Irish Say Some EU States Seek to Delay Basel III ImplementationJim Brunsden
A group of European Union nations are seeking to delay the bloc’s application of Basel bank capital rules beyond the start of 2014 on concerns that they need to more time to prepare, according to a document published on the EU’s website.
Ireland, which holds the rotating presidency of the EU, has said that it is targeting a Jan. 1, 2014, start date for the measures provided they can be published in the EU’s Official Journal by July 1.
“A number of delegations maintain their reservations and indicate that under any circumstances 12 months would be needed between publication in the Official Journal and the date of application/transposition,” according to the document, drawn up by the Irish presidency, and dated March 2. The document does not name the countries involved.
EU finance ministers are meeting today in Brussels to debate a draft deal on the rules reached last week between Ireland and lawmakers in the European Parliament. The measures, known as Basel III, would more than triple the core capital lenders must hold to protect themselves from losses.