So the regulator's tough love turned out to to be missing the tough bits. The banking lobbyists can claim a comprehensive victory.
Even proposed Chinese regulation makes Basle III look tame. The long implementation window of 2013-2019 presumably is a tacit admission that the banks won't lend anytime soon if they are entirely focused on rebuilding their balance sheets, no matter how severe the exhortations of Government. It's a fingers crossed strategy: demonstrate greater long-term rigour whilst praying to God for no more near term banking crises.
