08:35 AM EDT, 06/18/2024 (MT Newswires) -- The European Union will delay the implementation of global bank capital rules under Basel III by a year so that the bloc's banks will not be disadvantaged by their US rivals, EU financial services commissioner Mairead McGuinness said Tuesday, according to media reports.

The bloc will implement the standards in 2026 instead of 2025, as it appears that the US would not be able to meet its self-imposed deadline of July 2025 for introducing the rules, McGuinness said, according to reports. European leaders including French President Emmanuel Macron had argued that making the first move in the finalization of Basel III would disadvantage their banks.

"This one-year delay ensures a global level playing field, for those big European banks competing with other global players. It gives us time to see what others are doing," McGuinness said.

A spokesperson for the European Commission did not immediately respond to MT Newswires' request for comment.

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