Britain says Basel bank rule delay will aid response to coronavirus

Britain says Basel bank rule delay will aid response to coronavirus

© Reuters. The spread of the coronavirus disease (COVID-19) in London

LONDON (Reuters) – Delaying remaining elements of new global bank capital rules for a year will give lenders in Britain time to focus on dealing with fallout from the coronavirus epidemic, the Bank of England and Britain’s finance ministry said on Thursday.

The Basel Committee of banking regulators from across the world agreed to the one-year delay to 2023 last week.

“This will provide operational capacity for banks and supervisors to respond to the immediate financial stability priorities from the impact of Covid-19,” the BoE’s Prudential (LON:) Regulation Authority (PRA) and finance ministry said in a joint statement.

The PRA and finance ministry said they were committed to the full, timely and consistent implementation of the new rules and “we will work together towards a UK implementation timetable that is consistent with the one year delay”.

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.

Latest Category Posts