IMF expresses ‘disappointment’ at Commission’s Basel III proposals

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Proposals by the European Commission to implement the Basel III capital accord in Europe are "too weak" and "a disappointment", the International Monetary Fund (IMF) said on Monday.

In its Article IV consultation with the UK, the IMF said the package, which will require more than 8,000 banks in Europe to adopt tougher capital requirements set out by Basel III, fell short of IMF staff recommendations. In particular, it said the Commission had "softened" its definition of Core Tier I capital

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