December 11, 2012 / 2:55 PM / 5 years ago

Buba confident of Basel III intro soon, US commitment

FRANKFURT, Dec 11 (Reuters) - The Bundesbank expects the Basel III capital rules for banks to be introduced soon and is confident of the U.S. commitment to the new global standards that are aimed at improving banks’ ability to withstand financial shocks.

“I am confident that we’ll be able to introduce Basel III quickly in Europe, even if it won’t be on Jan. 1, 2013,” Bundesbank board member Andreas Dombret told Reuters.

Ten countries will be ready for that official start date, including major financial player Japan, Dombret pointed out.

The United States is also facing a delay in bringing in the new rules, as authorities there carefully review a raft of comments from the industry.

“I have the firm impression that the United States is taking its agreement to Basel III very seriously and is working to complete the process rapidly.”

“I think we’ll see progress also there in the first half of the year,” Dombret said. (Reporting by Jonathan Gould, Andreas Framke and Alexander Huebner)

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