The European Parliament and the Council will be continuing in January their protracted negotiations on the reform of prudential rules for banks, CRD IV-CRR (regulation and directive), with the goal of working out a comprehensive agreement as soon as possible. Another political (three-way) meeting will be held on 10 January (date to be confirmed).
After failing to agree under the Cyprus EU Presidency, the EP and Council are expected to wrap up the negotiations on this reform, which adapts at EU level the Basel III agreements on prudential requirements for banks, adopted in 2010 by the Basel Committee (international organisation), including a tightening of capital requirements.
'We were very close to agreement right before the [Christmas] holidays. We hope that the impetus will be confirmed next week and that we will be able to conclude the talks in the coming weeks, possibly even next week,' said a European Commission spokesman, on 3 January.
The fact remains that even with early conclusion of the talks, the EU is already lagging on application of Basel III rules. The Basel Committee makes provision for phase-in implementation between January 2013 and 2019.
The entry into force of the reform (initially slated for 1 January 2013 in compliance with the Basel III rules) 'will have to be settled as one of the final points of the three-way talks,' said the Commission...