Nov. 30 (Bloomberg) -- The European Union hasn’t reached an agreement on leverage, liquidity and capital rules in its efforts to implement the Basel accords on global banking standards, according to a document prepared for a meeting of finance ministers next week.
“Intensive efforts” to reach political agreement will continue on the legislation on implementing the Basel rules, according to the document, which notes that debate has been “narrowed down to a limited number of key issues.” The paper, obtained by Bloomberg News, was prepared by Cyprus, which holds the EU’s rotating presidency.
EU officials have agreed on some provisions of the new law, such as reporting requirements for repurchase agreements, according to the document. Elements such as disclosures, treatment of covered bonds, small and medium-sized businesses and other risk-weighting issues also have been agreed on, the paper showed.
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