The European Banking Federation has published a letter to Commissioner Barnier in relation to the recent public statement by the US Authorities that they will not implement Basel III in time for 1 January 2013 and no alterative date for the introduction of new rules on capital was offered.

In light of these developments and the longer than anticipated implementation of Basel III into the European legislative framework, the EBF has urged the European Commissioner to consider the postponement of the entry into force of the CRR/CRD IV until 1 January 2014. Recent media reports indicate that the EU is preparing to follow the lead of the U.S. regulators and push back the formal implementation of global banking reforms by at least six months.