In a speech to the British Bankers Association
on 13 July, Royal Bank of Canada (RBC) CEO Gordon Nixon warned that
customers would foot the bill for banks’ higher costs of
capital.
Nixon questioned a number of reforms being
canvassed, such as the Basel 3 proposals and the Volcker rule in
the US, designed to minimise risk-taking.
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He argued that strong, local regulation is
more important and criticised proposed international regulations
which will punish all banks, including those such as RBC which have
escaped relatively unscathed from the global banking crisis.
“The costs of regulatory reforms will increase
the costs for consumers,” he said.
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