King signals Basel accord delay

Mervyn King, governor of the Bank of England, on Thursday told the UK Treasury Select Committee that the introduction of the new Basel capital accord "may take more time than had originally been hoped". He said that the Basel committee was a "long way from reaching a final agreement", as there are "contentious" issues causing problems.

King's comments echo those of departing ECB president Wim Duisenberg last week. The chances of the accord being implemented during 2006, as planned, now look