While most Asian countries are looking at implementing Basel III as early as next year, the readiness to adopt LCR differs by country. According to Stewart, Australia has decided to adopt 100 percent LCR on all currencies and at individual currency level. Singapore, on the other hand, will require local banks to meet 100 percent LCR for Singapore-dollar assets and 60 percent LCR for all-currency assets starting January 2015, said Lim Hng Kiang, Singapore's Trade Minister and deputy chairman of the Monetary Authority of Singapore, in a Wall Street Journal report in June this year. Local banks must also increase LCR for all-currency assets by 10 percentage points annually until 2019, when the ratio would reach 100 percent, added Lim.
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