Business & Finance

Regulator lists 29 banks seen as key to global finance

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These institutions are seen as too big to fail -- if they were to collapse it would present a systemic risk to the whole global economy.

Regulators had agreed in 2010 on tougher rules, the so-called Basel III regulations, requiring all banks to strengthen their capital reserves by raising total core reserves to 7.0 percent from 2.0 percent at the moment.

In addition, regulators decided in 2011 to impose further rules on the world's biggest banks, by asking them to hold 1.0 to 2.5 percent more in core reserves, on top of the 7.0 percent required for all banks.

They are to be implemented by 2019, said the Financial Stability Board.

Regulators will update the list of major banks annually and will published the fresh list every November.

The 29 banks subject to additional restrictions are:

Bank of America

Bank of China

Bank of New York Mellon

Banque Populaire CdE

Barclays

BNP Paribas

Citigroup

Commerzbank

Credit Suisse

Deutsche Bank

Dexia

Goldman Sachs

Group Credit Agricole

HSBC

ING Bank

JP Morgan Chase

Lloyds Banking Group

Mitsubishi UFJ FG

Mizuho FG

Morgan Stanley

Nordea

Royal Bank of Scotland

Santander

Societe Generale

State Street

Sumitomo Mitsui FG

UBS

Unicredit Group

Wells Fargo

Copyright AFP (Agence France-Presse), 2010