Australia and New Zealand Banking Group (ASX:ANZ) chief Mike Smith says the Basel III banking reforms will never be fully implemented. That’s according to Business Spectator.
Mr Smith says only seven of the twenty-seven countries that have signed up are implementing anything. The US and China are yet to implement Basel II.
Debt problems in Europe may mean banks will never be able to reach the minimum levels of capital required under the new rules.
ANZ reported a full year net profit of $5.4 billion.
