(NEW YORK) — International financial regulators have lessened the first-ever rules on minimum quantities of cash and assets all banks are required to hold, the BBC reports.
The deal, drawn up by the Basel Committee on Banking Supervision, is an attempt to make banks less vulnerable to runs, the BBC says.
The new “liquidity coverage ratio” is set to start taking effect in 2015 and will be phased in fully over a four year period, according to the BBC.
Copyright 2012 ABC News Radio
John Newsome and Anne Woolsey, CNN