The oversight body for the Basel Committee on Banking Supervision has said it needs longer to finalise its package of proposals for Basel III. It was due to meet in January but has now postponed this meeting, saying it still expects to complete its work “in the near future”.

Mario Draghi, chairman of the GHOS (the Group of Central Bank Governors and Heads of Supervision) and president of the European Central Bank, said: “Completing Basel III is an important step towards restoring confidence in banks' risk-weighted capital ratios, and we remain committed to that goal.”

Stefan Ingves, chairman of the Basel Committee and Governor of Sveriges Riksbank, said that the Basel Committee will continue to work on outstanding details: “The committee will keep working to finalise its reforms aimed at fixing shortcomings highlighted by the financial crisis to make banks safer and more resilient.”