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Uk Says Its Local Banking Rules Eased For All, Not Just Chinese

Former British Prime Minister Tony Blair speaks during a panel discussion with Ritu Sharma, (not seen) Co-Founder and President of Women Thrive Worldwide, and Howard G. Buffett, Chairman and CEO of the Howard G. Buffett Foundation Thursday, Oct. 17, 2013 in Des Moines, Iowa. Blair is partnering with Howard Buffett and the World Food Prize Foundation to send young entrepreneurs to Africa to work on hunger and poverty issues. Photo: Scott Morgan, AP Former British Prime Minister Tony Blair speaks during a panel… Former British Prime Minister Tony Blair speaks during a panel discussion with Ritu Sharma, Co-Founder and President of Women Thrive Worldwide, and Howard G. Buffett, Chairman and CEO of the Howard G. Buffett Foundation Thursday, Oct. 17, 2013 in Des Moines, Iowa. Blair is partnering with Howard Buffett and the World Food Prize Foundation to send young entrepreneurs to Africa to work on hunger and poverty issues. Photo: Scott Morgan, AP Former British Prime Minister Tony Blair speaks during a panel… Former British Prime Minister Tony Blair speaks during a panel discussion with Ritu Sharma, (not seen) Co-Founder and President of Women Thrive Worldwide, and Howard G.

“Earlier this week it was announced that the PRA will be prepared to see Chinese banks open branches here … it should be clear that this is not a special arrangement for China, rather it is part of a broader policy,” Bailey told a British Bankers’ Association conference on Thursday. Bailey said branches would only be allowed if the PRA had clear and credible assurances from the parents of banks and from their home regulator. “This is not a free for all,” he said. “Our stance is sensibly cautious, but not I think restrictive … And let me reiterate that it is a general policy, not a China policy, and it is consistent with promoting the benefits of an open world economy.” In the last five years Britain has required most overseas banks to set up their UK operations as subsidiaries rather than branches, thereby providing greater protection for depositors and taxpayers. Branches are treated as extensions of the overseas bank, leaving the British regulator with limited control over capital and liquidity. According to media reports Chinese banks have complained the rules made it hard to operate in Britain, prompting them to move much of their business to Luxembourg. But in announcing an easing of the rules Osborne was met with accusations that he was being softer on Chinese banks, and going against the trend of requiring tougher rules on capital adequacy and against money laundering. A senior UK lawmaker on Wednesday called on the PRA to show it had not been put under pressure by the government. Following Thursday’s clarification from the PRA several bankers welcomed the shift in policy as a boost for London’s financial industry. “I think it’s good,” said Jeremy Bennett, chief executive in Europe for Japanese bank Nomura.