ECB’s Ordonez says Basel III phase-in long enough

BASEL, Switzerland (BestGrowthStock) – Banks have been given enough time to adjust to new stricter regulation, European Central Bank Governing Council member Miguel Angel Fernandez Ordonez said on Monday.

“We have a transition period that’s is enough for everybody,” Ordonez told reporters at the sidelines of a Bank for International Settlements meeting. “It’s not too long, but it is enough.”

He also said he was very glad of the agreement, and added the decision was unanimous.

He said it was likely some banks would need more capital and also different types of capital due to the new rules.

The regulators should think now concentrate on other issues, including how to treat systemically important banks, Fernandez Ordonez said.

(Reporting by Sakari Suoninen)

ECB’s Ordonez says Basel III phase-in long enough