SA opposes global bank bail-out levy.

SA is working with Canada, Australia and India to try to ensure that global proposals for tighter financial regulation can be tailored to individual countries’ circumstances — and do not undermine healthy banking systems. In particular, SA does not believe its banks should have to pay the levy that is now being proposed internationally to pay for bank bail-outs.

There is also concern about the consequences of new proposals on banks’ liquidity ratios in SA and some other emerging markets. SA’s banking system had proved relatively secure and its regulatory framework had worked well, as had those of Canada, Australia and India, and the new regulations should take that into account.

Britain has became one of the first countries to impose such a levy this week The US, Germany and France also plan to introduce a levy.

http://www.businessday.co.za/articles/Content.aspx?id=112652

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