The Institute for International Finance (IIF), a trade body for the banking industry, on Monday defended its forecast of expected output loss from the Basel III reform package.
Although the staggered phasing in of the higher capital standards would help lower the costs of the reform, the IIF said it would not revise its June predictions that Basel III would cost the United States, eurozone and Japan 3.1% of GDP by 2015. "In part, this is because the new requirements include higher core capital r
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