EU Said to Consider Delay in Basel Rules
The European Union may consider pushing back when lenders need to start phasing in tougher Basel bank-capital rules by as much as a year after warnings that pressing ahead with the original timetable may drive up costs, according to three people familiar with the talks.
EU lawmakers and officials, facing a Jan. 1 international deadline for incorporating the rules, held the latest in a series of meetings yesterday on how the bloc should implement the Basel measures, said the people, who asked not to be identified because the negotiations are private.
Representatives of Cyprus, which holds the rotating EU presidency, and legislators from the European Parliament, discussed whether the start date for phasing in the measures within the bloc could be delayed beyond the beginning of next year, said the people. Possible alternative dates might include July 1, 2013, or Jan. 1, 2014, one of the people said.