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EU agrees deal on final leg of Basel bank capital rules
  + stars: | 2023-06-27 | by ( Huw Jones | ) www.reuters.com   time to read: +2 min
LONDON, June 27 (Reuters) - The European Union on Tuesday reached a deal to implement the final batch of tougher bank capital rules agreed internationally following the global financial crisis over a decade ago, with additions to contain risks from the crypto sector. The remaining leg of the 'Basel III' global accord, agreed among G20 and other nations, includes safeguards such as limits on big banks using their own internal models to calculate capital buffers. The collapse of Silicon Valley Bank and other lenders in the United States, whose fallout rippled through Europe, and the forced takeover of Credit Suisse by UBS has thrown a spotlight on bank capital and liquidity. The deal between EU states and the European Parliament phases in some elements in the Basel III accord from 2025, two years after the deadline agreed globally. The EU is the first major jurisdiction to reach a deal on the remaining Basel III rules, ahead of Britain and the United States.
Persons: Elisabeth Svantesson, Gilles Boyer, Huw Jones, Christina Fincher Organizations: European Union, Basel III, Silicon Valley Bank, Credit Suisse, UBS, EU, Thomson Locations: Basel, Silicon, United States, Europe, Sweden, Britain
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