Breaking News
Ad-Free Version. Upgrade your experience. Save up to 40% More details

Bank of England says COVID hitting timing of Basel bank capital rules

EconomySep 13, 2021 12:55PM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
2/2 © Reuters. FILE PHOTO: The Bank of England and the City of London financial district in London, Britain, November 5, 2020. REUTERS/John Sibley 2/2

(Adds BoE official's full name in fourth paragraph)

By Huw Jones

LONDON (Reuters) - Countries are facing "challenges" in rolling out final elements of tougher global bank capital rules and may need to coordinate on timing, a senior Bank of England official said on Monday.

The rollout of the rules known as Basel III began after the global financial crisis over a decade ago highlighted how banks were holding too little capital, forcing taxpayers to bail many of them out.

Banks, particularly in Europe, have been lobbying to ease the rules, saying they need to focus on helping economies recover from COVID 19.

"We should get on and do it and not wait for anything," BoE executive director for prudential supervision Victoria Saporta told an event held by the Institute of International Finance, a banking industry body.

Central bankers and banking regulators from the European Union called on the bloc last week to implement the remaining Basel rules in full and on time as it prepares to set out its proposals for implementing the rules.

The rules have already been delayed a year to January 2023 due to COVID.

Saporta said the BoE is "working hard" to set out how it wants to implement Basel III, but this may not be done by year end as hoped.

"Our work on Basel III has been delayed somewhat by our responses to the pandemic," Saporta said.

"We are finding that the package is challenging."

The BoE has to show it has taken account of how other jurisdictions also implement global rules like Basel, but the EU has yet to publish its own proposals.

"Our intelligence so far is that other major jurisdictions like the EU, the United States and others are also facing challenges in terms of the timing," Saporta said.

"We do think it would be ideal for the package to be implemented at a very similar time in the major jurisdictions, so we are very open to coordinating with others to do that," she added.

(This story adds BoE official's full name in fourth paragraph)

Bank of England says COVID hitting timing of Basel bank capital rules

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at’s discretion.

Write your thoughts here
Are you sure you want to delete this chart?
Post also to:
Replace the attached chart with a new chart ?
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
Comments (1)
Casino Crypt
CasinoCrypt Sep 13, 2021 9:21AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Translates as lets finish our pound paper printing run first before we start implementing rules.
Are you sure you want to delete this chart?
Replace the attached chart with a new chart ?
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Continue with Google
Sign up with Email