12:01 PM EDT, 08/29/2024 (MT Newswires) -- (Update with the Bank of England's response in the last paragraph.)

The Bank of England, the UK's top financial regulator, is set to delay its entire package of bank capital reforms until at least January 2026 as it monitors international developments, Bloomberg reported Thursday, citing people with knowledge of the situation.

The rules, part of the final stage of the Basel III post-financial crisis reforms, were announced in 2017 and originally expected to go into effect in January 2022. However, the global timeline was delayed by a year due to the Covid-19 pandemic, and ensuing efforts to implement the reforms have faced further challenges by banks in the UK, European Union, and US, according to the report.

The Bank of England declined to comment to MT Newswires, while the Bank Policy Institute did not immediately respond to a request for comment.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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