Buba's Dombret: Expect US to Implement Basel III Without 'Legal Arbitrage'

Date : 11/12/2012 @ 6:34AM
Source : Dow Jones News

Buba's Dombret: Expect US to Implement Basel III Without 'Legal Arbitrage'

By Christopher Lawton

FRANKFURT--The Deutsche Bundesbank expects the U.S. to stick to its word and implement the latest banking regulatory standard without any "legal arbitrage," a top official for Germany's central bank said Monday.

"There is a fixed schedule and we expect the USA will implement Basel III to the standard agreed, and that we won't get any legal arbitrage," Andreas Dombret, executive board member with the Deutsche Bundesbank, said on the sidelines of a press conference in Frankfurt.

On Friday, U.S. regulators said that they would delay fully implementing an international financial regulatory overhaul known as Basel III, following complaints from smaller banks to the proposals.

Mr. Dombret wouldn't comment on reports of the delay directly, but said, "I am assuming the Americans will keep their word" and implement Basel III.

Write to Christopher Lawton at christopher.lawton@wsj.com

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