UK banks are considerably more prepared for the implementation of the new Basel III regulations than their counterparts elsewhere in the world.
That is according to a new survey conducted by the Institute of International Finance (IIF), which showed that the majority of British lenders have taken significant steps towards changing their practices ahead of these rule changes, the Financial Times reports.
For instance, some 70 per cent of banks in Britain have already put the risk management and liquidity tracking systems required for the Liquidity Coverage Ratio aspect of the regulations, which will become compulsory as of 2015.
This represents a significantly higher figure than the 20 per cent of financiers that have done the same across the rest of the world and is indicative of the fact UK banks are planning ahead more effectively than overseas institutions.
Meanwhile, around 75 per cent of all financiers told the IIF they have introduced new stress testing policies over the course of the last year.
By Asim Shah