July 25, 2012 / 8:37 AM / 5 years ago

German banks demand delay of Basel III introduction

FRANKFURT, July 25 (Reuters) - German banks on Wednesday demanded the introduction of stricter capital rules be pushed back until 2014 given the delays in drafting the Basel III requirements.

“This is the only realistic option,” said Uwe Froehlich, president of the association of German cooperative banks, who was speaking on behalf of the German Banking Industry committee, an umbrella organisation for all German lenders.

The failure by the European Commission, the European Parliament and finance ministers of European Union countries to reach a consensus over how to implement the Basel capital rules makes an introduction by 2013 unworkable, Froehlich said. (Reporting By Philipp Halstrick; writing by Edward Taylor)

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