MELBOURNE Nov 23 Australian banks will need a
small capital increase to meet Basel III global banking
regulations but should easily be able to meet the requirments,
the chief executive of Australia and New Zealand Banking Group
Ltd said on Friday.
The International Monetary Fund this week said the country's
"Big Four" banks - ANZ, National Australia Bank,
Commonwealth Bank of Australia and Westpac --
should be required to raise more reserves because the industry
is dominated by just a few companies.
"I don't think it will be a dramatic increase in the capital
charge, it will be half a percent or something like that," ANZ
CEO Mike Smith told a business audience. "It will be quite easy
to generate that."
The full Basel III rules are due to come into force in 2016.
(Reporting by Victoria Thieberger; Writing by Lincoln Feast;
Editing by Kim Coghill)