Risk: EU’s Basel III delay invites all to play for time

For months, European Central Bank regulators have been warning European Union lawmakers against deviating from the internationally agreed 2023 kick-off date for Basel III reforms.

In May, Andrea Enria, chair of the ECB’s supervisory board, said he and colleagues did not see “any benefits in further delays” than the one-year pushback already granted in the aftermath of the Covid-19 outbreak. In September, fellow board member Elizabeth McCaul warned the reforms’ “effectiveness relies on the commitment of all signatories to faithful and timely implementation in their jurisdictions”.

Despite the admonishments, the European Commission (EC) has now said it will delay their implementation by two more years. Under draft proposals unveiled on October 27, phase-in of the package won’t begin until 2025 – surely much to Berlaymont lobbyists’ delight.

The full article is available at https://www.risk.net/our-take/7897626/eus-basel-iii-delay-invites-all-to-play-for-time

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