UK BANKS are more open and transparent than their foreign counterparts in almost all key areas of financial reporting, international agency the Financial Stability Board reported yesterday.
In vital measures across capital levels, liquidity calculations and risk management the UK is well ahead of rivals, the report said.
Banks across the world are implementing a series of proposals designed to keep investors and regulators better informed as to the lenders’ financial positions.
The scheme will also make it easier to compare institutions with each other.
But the UK has been more active in making the sector more transparent.
Britain’s banks had implemented 80 per cent of the task force’s recommendations by the end of 2012, with 100 per cent compliance expected by the end of 2013.
That compares with 50 per cent for banks across the world by the end of last year and 72 per cent expected by the end of this year.