Banks – The United States to postpone the application of Basel III

The United States have postponed indefinitely Friday the beginning of effective implementation on their soil of international standards by strengthening the banking system, say “Basel III”, was planned so far for January 1.

The Central Bank justified this decision by the “concern” expressed by “many” banks “to be subject to a final regulations on January 1, 2013 capital without having sufficient time to understand it or change their system as should be”.

The authorities American had published in June, with delay, three draft guidelines designed to implement the provisions of Basel III, international agreement signed in September 2010 by the Basel Committee on banking supervision (BCBS), which brings together the key developed and emerging countries. ‘Having regard to the volume of comments received and the variety of opinions expressed during the period”provided for this purpose, the US authorities”provide none of the regulatory plan will be effective on January 1, 2013.”

The Fed pointed out that the United States were members of the BCBS and says that they “take [their] seriously commitments related to the implementation of Basel III calendar approved at the international level” and that they are working “also quickly as possible to complete the process of development of the regulations. She said however that the US authorities “take into account, as for any other settlement, practical or other considerations to determine the appropriate implementation dates and adequate transition periods’.

Basel III standards have been designed to strengthen the ability of the banks to deal with future crises. Under the terms of the agreement signed by the BCBS, their application must be introduced gradually, from 2013 to 2019.

Major US banks are to prevent or delay the implementation to the United States. Figure emblematic of this Sling, CEO. of JP Morgan Chase, Jamie Dimon, had qualified them in September 2011 to “phobias” and suggested that the United States withdraw from BCBS.

Europe

The negotiations to implement the new regulatory framework of the sector banking, known as Basel III, also took the delay in Europe, said Friday a European diplomat, hoping still to reach an agreement at the end of year. This topic will be in the program of the meeting Tuesday in Brussels of the European Ministers of Finance (Ecofin), which will make a point to step on the negotiations after a new discussion Monday between Parliament, the Council and the European Commission. «We had hoped that the meeting on Tuesday would be decisive, but [...]» There are many points to be decided in all delegations. It took a little late”, the European diplomat acknowledged. “This does not eliminate the possibility of reaching an agreement in December”, he added.

The 27 Governments are currently negotiating with the European Parliament on the framework of Basel III, aimed to strengthen the capacity of banks to future crises. These rules apply in Europe gradually between 2013 and 2019.

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