November 1, 2012 / 5:25 PM / in 5 years

Canada will push G20 for timely Basel III rules implementation

OTTAWA, Nov 1 (Reuters) - Canada will press for timely implementation of the Basel III rules on bank capital at a Nov. 4-5 meeting of finance ministers from the Group of 20 nations, a senior finance ministry official said on Thursday.

The official said it was imperative the rules on tighter global capital and liquidity be adopted according to the timeline that has already been agreed.

The Basel III rules are supposed to start coming into force worldwide at the start of 2013, but late agreement on many details means many banks are unprepared.

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