A key meeting to sign off on impending changes to banking capital rules has been postponed, after it was revealed today that more time was needed to iron out the final details.
The Group of Central Bank Governors and Heads of Supervision (GHOS), the organisation responsible for the oversight of the Basel Committee on Banking Supervision, had been due to meet to discuss the Basel III reforms later this week.
"The committee will keep working to finalise its reforms aimed at fixing shortcomings highlighted by the financial crisis to make banks safer and more resilient," remarked Stefan Ingves, chairman of the Basel Committee and governor of Sveriges Riksbank.
Mario Draghi, chairman of the GHOS and president of the European Central Bank, added: "Completing Basel III is an important step towards restoring confidence in banks' risk-weighted capital ratios, and we remain committed to that goal."
The delay means the final agreement on the Basel III reforms, intended to make it trickier for banks to dodge capital requirements, is now unlikely to happen before Donald Trump is in the White House. The President-elect's inauguration is due to take place on 20 January.
A Santiago Basel Committee meeting on capital rules, which took place across two days last November, also failed to result in a deal being drawn, which would ideally put an end to variations on what capital lenders are required to hold in different jurisdictions.
The Trump administration could lead to further complications for those trying to harmonise banking regulation. The incoming President has already said he intends to pull apart the Dodd-Frank rules.