Wednesday, May 24, 2017
Close  
business /
  • share this

US not ready for Basel III bank rules—Treasury

/ 01:50 AM November 10, 2012

US Treasury Secretary Tim Geithner AFP PHOTO/JEWEL SAMAD

WASHINGTON—The US Treasury announced Friday that it would not implement the Basel III rules for strengthening banks on January 1, saying the banks were not yet ready to meet the tougher capital standards.

“Many industry participants have expressed concern that they may be subject to a final regulatory capital rule on January 1, 2013, without sufficient time to understand the rule or to make necessary systems changes,” the Treasury said.

ADVERTISEMENT

Subscribe to INQUIRER PLUS to get access to The Philippine Daily Inquirer & other 70+ titles, share up to 5 gadgets, listen to the news, download as early as 4am & share articles on social media. Call 896 6000.

TAGS: Banking, Basel III, economy, Finance, regulate, US
For feedback, complaints, or inquiries, contact us.




© Copyright 1997-2016 INQUIRER.net | All Rights Reserved