GUERNSEY’S financial regulator has yet to make any representations on proposals intended to make the global banking system less risky.

The deadline for industry responses to rules drawn up by the Basel Committee on Banking Supervision passed on Friday, but the Guernsey Financial Services Commission has said it will not respond until after it has completed a local quantitative impact study with the finance sector.

A spokesman for the banking division of the GFSC said missing the deadline would not mean its voice was not heard.

‘We have already written to the committee to say that we will be making a representation after the closing date.

‘In practice, the committee will be looking at responses through the summer and will be particularly open to the views of regulators.’

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