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European Banking Federation Requests Postponement of Basel III in Europe

On 26 November, the European Banking Federation (EBF) published a letter sent to Michael Barnier, European Commissioner for Internal Market and Services, requesting the postponement of the introduction of Basel III within Europe until 1 January 2014.

The EBF letter was prompted by recent statements of US authorities to the effect that they would not implement Basel III with respect to US banks by the original 1 January 2013 deadline.  The EBF is concerned that this development would damage the competitiveness of EU banks which would be subject to capital requirements approximately 20% higher than US banks as a result.

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