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Bundesbanker expects Basel III to take effect in mid-2013: report

Andreas Dombret says unrealistic to expect the Basel III rules to take effect on time in January

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An international agreement on bank capital rules known as Basel III may not be implemented until the middle of next year, Handelsblatt reported, citing a member of the German Bundesbank's board.

It is unrealistic to expect the Basel III rules, designed to make the global system more resilient in the aftermath of the financial crisis, to take effect on time in January, the newspaper quoted central banker Andreas Dombret as saying.

Dombret, in charge of financial stability on the board of the Frankfurt-based Bundesbank, said he was "very confident" that the United States would implement the new set of Basel rules, according to Handelsblatt.


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US lawmakers, Obama in last chance talks on 'fiscal cliff'

President Barack Obama and lawmakers are launching a last-chance round of budget talks days before a New Year's deadline to reach a deal or watch the ...

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