The Basel Committee on Banking Supervision has received a number of interpretation questions related to the 16 December 2010 publication of the Basel III regulatory frameworks for capital and liquidity and the 13 January 2011 press release on the loss absorbency of capital at the point of non-viability. To help ensure a consistent global implementation of Basel III, the Committee has agreed to periodically review frequently asked questions and publish answers along with any technical elaboration of the rules text and interpretative guidance that may be necessary.

Michel Barnier has this afternoon insisted he will fully implement Basel III reforms after rumours emerged that EU draft legislation would see certain European banks able to sidestep the most stringent rules on capital requirements.

Speaking on Friday, the European Commissioner for the internal market said he would not be "swayed by various pressures" and slammed the criticisms as "unjustified" and "factually wrong".

Reports had suggested that banks with large insurance arms could escape the most stringent measures in the Basel III Accord by allowing them to count more capital held within their insurance arms towards the minimum capital levels they must hold. This would have given European banks an advantage over banks outside the bloc.

European Central Bank policymaker Axel Weber called on Wednesday for local wriggle room to implement globally agreed rules like the tougher Basel III capital requirements for banks.

"At a general level, there is no doubt that an internationally harmonized approach is necessary," Weber, who is president of Germany's Bundesbank until May, told a financial regulation conference in Frankfurt.

"Nonetheless, uniform international principles have to be adapted to heterogeneous national structures," he added.