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Don't delay new bank rules too long, Asia urges Europe

Nov 27 2012 Rachel Armstrong and John O'Donnell

Asian financial leaders warned Europe on Tuesday to limit any delay in stricter banking rules to months not years amid fears the United States' decision to shelve the controversial new global regime could derail it completely. Europe is preparing to follow the United States in postponing the introduction of the Basel III reforms, EU sources told Reuters, and the delay could last six months or even longer if diplomats and lawmakers fail to break the deadlock. "The fact is that the U.S. and euro zone are the most important regions where Basel III should have been implemented," Anand Sinha, deputy governor of the Reserve Bank of India, told the 3rd Thomson Reuters Pan-Asian regulatory summit in Hong Kong. "It would have been very helpful, even if there is a delay, if the U.S. and euro zone could have indicated a definite timeline, that is not there." The global accord hatched by central bankers and regulators following the financial crisis demands that lenders set aside more

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