Then there are global regulations for the financial sector, conjured up post-crisis, mainly the Basel III agreement.

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The ICB's other headline proposal is that large British banks should have to hold bigger buffers against losses than currently proposed under Basel 3, a new international agreement on minimum capital requirements.

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The European Union and the United States have taken some legislative action, followed by a broad agreement reached last month at the Basel Committee for Banking Supervision that should be finalized by the end of this year.

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