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Basel says new capital rules 'several years away' in practice
October 12, 2016 / 1:27 PM / in a year

Basel says new capital rules 'several years away' in practice

LONDON, Oct 12 (Reuters) - New bank capital rules now being finalised by global regulators will not be implemented for several years, an official responsible for writing them said on Wednesday.

The Basel Committee of banking regulators from nearly 30 countries has faced pushback from banks and European Union governments who fear the new rules will bump up capital requirements.

Basel Committee Secretary General William Coen said there have been no discussions yet on how the new rules would be phased in.

“We hope to publish final revisions early next year, but actual implementation of those rules, we are several years away,” Coen told the European Parliament.

The new rules are aimed at ending wide variations in how much capital banks set aside to cover risks from loans.

Reporting by Huw Jones, editing by Louise Heavens

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