November 12, 2012 / 11:01 AM / in 5 years

Buba board member-crucial Basel III implemented globally

FRANKFURT, Nov 12 (Reuters) - The new banking regulations which see higher capital buffers for banks have to be put into force globally to ensure their success, Bundesbank board member Andreas Dombret said on Monday, adding he believes the United States will play along.

U.S. banking regulators do not expect proposed rules requiring financial institutions to hold more capital to take effect on Jan. 1, as regulators work through a flood of industry comments on the proposals.

Regulators have received more than 2,000 comment letters since the rules were proposed in June to implement the international agreement on bank capital known as Basel III.

The agreement is considered one of the most critical reform efforts to make sure the global banking system is more resilient in the aftermath of the 2007-2009 financial crisis.

“I am still confident that the United States will participate in Basel III, I have not received any indications of anything else,” Dombret told a news conference, and added it was indispensable that it comes into force globally to ensure a level playing field.

Reporting by Andreas Framke, writing by Sakari Suoninen

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