The banking industry is warning that the Basel III reform could slow economic growth and cause other unintended consequences. Banks probably would get more time before the tougher capital and liquidity requirements are in place, but a fundamental overhaul of the change is not expected to take place, according to this analysis. "The line in the sand has been drawn and there will be no going back," said Simon Gleeson, a partner at law firm Clifford Chance.

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