Basel Committee Postpones Completion of Basel III Capital Requirements

On Tuesday, January 2nd, the Group of Central Bank Governors and Heads of Supervision, which oversees the Basel Committee on Banking Supervision, postponed an upcoming meeting to consider reforms intended to finalize Basel III capital requirements.

According to a recent Financial Times article, the meeting has been delayed because key parts of the reforms are still not agreed. The committee works by consensus and has no formal enforcement powers against countries that fail to implement its reforms. A refrain throughout its history has been that "nothing is agreed until everything is agreed."

The group said that it plans to complete the final Basel rules "in the near future." "Completing Basel III is an important step towards restoring confidence in banks' risk-weighted capital ratios, and we remain committed to that goal," said Mario Draghi, Chairman of the GHOS and President of the European Central Bank.

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