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The European Banking Federation (EBF) welcomes the compromise agreed to by the Irish Presidency and the European Parliament with a view to eliminating the final obstacles to the adoption of the Basel III agreement into European law. Europe’s banks welcome the understanding this agreement will bring between co-legislators and agree that these rules will generally lead to a more robust banking sector as a whole. “Further delay would have been detrimental”, declared Guido Ravoet, EBF Chief Executive. “At least now, banks will know soon how much more capital they will need to hold, what quality that capital must have and the nature of the liquidity buffers they must build up”. Throughout the process, important adjustments to the Commission’s draft texts have been made, some aiming to help...
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