China won't postpone Basel III implementation -report
SHANGHAI Nov 13 (Reuters) - China will not postpone implementation of tougher global bank capital rules despite a delay in compliance by U.S. banks, the official Shanghai Securities News reported on Tuesday, citing unidentified sources.
The tougher rules, known as Basel III, are the Bank for International Settlement's regulatory response to the 2007-09 financial crisis and would force banks to triple the amount of basic capital they hold in a bid to avoid future taxpayer bailouts.
They are meant to be phased in from January 2013 but U.S. regulators have recently cast doubt on the time frame due to a flood of industry comments on the proposals.
China's 16 listed banks have all met capital requirements set out by Basel III, the newspaper said.
In addition, because there is a grace period of six years, and the government encourages lenders to use innovative ways to replenish capital, there will not be any big impact on the capital markets when China adopts tougher rules next year, the article said. (Reporting by Samuel Shen and Kazunori Takada; Editing by Eric Meijer)
- Atheists face death in 13 countries, global discrimination: study
- Missouri executes man for killing good Samaritan motorist in 1994
- Focus turns to Thai military, anti-government protesters tell them to pick sides |
- Google executives' planes saved millions in costs due to error - NASA
- Apple scores legal victory over Samsung in South Korea