The American Empire in a Changing World


Saturday, November 10, 2012

''US not ready for Basel III bank rules'': Treasury

From AFP

''The US Treasury announced Friday that it would not implement the Basel III rules for strengthening banks on January 1, saying the banks were not yet ready to meet the tougher capital standards.

The delay comes as US banks have argued that the new capital rules will put them at a disadvantage to global competitors, especially from Europe.

"Many industry participants have expressed concern that they may be subject to a final regulatory capital rule on January 1, 2013, without sufficient time to understand the rule or to make necessary systems changes," the Treasury said.''

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