ECB’s Lautenschlaeger expects Basel III deal by year end

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.

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”.
Source: Reuters (Reporting by Francois Murphy; Editing by Toby Chopra)