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EU said to face Basel committee rebuke for banking rule shortfalls

Brussels

THE European Union faces a rebuke from global regulators for shortcomings in its implementation of bank capital rules, according to two people with knowledge of the matter.

The Basel Committee on Banking Supervision will sign off on a report on EU implementation of its standards at a two-day meeting in Frankfurt that began on Tuesday, said the people, who asked not to be identified because the deliberations are private. A draft circulated to Basel members in advance identifies weaknesses in the EU approach, they said, without specifying areas where the bloc was criticised.

"The EU legislation is not compliant, certainly not on the definition of capital," Nicolas Veron, a fellow at the Brussels-based...

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