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By Huw Jones
LONDON, Sept 13 (Reuters) - Countries are facing
"challenges" in rolling out final elements of tougher global
bank capital rules and may need to coordinate on timing, a
senior Bank of England official said on Monday.
The rollout of the rules known as Basel III began after the
global financial crisis over a decade ago highlighted how banks
were holding too little capital, forcing taxpayers to bail many
of them out.
Banks, particularly in Europe, have been lobbying to ease
the rules, saying they need to focus on helping economies
recover from COVID 19.
"We should get on and do it and not wait for anything," BoE
executive director for prudential supervision told an event held
by the Institute of International Finance, a banking industry
body.
Central bankers and banking regulators from the European
Union called on the bloc last week to implement the remaining
Basel rules in full and on time as it prepares to set out its
proposals for implementing the rules.
The rules have already been delayed a year to January 2023
due to COVID.
Saporta said the BoE is "working hard" to set out how it
wants to implement Basel III, but this may not be done by year
end as hoped.
"Our work on Basel III has been delayed somewhat by our
responses to the pandemic," Saporta said.
"We are finding that the package is challenging."
The BoE has to show it has taken account of how other
jurisdictions also implement global rules like Basel, but the EU
has yet to publish its own proposals.
"Our intelligence so far is that other major jurisdictions
like the EU, the United States and others are also facing
challenges in terms of the timing," Saporta said.
"We do think it would be ideal for the package to be
implemented at a very similar time in the major jurisdictions,
so we are very open to coordinating with others to do that," she
added.
(Reporting by Huw Jones; Editing by Toby Chopra)