Global regulators 'to consider Basel III amendments'

13 March 2013

Global regulators are considering the possibility of simplifying the incoming Basel III regulations following protestations from several institutions around the world, it has emerged.

Stefan Ingves, chairman of the Basel Committee on Banking Supervision, has indicated that the body is listening to complaints from the likes of the Bank of England and the Federal Deposit Insurance Corporation that the rules are too complicated to be effective.

During a speech delivered in Basel yesterday (12 March), Mr Ingves admitted a "vigorous debate" has emerged among officials as to whether the regulations are balanced enough to ensure that the banking system is made safer while also being realistically applicable.

The official noted that the Basel Committee will discuss this matter when it meets today, adding that it is still "too early" to say how the panel will "take this work forward".

While admitting the group will look into the possibility of changing some aspects of the rules, Mr Ingves insisted this does not provide any excuse for the implementation of Basel III to be delayed.

By Gary Cooper

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