LONDON (Reuters) – The Bank of England said on Friday it would delay the implementation of tougher global bank capital requirements by one year until January 2027, having made the decision in consultation with Britain’s Treasury.
The statement on Basel 3.1 financial regulation was published by the BoE’s Prudential Regulation Authority (PRA).
“This allows more time for greater clarity to emerge about plans for its implementation in the United States,” the PRA said.
The standards have received pushback from banks in the United States, which have argued they would be too onerous.
The PRA had previously delayed implementation of the rules.
The standards were written by the global Basel Committee, and member jurisdictions such as Britain, the United States and European Union are adapting them for their national rulebooks.
(Reporting by William James and Iain Withers, writing by Sarah Young, editing by Christina Fincher)
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