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Finance

EU says it is considering its options after BoE delays Basel bank rules

Published by Global Banking and Finance Review

Posted on January 17, 2025

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LONDON (Reuters) -The European Union said on Friday it was considering its options after Britain announced it was delaying implementation of tougher global bank rules until 2027, adding it was in "everyone's interest" to implement the reforms fully and on time.

"(The EU) is now considering which steps to take on this in light of developments in other jurisdictions, including the US and the UK," Olof Gill, spokesperson for financial services for the European Commission, said in an emailed statement.

The EU last year delayed implementation of the Basel rules to January 2026.

"International standards set common requirements with the double objective to ensure that banks are resilient and that they compete globally on similar terms," Gill said in the statement.

"The EU is firmly committed to Basel standards and considers that it’s in everyone’s interest to implement them fully and on time."

(Reporting by Iain WithersEditing by Tommy Reggiori Wilkes)