BASEL, Switzerland (Reuters) � Central bank governors and heads of supervision have reached an agreement on Basel III, a sweeping reform that will force banks to hold more capital to withstand shocks, a source close to the process said on Sunday.
"There is a deal," the source said.
The deal was reached by a group of central bank governors and top supervisors, chaired by European Central Bank President Jean-Claude Trichet.
A formal announcement is expected after 1600 GMT (12:00 p.m. ET). (Reporting by Alexander Huebner; Writing by Huw Jones; Editing by Hugh Lawson)
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