Commenting on the Bank of England’s decision to delay the implementation of Basel 3.1, Steven Hall, a partner in KPMG UK’s Financial Risk Management practice, said:
“As the PRA announces a further delay to the implementation of Basel 3.1, we are seeing the consequences of the interaction between prudential safety and the international competitiveness agenda play out in public.
“Whilst the EU is talking about ‘tweaks’ to its regime, the bulk of CRR3 provisions already took effect from 1 January this year, leaving it further out of line with the UK and US on implementation timelines.
“For UK banks, does this leave them time to ‘do things properly’, or do they take their foot off the gas, expecting further delays down the line?”