The CBI has responded to CRD4 publication saying it believes the Basel III reforms are "an important piece of the jigsaw to strengthen the global banking system", but that benefits from greater financial stability must be proportionate to the cost businesses will bear. In the CBI's opinion, the new rules:
- need to be implemented in a way that minimises local variations so that UK banks and businesses are not prejudiced; and
- must allow national regulators scope to respond to emerging financial risks in their domestic economies.
(Source: News Release on CRD4)