US Basel delay puts heat on Europe

Author: Danielle Myles | Published: 20 Nov 2012

Lawyers on both sides of the Atlantic have dismissed speculation that the US Basel III delay gives its banks a competitive advantage over their European counterparts.

But maintaining a level playing field is largely down to similar delays expected in the European Union (EU) – despite Internal Market Commissioner Michel Barnier insisting that the January 2013 timeframe must be met.

US bank regulators’ November 9 statement that their proposed Basel III rules will not become effective on January 1 sparked concern of damage to European banks’ competitiveness....