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By James Mackenzie WASHINGTON, Oct 12 (Reuters) - Accounting rules used to set a value on the assets held by banks need to be overhauled but it would be wrong to move during the financial crisis, European Central Bank governing council member Christian Noyer said. How to put a value on the complex array of structured credit products owned by banks has been one of the key issues at the heart of the turmoil sweeping global financial markets and there have been widespread calls for an overhaul of the rules. But in a paper published in the Bank of France's Financial Stability Review for October on Sunday, Noyer, who is also Governor of the Bank of France and head of the French Banking Commission, cautioned against rushing to issue new regulations. "Noting that valuation rules may not be optimal for all instruments in all market... [read full story]
