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LONDON, March 2 (Reuters) - Global banking regulators said they have narrowed their differences over a suite of new capital rules for lenders and remain determined to finalise the work, but gave no timeline for when it would be done by.
The Basel Committee of banking supervisors from the world's leading financial centres had hoped to complete the new rules in January, but failed to agree on a key element known as the output floor.
The aim of the rules is to impose consistency in the way banks assess risks from loans and determine the size of their capital buffers. The floor is a type of backstop to ensure a minimum level of capital.
"While the finalisation of Basel III will take longer than originally expected, the Committee remains determined to reach agreement on the remaining elements, and recognises the importance of providing clarity and certainty to all market participants," the committee said in a statement at the end of a two-day meeting. (Reporting by Huw Jones; Editing by Rachel Armstrong)