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Banking supervisors say Basel accord won't be derailed

Dec 17 2012 Huw Jones, Reuters

The failure of Europe and the United States to meet next month's deadline on tougher bank capital rules won't derail the global accord, regulators said after they themselves were unable to agree changes to one of the new rules. The Basel Committee on Banking Supervision concluded a two-day meeting on Friday saying 11 countries were ready to start phasing in its Basel III bank capital and liquidity rules. The committee is made up of nearly 30 countries but major financial centres like the European Union and United States are delaying the start of the world's main regulatory response to the 2007-09 financial crisis. The accord requires banks to triple their basic capital buffers in set stages over six years, with new mandatory liquidity reserves and a cap on balance sheets added from 2015. "It is expected that as remaining jurisdictions finalise their domestic regulations during 2013, they will incorporate all the remaining transitional deadlines in line with the original global

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