September 28, 2017 / 1:59 PM / in a year

ECB's Lautenschlaeger expects Basel III deal by year end

VIENNA (Reuters) - A deal on a new set of global rules aimed at ensuring stability in the banking sector, known as Basel III, is likely to be reached this year, a top European Central Bank supervisor said on Thursday, adopting a more optimistic tone than most.

European Central Bank (ECB) executive board member Sabine Lautenschlaeger attends at a news conference at the ECB in Frankfurt October 26, 2014. REUTERS/Ralph Orlowski

Regulators on the Basel Committee have been struggling to complete Basel III, a set of tougher capital rules for lenders worldwide.

“I expect that an agreement will be reached by the end of the year,” Sabine Lautenschlaeger told a news conference in Vienna, adding that failure to reach a deal would be “a big mistake”.

Reporting by Francois Murphy; Editing by Toby Chopra

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