Brussels urged to ‘fine-tune’ Basel III rules

Members of the European Parliament have urged the European Commission to to 'fine-tune' the new Basel rules on bank capital, which were agreed internationally in September 2010, when applying them to EU institutions.

The Basel III framework was hammered out by the Basel Committee on Banking Supervision, the global rule-making body, and the new standards are seen as one of the most important regulatory reforms since the financial crisis.

They will be implemented in Europe via a legislative package known as 'CRD IV', which the European Commission will propose either later this year or early in 2011. That will require approval from both the EU’s 27 member states and the European Parliament.

ESO: Background information: Bankers poised for Basel III accord http://www.europeansources.info/record/bankers-poised-for-basel-iii-accord/

European Parliament: Press Release, 7.10.10: New Basel bank capital standards need fine-tuning, say MEPs http://www.europarl.europa.eu/en/pressroom/content/20101006IPR85262

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