Banking Agencies Don’t Expect to Implement Basel Rules Jan. 1
U.S. banking regulators said today they don’t expect to finish implementing new capital rules known as Basel III on Jan. 1, 2013, the deadline set by the Basel Committee on Banking Supervision.
The delay came because “many industry participants have expressed concern” the rules would go into effect before they understood or were able to adapt to them, according to a release from the Federal Reserve, the Federal Deposit Insurance Corp. and the Office of the Comptroller of the Currency.
“In light of the volume of comments received and the wide range of views expressed during the comment period, the agencies do not expect that any of the proposed rules would become effective on January 1, 2013,” the agencies said.
The bank capital rules for the U.S., Europe and Japan were agreed to by the Basel Committee and were drawn up to prevent a repeat of the financial crisis that followed the 2008 collapse of Lehman Brothers Holdings Inc.
To contact the reporter on this story: Joshua Zumbrun in Washington at firstname.lastname@example.org
To contact the editor responsible for this story: Chris Wellisz at email@example.com