Europe to suspend banks mark-to-market accounting

European leaders have agreed to seek measures to suspend so-called "mark-to-market" accountancy rules. According to an action plan released by the 15 leaders of the eurozone single-currency bloc, equities held by banks will no longer be recorded at their current values on the world's severely depressed markets. "Under the current exceptional circumstances, financial institutions should be allowed to value their assets consistently with risk of default assumptions rather than immediate market value which, in illiquid markets, may no longer be appropriate," the statement said.