Global watchdog defers new bank capital rules due to epidemic
LONDON, March 27 (Reuters) - Global banking regulators said on Friday they will give banks more time to implement pending capital rules in order for them to focus on dealing with the coronavirus epidemic.
The Governors and Heads of Supervision (GHOS), the body that oversees the Basel Committee of global banking regulators, said it was deferring several rules for a year.
“It is important that banks and supervisors are able to commit their full resources to respond to the impact of Covid-19,” said FranĂ§ois Villeroy de Galhau, Chairman of the GHOS and Governor of the Bank of France.
“The measures endorsed by GHOS today aim to prioritise these objectives and we remain ready to act further if necessary.” (Reporting by Huw Jones; editing by Marc Jones)