UK isolated as Germany retains bond volatility filter

Banks in other big EU states will be able to sidestep Basel III

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UK banks have been isolated by Germany's decision to protect its banks' capital numbers from the effect of government bond volatility – an option granted by Europe's version of Basel III, which has also been taken up by national regulators in France, Ireland, Portugal and Spain. Italy has proposed to follow suit, which would leave the UK as the only one of the five biggest European economies with rules that match the Basel III text.

On March 14, the Bundesanstalt für

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