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European Parliament must remain firm on Basel

September 13, 2010 4:00 PM

Sharon Bowles MEP, who chairs the Economic and Monetary Affairs Committee in the European Parliament, today welcomed the agreement by the Basel Committee to introduce higher capital requirements for banks but warned against watering down the requirements.

Banking regulators agreed a deal in principle yesterday on legislative proposals known as Basel III, which will go through the European Parliament and the Council next year.

In response to today's pre-legislative vote in the European Parliament's Economic and Monetary Affairs Committee on its report laying out its position on Basel III, Sharon Bowles said:

"I welcome the agreement by the Basel Committee, which proposes to implement the central plank of the G20 financial reform package - higher capital. This is the most important crisis response measure and should be given the recognition as such.

"It is highly regrettable that some European countries were not supportive of an even stronger package. I hope Member States will not want to weaken the measures further when we reach the legislative process.

"The role of the European Parliament should be to remain firm on the Basel package. It has considerably extended the compliance timeframe so there is no need for further delays and opt-outs."