In view of the delay of the European Council and the EP in passing CRD 4 and CRR, scheduled to come into force on 1 January 2013, EBIC has noted that, before the final text is published, firms can make preparations only to a limited degree. EBIC wants a reasonable period of time between the final agreement and implementation of the new rules. In the meantime, stress testing of banks' balance sheets against the new capital levels can be carried out on the basis of the reporting systems already in place. In a separate statement, EBF has welcomed the flexible approach to implementation that EBA hinted at in a recent communication (see FReD 3 August). (Source: EBIC Letter on Implementation of CRR and CRD 4 and EBF Statement on Implementation of CRD 4)