EU, US and Japan agree to undergo 'detailed' reviews of Basel III implementation

All member countries of the Basel Committee on Banking Supervision have committed to undergo an assessment of their implementation of the Basel III capital rules, with the results of the reviews ? to begin within the next three months ? to be published.

The reviews, agreed during a meeting in the Swiss city, will include examining how lenders value their assets.

Sir Mervyn King, the Bank of England Governor, who chairs the Committee's governing board, said "the focus on implementation represents a significant new direction".

It follows complaints that not all members were implementing the globally-agreed Basel III requirements. Concerns have been aired over recent months that the US was evading implementation of the new rules, leading other members to question why they should abide by them.

The group's governing board on Sunday said banks would be allowed to breach minimum Basel liquidity rules during financial crises, so that they can avoid cash-flow difficulties. The aim of the measure, known as a liquidity coverage ratio, is to make sure lenders hold enough easy-to-sell assets to survive a 30-day credit squeeze. It is set come into force in 2015.

Source: http://telegraph.feedsportal.com/c/32726/f/568699/s/1ba142df/l/0L0Stelegraph0O0Cfinance0Cnewsbysector0Cbanksandfinance0C90A0A12820CEU0EUS0Eand0EJapan0Eagree0Eto0Eundergo0Edetailed0Ereviews0Eof0EBasel0EIII0Eimplementation0Bhtml/story01.htm

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