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U.S. banks must show they are on track for Basel despite rule delays, global stability board says

Dec 03 2012 Douwe Miedema, Reuters

The largest U.S. banks must show they are on track to meet tight new capital rules despite the fact the United States has delayed the rules, a G20 group monitoring an overhaul of the global financial system said. The banks must show "an ability to maintain no less than steady progress toward full compliance with the Basel III requirements," the Financial Stability Board (FSB) said in an emailed statement on Friday. U.S. regulators this month delayed the introduction of the Basel III rules - which aim to bolster banks' defences against devastating crises such as the one in 2008 - beyond January, and Europe is expected to follow suit. The delays have triggered fears among financial leaders the capital accord could be derailed completely. "In the U.S., the relevant agencies take very seriously their commitments ... regarding the implementation of Basel III and are working to conclude the rule making process as expeditiously as possible," the FSB said. The 19 largest U.S. banks

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