April, 09, 2010

A report says the bosses of Canada's six big banks are fighting a crusade against tougher global rules to govern the financial sector.The Globe and Mail reports the chief executive officers of the country's biggest banks are worried that reforms to the global banking industry are being hammered out in haste.They're reportedly concerned that reforms could lead to punitive rules that harm their businesses.

The newspaper quotes Bank of Nova Scotia CEO Rick Waugh as saying regulators aren't interested in growth, they're interested in safety.Waugh says risk-free banking systems don't grow, which leads to economies that don't grow.Waugh plans to speak on the topic at the bank's annual meeting in St. John's today.The bank bosses cite one proposal that wouldn't give Canadian mortgages enough credit for being liquid assets and would require them to be backed by too much capital.

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