By www.CentralBankNews.info Nearly all major countries will be implementing new, stricter global banking rules by the end of 2013 even if some countries will not meet the deadline of January 1, the Basel Committee on Banking Supervision (BCBS) said.
Following a two-day meeting of global banking supervisors in Basel, Switzerland, it’s chairman Stefan Ingves said 11 jurisdictions had now published final Basel III banking regulations that take effect on January 1, 2013 and seven other jurisdictions had issued draft regulations and indicated they are working towards issuing final versions as quickly as possible. Turkey will issue draft regulations early next year.
“While some jurisdictions have not been able to meet the planned start date, a large number will be ready to begin introducing the new capital requirements as planned on 1 January 2013,” Ingves said in a statement.
During 2013 the remaining jurisdictions will incorporate all remaining deadlines in their regulations in line with the original agreement, even if they didn’t meet the January 1 deadline, he said, adding:
“Hence, by the end of 2013, almost all Basel Committee jurisdictions will be implementing Basel III in accordance with the agreed timetable. This is an absolutely critical step towards strengthening the resilience of the global banking system,” he added.
