Yet, as IMF lending remains attached to some form of “conditionality”, countries may still prefer accumulating reserves, which are available immediately and unconditionally.
On a side note, the latest Basel III monitoring exercise is due to be published tomorrow. I am certain it will confirm the impression that most large internationally active banks already meet the fully implemented capital requirements. I am also quite optimistic that, on average, all internationally active German banks will fulfil the Basel III requirements with regard to the CET1 ratio.