Mario Draghi, head of the Financial Stability Board, said regulators have agreed that large, systemically important financial institutions need to hold more capital than required by Basel III. Such companies "need to have higher loss-absorption capacity ... than the minimum standards agreed by the Basel Committee [on Banking Supervision]," Draghi said. Leaders from the Group of 20 have directed the FSB to help prevent a repeat of the financial crisis. The FSB is poised to present the G-20 with a report at its summit in November in South Korea.
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