European banks call on EU to stall Basel III rules for a year

European banks have asked the European Commission to postpone the introduction of tougher global bank capital rules by a year to 2014 after US regulators delayed application of the new requirements.

The new rules, known as Basel III, are the world's regulatory response to the 2007-09 financial crisis and would force banks to triple the amount of basic capital they hold in a bid to avoid future taxpayer bailouts.

via Business feed http://www.scmp.com/business/banking-finance/article/1090757/european-banks-call-eu-stall-basel-iii-rules-year