Bloomberg News

EU Lawmakers to Resume Basel Bank Talks Amid Call for Delay

August 24, 2012

European Union lawmakers and government officials will resume talks on Sept. 5 over how to apply Basel bank capital rules amid calls from lenders to delay implementing the measures, said Sharon Bowles, chairwoman of the European Parliament’s economic and monetary affairs committee.

Cyprus, which holds the rotating presidency of the EU, and members of the EU assembly are seeking a deal on the draft law ahead of an international deadline of January 2013.

Banks have urged a delay in applying the rules, saying the ongoing talks mean that they will have insufficient time to adapt their systems and internal procedures.

“We’re obviously going to have to have discussion about it,” Bowles said in an interview. “I’m not unsympathetic, I recognize the practicalities.”

Negotiators will begin a series of meetings on the legislation on Sept. 5, Bowles said.

The Basel Committee on Banking Supervision, which brings together regulators from 27 nations including the U.S., U.K. and China, agreed in 2010 that the measures should be phased starting Jan. 1 2013, with full implementation from 2019.

To contact the reporter on this story: Jim Brunsden in Brussels at jbrunsden@bloomberg.net

To contact the editor responsible for this story: Anthony Aarons at aaarons@bloomberg.net


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