Nout Wellink, president of the Dutch central bank and chairman of the Basel Committee on Banking Supervision, downplayed bankers' concerns about the Basel III rules. "Bankers are complaining, saying it's costly and has unintended consequences," said Wellink, who is also a member of the European Central Bank Governing Council. "And, what I'm saying to them is, what you have done in the past is extremely costly, and when you talk about unintended consequences, these consequences are intended, most of them. We want you to change your business model."
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