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Basel committee won’t delay 1 Jan rules implementation

Chief of Basel committee on banking supervision says a large number of jurisdictions have everything in place
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First Published: Wed, Nov 28 2012. 01 00 AM IST
Wayne Byres, head of the Basel committee on banking supervision at the BIS, said requests from the US and the European Union delaying the implementation of the rules were not on the agenda for the Basel committee’s December meeting. Photo: AFP
Wayne Byres, head of the Basel committee on banking supervision at the BIS, said requests from the US and the European Union delaying the implementation of the rules were not on the agenda for the Basel committee’s December meeting. Photo: AFP
Updated: Wed, Nov 28 2012. 01 19 AM IST
Abu Dhabi: The introduction of stricter capital rules for banks will go ahead as planned on 1 January, the head of the Basel committee at the Bank of International Settlements (BIS) told Reuters on Tuesday.
“A large number of jurisdictions have everything in place and are ready to go on 1 January 2013,” Wayne Byres, secretary-general of the Basel committee on banking supervision at the BIS, told Reuters on the sidelines of a financial sector conference in Abu Dhabi.
“We are persisting with the date and those not ready on 1 January can be ready thereafter.”
Byres added that requests from the US and the European Union delaying the implementation of the rules, the world’s regulatory response to the 2007-09 financial crisis, were not on the agenda for the Basel committee’s December meeting. Reuters
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First Published: Wed, Nov 28 2012. 01 00 AM IST
More Topics: Basel Committee | BIS | Wayne Byres | Banking |
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