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Banks to miss start date for Basel III rules
AN international banking supervisor has warned that some countries will miss a January deadline to implement tough new capital and liquidity rules for their banking sector.
“It is clear that not all jurisdictions will be ready in time,” said Stefan Ingves, chairman of the Basel Committee for Banking Supervision yesterday, as the group released its latest progress report on the so-called Basel III rules, due to be phased in from January 2013.
But Ingves, who is also head of Sweden’s central bank, said the group was seeing “continuing signs of progress”.
The new rules triple the amount of core capital that banks should hold against losses, as well as requiring banks to build up their buffers of highly liquid assets.