February 6, 2017 / 11:34 AM / a year ago

Talks on banking regulation should create level playing field-German FinMin

BERLIN, Feb 6 (Reuters) - Negotiations on new regulations for banks known as Basel III should aim to create a level playing field in the financial industry instead of loosening oversight of the sector, a spokesman for the German finance ministry said on Monday.

Asked about U.S. President Donald Trump’s ordered reviews of major banking rules that were put in place after the 2008 financial crisis, spokesman Juerg Weissgerber said: “We will deal with concrete amendment proposals when we see them.”

He added that Finance Minister Wolfgang Schaeuble will discuss the issue with his new U.S. counterpart, nominee Treasury Secretary Steven Mnuchin, who still needs to be confirmed by the full Senate.

Responding to the same question, government spokesman Steffen Seibert said that the G20 group of industrialized countries remains the main platform for coordinating financial market regulations as well as taxation rules internationally. (Reporting by Gernot Heller; Writing by Joseph Nasr; Editing by Michael Nienaber)

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