Reuters: US Dollar Report: State Street boosts Basel III capital ratio after miscalculation

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State Street boosts Basel III capital ratio after miscalculation Sep 11th 2012, 12:49 BOSTON, Sept 11 | Tue Sep 11, 2012 8:49am EDT BOSTON, Sept 11 (Reuters) - State Street Corp miscalculated a key capital ratio under proposed Basel III rules and now estimates it is higher than previously announced, the company's chairman and chief executive said Tuesday. State Street CEO Jay Hooley said the company has revised its estimated Basel III tier 1 common ratio to 11 percent from 9.8 percent, as of June 30. He made his remarks at a Barclays investment conference. Hooley said the company "misapplied a certain data point" under proposed rules to implement the Basel III capital standards in the United States. Earlier this year, the Federal Reserve published 830 pages of notices of proposed rule-making to implement Basel III. The rules are not final yet. State Street Chief Financial Officer Ed Resch said the company miscalculated the key capital ratio by applying a higher than appropriate increase in risk-weighted assets.

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