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Chile's central bank head calls on lenders to start adopting Basel III standards

Banco Central de Chile's governor has called on lenders to start adopting Basel III standards amid uncertainty over when the country's new general banking law will be passed, Diario Financiero reported.

In its June monetary policy report, central bank Gov. Mario Marcel stressed the importance of advancing with financial regulation, including the government's commitment to pass the general banking law.

Marcel underlined that the sense of priority should come "not only from congress," but from banks themselves, adding that they do not have to wait until the new legislation is approved in order to adjust their capital levels and provisions to international standards.

"Even if the law provides for a certain number of years to reach Basel III international standards, that's something that can take place now and the earlier it is, the less complex it will be for institutions to adjust," Marcel remarked.