US not ready for Basel III bank rules—Treasury

AFP

1:50 am | Saturday, November 10th, 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.

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Tags: Banking , Basel III , economy , Finance , regulate , US

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