2/4  BIS - Central bankers' speeches  First, your role is vital in fully implementing the final elements of Basel III faithfully and without delay, as this best guarantees the safety of our banking system. We are very concerned about the numerous deviations from the Basel standards introduced in the EU banking package and think they should be avoided.
All the foreign controlled banks have complied with the new capital base of ¢ million, substantially improving their solvency. However, we observe that the longer dispensation granted domestically controlled banks to comply with the minimum requirement has rather placed them at a competitive disadvantage. 31.