Germany sees lively G7 discussion on hedge funds

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BERLIN, Sept 28 (Reuters) Members of the Group of Seven (G7) industrialised nations will have an ''intensive discussion'' on hedge fund transparency when they meet next month in Washington, a German Finance Ministry spokesman said on Friday.

''There will be an intensive discussion on this subject in the entire G7 circle,'' ministry spokesman Torsten Albig told a regular news conference. However, he said Germany would not make any concrete proposal on the matter.

Albig added he expected the subject of hedge fund transparency to remain on the G7 agenda next year when Japan takes over the presidency of the group from Germany.

Germany has pressed hard this year for the adoption of a voluntary code of conduct by hedge funds. Finance Minister Peer Steinbrueck has said recent turmoil on financial markets has only served to underline the importance of this.

Some G7 countries like Britain and the United States have been measured in their reception of the German initiative, which has yet to produce any concrete results.

Albig said Germany believed consensus on the need to make progress on transparency had increased both within the G7 and industry. ''We're confident that we will see results on this in the medium term,'' he added.


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