The Basel Committee of banking regulators from across the world agreed to the one-year delay to 2023 last week.

"This will provide operational capacity for banks and supervisors to respond to the immediate financial stability priorities from the impact of Covid-19," the BoE's Prudential Regulation Authority (PRA) and finance ministry said in a joint statement.

The PRA and finance ministry said they were committed to the full, timely and consistent implementation of the new rules and "we will work together towards a UK implementation timetable that is consistent with the one year delay".

(Reporting by Huw Jones; Editing by Dhara Ranasinghe)