KARACHI, Nov 30: The State Bank on Friday relaxed the rule for the submission of quarterly statements by the banks which they prepare under Basel-II agreement. “In view of the difficulties faced by the banks and DFIs in collection of data on the subject, it has been decided to allow a relaxation of 15 days in the 30 days deadline for submission of the capital adequacy reports as required under above referred circular for the forthcoming two quarters,” said a circular issued by the SBP.

The banks and DFIs will submit the Basel II based quarterly statements on calculation of their capital adequacy ratios, consolidated as well as on standalone basis, on the prescribed formats within 45 days from the end of the quarters ending December 31, 2007 and March 31, 2008 only.

From the quarters ending June 30, 2008 and onward, the banks and DFIs will continue to follow the timeline as communicated in the earlier issued circular.

“The banks and DFIs are further advised to streamline their process for timely submission of the reports on calculation of capital adequacy ratios,” said the SBP.