(Reporting by Alexandra Hudson; Editing by David Hulmes)
- Thousands of Gaza civilians flee after Israeli warning |
- Three dead, two wounded in Pasadena, California shootings
- Teen survivor of Texas shootings says slain family members 'in much better place'
- Rape and murder of 13-year-old spark debate in junta-ruled Thailand
- Russia threatens Ukraine after shell crosses border