Basel Committee Criticizes US, EU and Japanese Banks, Cites No Adherence to Capital Levels
By Staff Editor
Date: July 13, 2012
Basel III regulations were agreed upon to prevent the sort of economic crisis that the US and some other developed countries experienced, post 2008. The new rules are to be implemented in phases. The first set of rules is to fall in place by January 2013. The Basel Committee criticized the US, EU and Japanese banks for not coming up to expectations for phasing in Basel III requirements.