LONDON (Reuters) – The Bank of England said on Friday it would delay the implementation of tougher global capital requirements for banks by one year until January 2027, after making the decision in agreement with Britain’s Treasury.
The statement on financial regulations Basel 3.1 was published by the BoE’s Prudential (LON:) Regulatory Authority (PRA).
“This allows more time for greater clarity on plans for its implementation in the United States,” the PRA said.
The standards were rejected by banks in the United States, which argued they would be too strict.
The PRA has previously delayed implementation of the rules.
The standards are written by the global Basel Committee, and member jurisdictions such as Britain, the United States and the European Union adapt them to their own national regulations.
