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At the G20 summit recently held in Cannes, the participants have made a list of banks important for the global financial system. Nordea has become one of them.
The list comprises 29 banks whose operations are of system significance to the global financial market. These banks will face tougher capital ratios and stricter control from the regulators. However, maintaining the stability of these credit organizations is declared to be the top priority and in case of any crisis they will be the first eligible for support.
The list was made by the Financial Stability Council, an international organization responsible for monitoring the global financial system and giving recommendations for its improvement. The Council members are G20 representatives.
Nordea Group started preparing for the introduction of tougher regulatory standards Basel III in advance. Now the Group’s capital adequacy ratio is 9.2%, which is even higher than that required by Basel III coming into effect as from 1 January 2013.